Nifty's Momentum is Slowing Down ๐Ÿ˜ฑ

The benchmark Nifty 50 index has witnessed a sharp rally after it bottomed out in October last year

The index hit a new all time high milestone of 22,124 in January. But it has gone in to a hibernation mode since then๐Ÿ˜ฎ

The index touched a new high of 22,249 yesterday :chart_with_upwards_trend: but without much of broader market participation

Market breadth was weak with less than 100 NSE stocks touching net new 52 week highs compared to more than 200 stocks during the last peak of 22,124๐Ÿ“Š

The daily RSI is also forming bearish divergence with price also suggesting that momentum is slowing down

Will this lead to a much awaited correction? Letโ€™s wait and watch๐Ÿค”


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