NIFTY Index Chart Analysis

NEITHER BEARISH NOR BULLISH

The equity markets were seen consolidating for the last six days before the event risk of five state elections. Nifty is trading above the 50 DMA and it has formed an inside bar, trading within last Thursday’s range (November 16). While staying in a narrow range, Nifty was unsuccessful in moving in a decisive direction. Within the sideways, the index has not closed below the previous day’s low, which is a positive aspect. On Thursday, it formed a shooting star like candle and almost got a confirmation for its bearish implications. That said, the index has not breached any support.