Nifty is doing a zigzag at these levels as the index is trading flat for last few days.
All the technical indicators are flat with no direction.
This happens in the last completing waves of the triangle we are in. Details here.
The daily color is changed from sell to neutral and then again to reduced sell mode.
Trade: Best to wait for the triangle to complete at these levels. The upside resistance is at 6000 levels which has now become kind of psychological barrier to breach.
Just a observation: The Tech sector has become a defensive now. Thats quite a change as it is even outperforming the FMCG sector also.
What does that mean for the markets, economy?
The logic you put on Germnay and Dax which is export oriented economy might get applied on the Indian Tech sector. IT is shining inspite of choppy broader market.
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