Nifty Technical Chart | 29-Apr-2015
Today, we’ll analyze the technical chart of Nifty, which is creating bearish signals from the last few sessions. Not only traders, but long-term investors are also worried by some technical patters found in Nifty technical chart.
So, let us discuss the chart in detail. We’ll use daily time frame with Ichimoku and GMMA indicators.
After various ups and downs in price, Nifty tries to cross kumo @8948 on 15-Apr-2015 but failed. Kumo always acts as strong resistance.
From there it started its downtrend journey and breaking various support levels one-by-one.
On 20-Apr-2015, it closes below kumo @8448 and confirms its downtrend.
One can witness few upward rally of few points but that does not mean that trend has changed. On bigger scale, trend is negative now.
PE ratio of Nifty is also high, which “historically” is not good for uptrend.
No use of discussing various support and resistance level figures as they useless in bearish market.
We recommend NOT to invest fresh money in this market now and sit on cash. You’ll get very attractive levels to invest in coming months.
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