NIFTY Index Chart Analysis

Volatility Rocks The Boat

As forecasted in the last column, the market has largely consolidated in the zone. The consolidation above the 19,500 support zone is expected, as it tested four times in the last two weeks. The pullback has ended at a 50 per cent retracement level of the prior downswing. The Nifty has formed a bullish candle on the weekly chart by closing above the previous week’s high. It mostly moved in the zone of 19,480- 19,766 for the last three weeks. Either side of this zone will give directional clues.