NIFTY Index Chart Analysis

VOLATILITY A CAUSE FOR CONCERN

The Nifty has negated a red closing for the fourth consecutive month. It ended flat with a perfect Doji candle formation on a monthly candle. Historically, the Nifty has never declined for four consecutive months, even in the most bearish year. The last time this feat was achieved was almost two decades back. While talking about the quarterly chart, in the first quarter of CY 2023 an index has formed an inside bar as the price traded within a high and low range of the prior quarter. As we had anticipated, the 10-day base or a double bottom was broken with a gap opening and it led to the formation of strong bullish candle.