NIFTY Index Chart Analysis

Bears Fail To Take Decisive Direction

The domestic equity market's outperformance continued in the last fortnight as well when compared to its global peers. But, the momentum is waning as the consolidation extends for 21 days. Most of the consolidation is limited to just the 650 points range. The consolidation is mostly above the 20 DMA. During this period, it formed two significant bearish patterns on a weekly timeframe, a shooting star and a bearish engulfing.