NIFTY Index Chart Analysis

NIFTY TO WAVER IN THE COMING DAYS

Benchmark index Nifty continued its positive momentum last week and closed at another new lifetime high. As forecasted in June last year, the current rally is a result of an 86-week Stage 1 consolidation. In the previous 55 weeks, Nifty rallied by 5,869 points or 31.67 per cent. The index is moving in a systematic bullish trend. After breaking out of the 73-week ascending triangle in 2014, the index rallied 100 per cent by January 2020. This is a historically repeated behavioural trait. It rallied by 100 per cent when it declined more than 25 per cent for many times.