Goldman Sachs Nifty ETF (the best ETF for Nifty investments in India) has been moving is a reliable envelope for last 2 years. Current downside during year 2014 is 575, which would coincide with Nifty 5700.  Upside band is at 675, which would coincide with Nifty 6700.  That’s the 1000 point range for Nifty in year 2014. A visit to 5700 can happen by end-March 2014. There further downside targets till Nifty 5400, which may also materialize in case of sudden market sell-off. Therefore, Nifty investors must remain cautious, holding adequate Put options till June-July to protect long positions, which in turn should payoff in later part of 2014.