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Time for caution on Nifty, but no need to panic
Business Standard
|October 02, 2024
Historic trend does not flag immediate concern even as monthly RSI stood at 83 in Sep, indicating 'overbought' condition: Analysts
The Nifty 50 index has witnessed a solid 18.8 per cent rally so far in 2024 and the major part of the gains came in the September quarter.
The Nifty surged 14.6 per cent during the last quarter. On the longer-term scale, the Nifty 50 index has trebled, or zoomed 200 per cent, from its monthly panic close of 8,598 in March 2020.
The NSE benchmark index has ended higher in 34 of the last 54 months, showcasing clear dominance of bulls over bears. However, going ahead, will the dominance continue in the near term or will Nifty be taking a breather?
Technical charts indicate the latter, with a possibility of a meaningful correction in the upcoming months based on the overbought conditions on one of the key momentum oscillators.
Diese Geschichte stammt aus der October 02, 2024-Ausgabe von Business Standard.
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