Nifty Chart

If Nifty sustains above 16700, I feel one can be confident that it will continue to move upwards and mark an end to this long 8 months correction. A lot of people feel that Nifty will get stuck at the downward sloping resistance line that it has already respected thrice but I do not believe that. In my opinion, it can retest recent lows only from current levels but if it sustains above 16700, then there is absolutely no need to worry and we should see new highs by end of year.