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NIFTY Index Chart Analysis

Ninad Ramdasi
/ Categories: DSIJ_Magazine_Web, Technicals, DSIJMagazine_App, Recommendations, Technicals
NIFTY Index Chart Analysis

NIFTY CONFIRMS LONG-TERM DOWNTREND

After a volatile week, Nifty formed an inside bar last week as it traded within the previous week’s range. It traded in the range of 489 points, formed a long upper shadow candle and resembled a shooting star candlestick pattern. Even after two successive weeks’ efforts to close above the 20 week average, it failed. At the same time, it formed a big bearish engulfing candle on a daily chart as it experienced a flash crash in the last 90 minutes of trading on Friday. With this 300 points’ decline, Nifty closed below the 50 DMA and 200 DMA.

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