NIFTY Index Chart Analysis
NIFTY GIVES UP ITS RACY PACE
The benchmark index, the Nifty, has been seen taking a pause in the current week after four successive weeks of higher high closings. Last week, it formed a shooting star like a candlestick pattern on the weekly timeframe. In the last eight days, the index has registered two distribution days. Even though there are no bearish signals available, the price pattern looks tired and exhausted. With Friday’s massive fall in volume, the momentum indicators declined from the extreme levels or overbought conditions. All the bearish patterns in recent history have failed, including a strong bearish grip.