In January Nifty is likely to make a break either upwards or downwards. Nifty is likely to test the October lows of 2500 if the move is downwards. If the move is upwards you could expect a trading range above 3250.
Technical Analysis shows a consolidation during the last 2 trading days of 2008 and today. This consolidation is below the previous peak of 3150, in the 2990 range. At this writing Nifty has risen above the 3000 mark and is trading at around 3030 levels.
One of the limitations of Technical Analysis is that it tends to show a movement once it has started rather than predict a movement before it starts.
My bias is a bearish one on the Nifty but at the same time I don't rule out a bear market rally in January 2009.
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