NIFTY Index Chart Analysis

Is It Time To Safeguard Your Profits

NSE benchmark Nifty50 has recently reached impressive heights, second only to its historical peak. Yet, it remains in a state of hesitation, seemingly reluctant to break free from an 86-week-long consolidation period. This intriguing conundrum unfolds against the backdrop of weakening market internals, characterized by a low VIX and a general lack of breadth. Despite the Nifty's lofty position, the market exhibits signs of indecisiveness and bearish sentiment. Over the past few weeks, it has been meandering within a 314-point range, its movements punctuated by candles that oscillate between uncertainty and negativity.