Today(27th August 2014) Nifty closed exactly at S2(7936), the figure vipanisangeetham visitors have been seeing for the last six years. This figure was anticipated in Medam(April-May) 2015 only ( see the chart above from 2003) but, arrived early on hopes on Narendra Modi becoming Prime Minister with clear majority (or Nifty didn't move to Shadjam in Apri-May 2011 & 2013). In 2009 when Manmohan Singh Goverment was re-elected, Nifty moved past Shadjam(3968) without a pause and revisited the figure on 13th July 2009. Therefore two possibilites arises: Nifty may move further up and revisit 7936 in April-May 2015 or Nifty may decline and revisit 7936 in April-May 2015. We can wait and see what is Nifty's choice. However, avoid longs today as there is Moon-Mars conjunction on 1st September 2014 (Friday is a holiday on account of Ganesh Chaturthi)
Please refer to Grahanila post dated 1s July 2014 where in it was anticipated a reversal of direction in Nifty. Nifty high on closing basis was at 7830.60 on 24th July 2014 and highest so far was at 7840.95 on 25th July 2014.
As on 1st August 2014 Sun, Jupiter & Mercury in Cancer, Rahu & Moon in Virgo, Saturn & Mars in Libra, Ketu in Pisces and Venus in Gemini. Planetary transits in August: 17th Sun -> Leo, 7th Venus -> Cancer, 12th Mercury -> Leo, 29th Mercury -> Virgo, and 31st Venus -> Leo.
The planetary positions given above are at the time of Sunrise in India(Kerala) and Moon's conjunction effects on markets may be seen in countries (Asia / Europe / US) over which conjunction(0°)take places. When the angle difference between Moon and the planet is more than 5 degrees or conjunction occurs in Rasis(constellations) other than the Sun's Rasi, there may be a delay up to 24 hours in the conjuntion effect according to their positions. As Moon conjuncts with Mars and Venus on market holidays there won't be any downward movement in Nifty in this aspect.