Nifty is in short term uptrend. It can turn down if it starts trading bellow 10600.
I am watching 10400-10700 as range for Nifty.
Nifty is trading in the influence of the red trendline. I am giving some observations about the line. Please see the Nifty daily chart bellow. On 19 September 2017 At point 2 the short term top of 10179 on Nifty is roughly 3% away from the red line value of that day which is 9910.
Same with point 3 the short term top of 10490 on 6 November 2017. The short term top is 3% away from the red trendline.
But at points 4 & 5 Nifty has moved hardly 1% up from the red trendline.
On 27 November 2017 The Short term top at point 4 is 10407 & the line is at 10390.
On 27 December 2017 the short term top at point 5 is at 10552 & the line is at 10470.
As expected Nifty is facing dullness at 10560 level which is 1% away from the red trendline. Lets see if Nifty rises more than one percent away from the red trend and try to get out of the influence of the line or not.
Only the move above 11000 or bellow 10000 on Nifty can bring market out of the obsessions of this red line. Till that we are in the low volatility market.
The intermediate trend of the Nifty is up.