Bullish on Nifty equal weight relative to Nifty 50?
Nifty 50 Equal Weight index to Nifty 50 index relative strength (NIFTY50EQUALWEIGHT/NIFTY) chart seems to have broken out of an ascending triangle type consolidation on the weekly time scale.
The price action on the relative strength chart has broken out of the consolidation and has completed the retracement on the support/resistance zone. Will we see a continuation of the bullish breakout?
If the breakout is successful, we are likely to see bullish price action on PSEs, PSU Banks, Pharma, and Metal stocks while Banks and IT stocks are likely to face headwinds.
The price action on the relative strength chart has broken out of the consolidation and has completed the retracement on the support/resistance zone. Will we see a continuation of the bullish breakout?
If the breakout is successful, we are likely to see bullish price action on PSEs, PSU Banks, Pharma, and Metal stocks while Banks and IT stocks are likely to face headwinds.