NIFTY Index Chart Analysis

NIFTY PERFORMS WELL, TURNS MOOD BUOYANT

The Nifty registered one of the strongest moves in the previous week during the current downtrend. It recorded a 670 points rally, which was the biggest in the last 17 weeks. With the closing above the 20-week average and 200 DEMA, the sentiments turned buoyant. It also inched up near the prior swing high. Like earlier upswings or counter trends, the index has registered the three most bullish weekly candles. After taking support at 100 WMA for two weeks, the index rallied over 10 per cent, which was approximately 1,568 points, in just five weeks. It also took a channel line support, drawn from its 2019 high and 2020 low.