The Nifty has been choppy since the past three days. After a big 600 point up move, such choppiness was only to be expected. There is no purpose in trading the Nifty as of now. This is not such a catastrophe, since there will be many other opportunities.
Mid Caps: Vertigo
Many mid cap stocks have patterns that suggest big moves may be coming (on the upside). But, when I look at their weekly charts for the last one year, I have a sense of vertigo, where stocks have moved up many times. Apollo Tyres, the current favorite has gone up from 12 to 74. Most mid caps are doing this. What will happen when a correction starts? Worrying.
However, so far the market is cheerful, these patterns should be taken for trading. Just follow your stop losses.