NIFTY Index Chart Analysis

Bouncing Back From The Lows

In a scenario of buoyant global markets, the Indian stock market negated all the weaknesses. The domestic equities suddenly turned bullish as many Large-Cap stocks registered monthly breakouts. The 81-day downtrend has retraced almost 61.8 per cent in just 21 days. As the retracement was in one-fourth time of the prior downtrend, it is generally a strong bullish sign. The benchmark Nifty closed above last month’s Doji candle high. It registered one of the best weekly gains last week. The previous week’s bearish engulfing candle failed to get a confirmation for its bearish implication.