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NIFTY Index Chart Analysis

Ninad Ramdasi
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NIFTY Index Chart Analysis

NIFTY TRADING ABOVE ALL THE KEY MOVING AVERAGES

Nifty failed to get a confirmation for the bearish patterns in the recent past. It also failed to get a confirmation of the bearish implications of the previous week’s shooting star candle. During last week it opened higher amid positive global cues and formed a strong bullish candle. But over the next four days it traded within a defined range. Though it closed positively, it formed two bearish and indecisive candles, which are wavering moves in nature. Against this background, Nifty faced selling pressure on Tuesday, May 16 and formed one of the most bearish candles after April 17. It closed at the rising trend-line support. 

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