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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.

 

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Read the latest Market Commentary


What else is happening in the markets today? Dig in...

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Stock Market Updates

WELSPUN CORP Share Price Up by 7%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Feb 25, 2021 03:34 PM

WELSPUN CORP share price is trading up by 7% and its current market price is Rs 132. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index are WELSPUN CORP (up 6.6%) and THERMAX (up 7.1%). The top losers are V GUARD INDUSTRIES (down 0.7%) and L&T (down 1.4%).

L&T TECHONOLOGY Share Price Up by 6%; BSE IT Index Up 0.4% (Today's Market)

Feb 25, 2021 03:34 PM

L&T TECHONOLOGY share price is trading up by 6% and its current market price is Rs 2,640. The BSE IT is up by 0.4%. The top gainers in the BSE IT Index are L&T TECHONOLOGY (up 5.7%) and ZENSAR TECHNOLOGIES (up 7.3%). The top losers are TECH MAHINDRA (down 0.1%) and INFOSYS (down 0.1%).

JINDAL SAW Share Price Up by 13%; BSE METAL Index Up 3.2% (Today's Market)

Feb 25, 2021 03:22 PM

JINDAL SAW share price is trading up by 13% and its current market price is Rs 84. The BSE METAL is up by 3.2%. The top gainers in the BSE METAL Index are JINDAL SAW (up 12.6%) and COAL INDIA (up 7.9%). The top losers is HINDUSTAN ZINC (down 0.1%).

INDIABULLS REAL EST Share Price Up by 13%; BSE REALTY Index Up 1.7% (Today's Market)

Feb 25, 2021 03:22 PM

INDIABULLS REAL EST share price is trading up by 13% and its current market price is Rs 95. The BSE REALTY is up by 1.7%. The top gainers in the BSE REALTY Index is INDIABULLS REAL EST (up 13.4%). The top losers are OMAXE (down 0.6%) and OBEROI REALTY (down 1.9%).

BHEL Share Price Up by 11%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Feb 25, 2021 03:20 PM

BHEL share price is trading up by 11% and its current market price is Rs 48. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is BHEL (up 10.8%). The top losers are V GUARD INDUSTRIES (down 0.4%) and L&T (down 1.1%).

Sensex Trades Over 200 Points Higher; Dow Futures Up by 103 Points (Today's Market)

Feb 25, 2021 12:30 pm

BSE Sensex is trading up by 246 points, while the NSE Nifty is trading up by 112 points.

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