Nifty once again rejected the bearish setup which was formed on a daily timeframe chart and rallied strongly.

In the recent past, whenever the index has witnessed a whipsaw of bearish pattern, prices are more likely to register its next intermediate top.

On November 4, Nifty continued to remain in the green as the benchmark index closed 0.80 percent higher from its previous closing.

On the lower end, it found support just above the previous low on the daily chart.

India VIX remained in the range of 15.50 – 23. India VIX above 23 has witnessed the breakout of the rectangle patterns on daily as well as a weekly chart.

VIX normally goes up when there uncertainly among the traders.

Currently, the index is trading above its 21 and 50-day exponential moving averages on the daily timeframe.