Amid all the negative rumblings of the global macroeconomic crisis, NSE Nifty has largely remained range bound in a broad 450-point range turning to-and-fro from the crucial short-term support at Nifty 4725 and upside resistance at 5175 levels.
Let’s have a look at indications from Nifty’s Daily Charts:
Call it as mere co-incidence or sheer power of charts over the last 2 months, but whenever Nifty has approached the upper-band of the range – bad news has kicks in to drag down the Indian benchmark index. Whereas, whenever the NSE’s 50 share index approached the lower-band of the range, positive news/rumours of global recovery prospects pumps-up the index away from the danger mark.
Disclaimer: The above content/report is only for the educational purpose of the readers. It does not qualify as any advice or recommendation to Buy/Sell securities. The author and the blog are not responsible for the reader’s decisions based on the above report.