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Momentum Moves: The Week Gone By
Sat, 16 Jan Momentum Moves | Brijesh Bhatia

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.

Watch Now: 3 Little-known Stocks We are Super Bullish On

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.

 

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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Stock Market Updates

GUJ. STATE PETRONET Share Price Up by 5%; BSE 500 Index Up 1.4% (Today's Market)

Mar 2, 2021 03:31 PM

GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.

GUJARAT PIPAVAV PORT Share Price Up by 12%; BSE REALTY Index Up 0.8% (Today's Market)

Mar 2, 2021 03:23 PM

GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).

STRIDES PHARMA SCIENCE Share Price Up by 5%; BSE HEALTHCARE Index Up 1.1% (Today's Market)

Mar 2, 2021 03:23 PM

STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).

JAGRAN PRAKASHAN Share Price Down by 7%; BSE 500 Index Up 1.3% (Today's Market)

Mar 2, 2021 03:23 PM

JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..

JK LAKSHMI CEMENT Share Price Up by 11%; BSE 500 Index Up 1.0% (Today's Market)

Mar 2, 2021 03:15 PM

JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .

Sensex Trades Over 200 Points Higher; Dow Futures Down by 90 Points (Today's Market)

Mar 2, 2021 12:30 pm

BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.

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