NIFTY Index Chart Analysis

Increase In Downside Probabilities

The equity benchmark indices have reached a critical junction. The Nifty on an intra-week basis slipped below the 10-week average for the first time since April of this year. Most importantly, for the first time after February 2022, the Nifty registered a fourth successive weekly negative closing. On a weekly basis, the index has formed a long upper shadow candle and a bearish candle. The fall may be smaller compared to previous declines. This indicates the market sentiment clearly and loudly.