However, the indices seems to be tiring out at 6650-6700 levels. In the following weekly chart, the hourly momentum is weakening as can be seen from the weekly chart below. This indicates that a sideways move is in the offing or Nifty could attempt a new high but may not be sustained.
Nifty is likely to move sideways and consolidate for the next 2-3 weeks in the run up to the budget and not much upside is expected hereon. As FIIs book profits and wait for policy announcements in the budget, an overhang of poor monsoon may make Nifty volatile at these levels.
