As we look with Eagle's view ( Daily ), Nifty has been from Feb'15 to Mar'16. For an year Nifty has been completely .
Some companies posting good performance results has driven Nifty to current levels from the lows of 6700's. But tats not only reason for recent run. Better Monsoon expectations, creating buzz about raise of interest rates and postponing everytime, Foreign investors faith in Indian economy and buying @ lower levels of market - all contributed to this run.
But how long this Nifty can run without break ? Well, in my view ( I can be wrong also) The markets are just waiting for some reason to tumble down to retest 7500-7700 zone. But we should also note that there is very strong resistance turned in 7900-8000's which is difficult to break bcos psychological level too.
If we look on technical side, there are 3 Scenario's I have noticed :
Scenario 1 : (Fibs)
Though for short term we have seen bull-run, we haven't breached 61.8% Fib levels of Larger swing move & 78.6% Fib levels of Fib 2 in same area, if you notice keenly Nifty faced resistance around those fib levels and dropped to 8170 from 8300. 130 point drops are normal but the area where it turned down is Fib levels which makes the case interesting.
Fib 2 drawn on smaller move and its 50% Fib levels & 61.8% of Fib 1 levels drop in the resistance turned support which is 8000's. Markets can retest this 8000, before continuing its run.
Scenario 2 : ( )
Nifty retested 3 times in this current upward move and another retest is also possible which falls again in same 8000 levels (marked no.6 in chart). But have you noticed the play there ?
Scenario 3 : (Harmonics)
There is Pattern formation but everyone uses different ratio's so its upto you to decide on that.
Similarly, formation again depends on how you use your ratio's.
Overall, Nifty touching 8000 seems imminent but if it breaks that zone its all together different story which we will discuss later after markets reaching 8000's.