L ast week, the domestic benchmark indices closed flat on a week-on-week basis but formed a bearish pattern (shooting star) that warrants attention.

The equities staged a remarkable rebound on the final day of the financial year, setting a positive tone for the new financial year. This surge led to a new lifetime high at 22,529.95, effectively nullifying the January-March topping cycle

The Nifty finally succumbed to an impulsive corrective move across the market selling pressure.

Positive economic data boosted the sentiment in the domestic market and lifted key benchmark indices to a fresh all-time.

The NSE benchmark index Nifty 50, though it hit a fresh all-time high, is struggling to cross the 61.8 per cent extension level of the prior uptrend. In June 2023,

he Nifty sustained above the 20 DMA for the third successive day, and the Bollinger bands were flattened.

Our suspicion about the unabated, seven-week vertical rally was finally proved right with the expected pause becoming a reality.

In this latest update, Nifty has continued to gain for the sixth straight week.

The equity markets were seen consolidating for the last six days before the event risk of five state elections.

The fall was sharp and impulsive two weeks ago and Nifty has undergone a counter-trend consolidation for the past two weeks.