NIFTY Index Chart Analysis

Nifty Bogged Down With Negative Fallouts

Given the increasing volatility, Nifty registered a fall for the second consecutive week. During last week it traded in a 680 points range and ended with a loss of 1.80 per cent. It broke all the meaningful supports and traded below all long-term moving averages, including the 50-week average. The index failed to close above the previous week’s high since its December high. During the last 15-week downtrend, the declines were more impulsive and the counter-trends have been shallower. It is moving in a perfect downward-sloping channel. Technically, the price structure has been damaged as the index tested the 100-week moving average (17,051) too.