Reliance and ONGC

Reliance and ONGC are the two big daddies of Nifty.  So Nifty movements cannot diverge significantly from what these 2 are doing.

Reliance chart below shows a broad range with upsloping trendlne at bottom.  That upslope in trendline means in fact that Nifty is being supported between 2500-2600 by Reliance.  Other indices like Bankex and Capital goods index might be doing badly in recent past but they cannot bring Nifty down on their own.

The volume picture does not show higher volumes on up days, but given price action above, the volume information can be ignored for short term.

ONGC below shows a broad flat range, and on a closer look it may be hammering out some kind of rounded bottom formation.  It could also turn out to be reverse H&S with multiple shoulders.  That also shows that there is support at lower levels.

So both charts are broadly rangebound but each have their peculiar thing to them.