NIFTY Index Chart Analysis
BACK IN THE GRIP OF BEARS
The Nifty registered one of the biggest and sharpest falls last week. It has broken the 26-week rising wedge pattern with added distribution days. The result of the breakout, which aided Nifty to scale a fresh lifetime high, was that it failed! The Nifty holds six distribution days and is trading below the 50 DMA. It closed below the previous support and resistance and also formed a lower low. It tested and closed below 100 DMA last Friday, which acted as support on September 30 and filled the October 31 gap area.