NIFTY Index Chart Analysis

Uncertainty Continues To Cast A Shadow

The S&P BSE Sensex, a benchmark index of the Bombay Stock Exchange, hit a new high last week. The other frontline index, Nifty 50, missed it just by one point. After reaching around the all-time high, the index declined and formed bearish patterns on a weekly timeframe. The pattern formation was similar to the previous historical all-time highs. The Nifty has formed a dark cloud cover candle on the weekly chart. During the highs of October 2021 and December 2022 it had formed a similar pattern around the all-time high. Earlier, after the formation of a bearish pattern near the all-time high, the Nifty declined by 18.40 per cent and 10.9 per cent, respectively.