NIFTY Index Chart Analysis: IN A STATE OF EXHAUSTION

A fortnightly view on Nifty 50 and two investment ideas on the basis of intensive technical analysis in a 15-day horizon.

The equities staged a remarkable rebound on the final day of the financial year, setting a positive tone for the new financial year. This surge led to a new lifetime high at 22,529.95, effectively nullifying the January-March topping cycle. The current upswing is marked by its impulsiveness, with a gain of 819.75 points or 3.78 per cent in just seven trading sessions. Despite the market making new highs, the concerns have remained for the last three months. The price structure since the January 23 lows lost its rhythm. There were more down-side candles than advancing candles, and the declining days attracted more volumes, which is a distribution characteristic.