Nifty 50指數

Is Nifty peaking out ?

72
If we compare intraday charts of previous and this week, it is easy to list down the main difference

Previous Week:
  • price bounced on every support level
  • steady and smooth increase in price


This Week:
  • price didn't bounce from support levels
  • price took dive from every resistance level created during intraday
  • price moved higher either due to global scenarios or intraday buying which didn't sustain


This is definitely a behaviour change in Nifty price pattern and can reason it with profit booking in pockets of Nifty constituents

Price definitely is moving higher compared to previous weeks and may go even higher but the point I am trying to draw here is there is definitely a sense of peaking in Nifty before we see formation of LHLL patterns on the charts

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