NIFTY Index Chart Analysis

NIFTY GOES THROUGH AN EVENTFUL WEEK

The benchmark index Nifty has been in a consolidation mode for the second consecutive week, trading in a narrow range. This phenomenon is common after a massive move during the election results’ week. The index makes new highs without any confident moves. During the week, it made three new all-time highs in four trading sessions. The interesting fact is that for the last 10 days, Nifty has been closing below the opening level. In a narrow-range week, volatility has also not changed much. The index is up by just 2.79 per cent. Surprisingly, Nifty has formed a bullish candle after nine days, but with low volumes.