NIFTY Index Chart Analysis
CELEBRATE, BUT WITH CAUTION!
The Nifty is at a new lifetime high. With this, the Nifty ended its 13-month-long counter-trend. After six days of tight-range consolidation, the breakout registered a strong volume on Thursday. On Friday, though, we saw a retest of the breakout and thereafter a sharp bounce to mark a fresh all-time high on Monday. On a weekly chart, it had formed a sizeable bullish candle and with this we saw a higher high formation for the sixth week in a row. In continuation of the trend, this sizeable bullish candle provides a clue for further upside. Though it formed a hanging man candle on the daily chart on Friday, it may not be a worry point for now as it was negated in the very next trading session.