O Ashuji
2013 so far has been the most compressed year in terms of high low range for Nifty (other compressed years were 1994 and 2012, both with 28% range) being 20%. With back to back compressed years, 2014 certainly looks break out year (up or down). There has been lot of excitement with Nifty breaking all time highs in December. However post December 9 highs, markets fell 4% and has been slowly grinding back. Lets look at Nifty's internals to understand sustainability of the up move. Markets on surface may lie but market internals never deceive.
Nifty's Internal Deteriorates....
1) Dec highs is 9th December while November Lows is 13th November.
2) Rally going into December high was momentum driven as can be seen from quality of stocks leading the rally (JPA, BHEL, AXIS, LARSEN, ICICI, etc)
3) Rally from recent December lows (17th December) till now is largely defensive driven by IT and Pharma.
4) There has large correction in momentum stocks (banks - ICICIB, IDFC, LARSEN, etc) from Dec Highs (9th December), while IT and Pharma have significantly out performed as can be seen from 1st column.
5) Nifty is clearly losing momentum.
Nifty RSI losing momentum with newer highs.....
Thanks for sharing useful information with us about Nifty Weekly Technical Analysis. Your info will definitely help the readers and please keep sharing some more info with us.
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