Nifty opened the week at 10723, made a high of 10847, low of 10676 and closed at 10768. It was like running on a treadmill!
The uptrend became flattened a little. But for the effervescent Reliance and the Bajaj Finance twins, Nifty chart would have looked a lot uglier.
Nifty has completed 38 days in its second cycle which commenced on May 18th.
As discussed during last week, we are entering an important cycle top zone.
Last week we had some bullish aspects which had pulled up the markets. Sun translating the energies of Jupiter and Pluto also acts as a magnet.
This week we are in the orb of Venus Direct and triple witching of the eclipses.
We also start the week with Mercury turning Direct and moving away from the clutches of Rahu.
Also this week we have the triple opposition combination of Sun opposing Retro Jupiter, Pluto and Saturn.
So volatility is going to increase. More sharp moves are possible.
Nifty is also heading into a big band of resistance overhead.
10635 to 11183 is a stiff block to negotiate.
Despite this our take is that the bull has not finished its business. The next cycle also is going to be a bullish one. So any shake outs can be a great opportunity to buy some quick movers.
We have been so preoccupied with Nifty. So how do the moving parts of Nify function?
These stocks have been performing better than Nifty since June 12, 2020, where we had the previous market bottom.While Bajaj twins had moved up in excess of 20% in this last leg, Reliance with a hefty weightage had moved up 18.21% and was primarily responsible for Nifty`s up move.
This is the second set of Nifty companies which moved along with Nifty`s appreciation of 7.9% since June 12.
The above list of companies are marginally under-performing and slightly dragging Nifty.
This last set of companies are dragging the Nifty down!
Interesting times are coming especially for those who love two may movements.
All the best. Be safe!
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