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NIFTY Index Chart Analysis

Ninad Ramdasi
/ Categories: DSIJ_Magazine_Web, Technicals, DSIJMagazine_App, Recommendations, Technicals
NIFTY Index Chart Analysis

INDIAN MARKETS SET FOR A BULLISH PHASE

Despite several warnings about recession and further rate hikes, the Indian benchmark index has registered a fresh breakout during this week. The pullback rally in the global market is a positive factor which is influencing the moves in the domestic market. Nifty cleared the resistance on November 1 with above-average volume, indicating that the Indian stock market can lead the next bull market among the global equity indices. In fact, Nifty has formed a strong bull candle on the weekly chart. It has rallied by 8.35 per cent or 1,398 points since the low of September 30 in just 20 trading sessions. 

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