The Nifty Index has been showing signs of weakness

18 maj 2023

The Nifty Index has been showing signs of weakness in the past few weeks, as the weekly and monthly indicators are diverging from the price action. This indicates that the bullish momentum is losing steam and that the bears are gaining control. The index has failed to break above the resistance level of 18,800 and has formed lower highs and lower lows on the hourly chart. The MACD and RSI are also trending downwards, suggesting that the selling pressure is increasing. The index may test the support level of 14428-14170 in the near term, which is also the 32% Fibonacci retracement of the rally from March 2020 to October 2021. If the price hold the level of sharp move of the wave 3 which is in formation around 15230-14700, which is the next major support , We can see possible pull back to re-test the price 16390-15912 Therefore, I have a bearish view on the Nifty Index and I expect it to decline further in the coming weeks.
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