Is NITY Tech analysis credible?

I know a lot of people who believe technical analysis by it self is not credible. But the topic is not that.

Nifty 50 is a very diversified portfolio from stocks of multiple sectors which have their own technical analysis , how is it possible for technical analysis to work on NIFTY 50 , since NIFTY 50 itself is a derivative of 50 stocks

its like doing technical analysis on option prices.

For example MACD cross over is going to happen setting up for a bullish trade, suddenly HDFC or reliance crashes , NIFTY falls. Anything can happen to NIFTY if any of the 50 stocks crashes making the technical indicators very unreliable.

what are your comments guys?

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