Nifty In Technical Charts: Still In A Consolidation Mood

NDTV Profit

Nifty In Technical Charts: Still In A Consolidation Mood

We have been all over the place over the past 11 sessions ended last week. We hit an all time high on April 9, dropped sharply on global cues till April 19, losing about 4.4% in the bargain, before pulling up to near the former highs by end of the last week. On the weekly charts, the consolidation is even longer — with the Nifty hitting the 22,500 area back in end Feb. 24, making that about eight weeks of consolidation.The monthly candles have s…