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Nifty Technical Analysis

7 Sep 2020 ‚óŹ 08:51 AM

Financial markets find themselves following some kind of silly pattern each time and we as observers are left with the taks of understanding it. So while I like long rallies and on a 3 month basis this does look like one move it is acrtually subdivided into many smaller ones. In fact the Nifty does not seem to want to move in a particular direction for more than 5-6 days. All the rallies from May, look at where there are a series of green bars, where markets closed positive for consecutive days and 6 was the maximum number. After that corrections or consolidations follow. The most recent one has retraced 23.6% of the move from the June low where a 50% retracement occurred. What is the significance of these two different retracements is what we discussed in this mornings video update. [nifty intraday video updates can directly be accessed on the Indiacharts App]

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