NIFTY Index Chart Analysis

NIFTY TAKES ON THE RED HUE

Nifty has formed a perfect Doji candle on a weekly chart. After last week’s 573-point decline, this indecisive candle’s low has become crucial support. After a sharp decline, the index has consolidated and filled Monday’s gap. Before the event risk (Union Budget), the index may spend time in a counter-trend consolidation. Expect a spike in volatility. The volumes were higher in the previous week and registered a second consecutive distribution week. Meanwhile, the earnings of Infosys and HCL Technologies disappointed the street.