NIFTY Index Chart Analysis

ALL PAIN, NO GAIN

The NSE benchmark Nifty 50 index has been on its longest losing streak in recent history, falling for eight consecutive sessions. The selling pressure seemed relentless as the index opened lower on Monday, slipping below its previous swing low of 22,788.90 and making a fresh low at 22,725.45. However, the index managed to recover from these lower levels, aided by the formation of a positive divergence on the 14-period daily RSI. Despite this relief, the bounce lacked strong follow-through buying.