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