NIFTY Index Chart Analysis

NIFTY REMAINS ENSNARED IN A BEARISH GRIP

Nifty has formed another lower low and closed at the previous week’s low. It formed a long-legged, small-body candle on a weekly chart. The weekly volumes were the highest in the last six weeks. This means that the index ended with just a 0.64 per cent decline, but the volumes were the highest. The big, bearish candles did not attract this much volume. More distribution occurred during last week. The recovery is limited to two days in the previous efforts of counter-trend. Even the impact of US election results was limited to just one day, whereas the global markets rallied to new highs.