NIFTY Index Chart Analysis

NIFTY CONTINUES TO LIE LOW

The Nifty made a new low after March 8. With this, it also registered an 11-month low. The index failed to move above the 38.2 per cent retracement level of the prior swing.It has also failed to move above the 50 DMA. With the last two days of fall, all the moving averages such as 20, 50, and 200 DMAs are in a clear downtrend. And it also faced resistance from previous supports i.e. change of polarity. Declining 6.75 per cent from the June 3 high in just eight days shows the overall weakness in the market. During this period, the index also failed to move above the prior day’s high.