NIFTY Index Chart Analysis

TIME TO STAY ON THE SIDELINES

The stock market is finding itself in a jittery position amid low voter turnout. As a result, volatility has spiked and the NSE benchmark Nifty 50 index declined below the 20-week average last week. This decline was the first time the index slipped downwards after October last year. As the index decisively closed below the 10-week average and the 50 DMA, the market status changed to ‘uptrend under pressure’. On Monday, the home minister’s comments helped the index to recover from its lower levels and close with gains of 0.22 per cent, resulting in the prices coming back into a rising channel.