The weekly RSI stood at 72.11; it marked a new 14-period high which is a bullish indication. The RSI is mildly overbought. However, it remains neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above the Signal Line. A strong White Body emerged on the candles. It shows directional consensus among the market participants.
market outlook: Dalal Street Week Ahead: A probable top may be around the corner for Nifty indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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Displaying signs of imminent consolidation, Indian equities took a breather during the week gone by and ended with a modest cut. The market breadth remained a bit wider than it was during the week before, as Nifty oscillated in a 533-point range during the week. The five sessions also saw the market close at yet another lifetime high, and then the index pared some of the gains in the following days. From a technical perspective, some fatigue at higher levels was visible as Nifty closed with a net loss of 181.55 points, or 1.20 per cent.
Volatility did not show any spike. INDIA VIX rose just 0.94% to 22.25 level on a weekly note. As we head into the expiry of the monthly derivative series, the market is likely to be dominated by rollover-centric activities in the coming week. The index is likely to move in a defined range in the coming five sessions, with the upside capped.