NIFTY Index Chart Analysis : WAIT AND WATCH
The equity markets are becoming increasingly nervous about their moves. The benchmark Nifty50 index has been trading trading in a less than 300 points’ range for the past seven weeks. Last week, the Nifty made a decisive lower low and lower high candle and since then it has been hovering around 20 DMA. The consolidation is already 29 days old. For the second time, the Nifty has breached a trend line support drawn in the consolidation zone. It is also sustaining below the rising trend lines drawn from April 22 on a daily chart and below another rising trend line drawn from March 2020 on a weekly chart.
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