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Momentum Moves: The Week Gone By
Sat, 16 Jan Momentum Moves

Nifty and Sensex ended the week gaining 0.60% and 0.52% respectively.

Bulls started the week roaring but since Wednesday, the momentum seemed to be tiring. This is indicated by smaller body candles on Tuesday, Wednesday, and Thursday on the charts.

Bears grabbed an opportunity and attacked on Friday with Nifty 50 breadth falling to 6 negative stocks against 1 positive.

Tata Motors (+31.40%), Bharti Airtel (+11.55%) and ITC (+8.09) were the top 3 gainers.

Asian Paints (-8.90%), Bajaj Finserv (-5.83%) and Divi's Lab (-5.53%) were top 3 losers in Nifty 50.

Among sectorial Indices, PSU Bank Index gained the most (5.87%) followed by Auto Index (+4.49%) and Realty (+1.15%).

Metals (-2.27%), Pharma (-1.94%) and Media (-1.37%) indices ended the week in negative zone.

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The Week Ahead

Nifty has been rising week-on-week and bulls are having their best time.

In the last 10 weeks, Nifty has managed to close 9 times in positive and only once in the negative.

I believe the bulls seem to be tiring. The index is trading in overbought territory which is indicated by the RSI (Relative Strength Index).

 

Nifty is also trading at resistance of the 10 years rising trend line.

If we compare it with the Dollar Index, they have an inverse relationship.

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Dollar Index is trading at multi-year support and Nifty at multi-year resistance.

In the video, I compare the Nifty with Dollar Index chart and share my views on this.

 

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Stock Market Updates

Sensex Crosses 61,000, Dow Futures Up by 166 Points (Today's Market)

Oct 14, 2021 12:30 pm

BSE Sensex is trading up by 394 points, while the NSE Nifty is up by 132 points.

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Oct 14, 2021 09:30 am

Indian share markets open strong. The BSE Sensex opened up by 371 points, while the Nifty is trading higher by 121 points.

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