The markets remained under sustained pressure through the week and trended lower, ending on a negative note. After attempting a mild recovery early on, the Nifty faced selling at higher levels and gradually drifted lower. It traded in a relatively wide range of 788 points, oscillating between 24,601.70 and 23,813.65. Volatility spiked notably, with the India VIX rising by 14.57% to 19.71, reflecting increased nervousness among market participants. The headline index eventually closed the week with a net loss of 455.60 points (-1.87%).

The broader technical structure shows that the Nifty has slipped back into a corrective phase after failing to sustain above its recent resistance zone. The index has moved below its short-term moving averages and is currently hovering near an important support region around the 23,800 zone.

This area now becomes crucial; any sustained breach may open the doors for an extended decline. On the upside, the zone near 24,400–24,500 has started acting as a supply area. The market is no longer in a trending phase but appears to be slipping into a broad consolidation with a negative bias. A decisive move above 24,500 can only revive strength, while a break below 23,800 may accelerate weakness. Given the current setup and the truncated trading week due to the Maharashtra Day holiday on Friday, the markets may begin on a cautious note. Immediate resistance levels are seen at 24,200 and 24,450, while supports are placed at 23,700 and 23,500.

The weekly RSI stands at 43.10, which is neutral but leaning bearish, and does not show any divergence against price. The MACD remains below its signal line, continuing to stay in negative territory, indicating weak momentum. From a pattern perspective, the Nifty appears to be inside a very broad trading range but below two of the three key moving averages. The index is trading below its 50-week moving average (~25,041) and struggling near the 100-week MA (~24,512), both of which now act as overhead resistance. The long-term 200-week average remains much lower, indicating that while the primary trend is intact, the intermediate trend is under stress.

Looking ahead, market participants should adopt a cautious and defensive approach. Fresh aggressive buying should be avoided until the index shows signs of stabilising above key resistance levels. Priority should be given to capital protection and selective stock-specific trades, rather than broad-based exposure. Traders should remain nimble, respect stop losses, and avoid over-leveraging in what is shaping up to be a volatile and range-bound environment.
The Relative Rotation Graph (RRG) shows that there is no major change in the sectoral setup. The Nifty Energy, Midcap 100, Infrastructure, PSE, Pharma, and Metal Indices are inside the leading quadrant. While some of them are slowing down on their relative

momentum, these groups may relatively outperform the broader markets.

The Nifty PSU Bank, Banknifty, Auto, and Financial Services Indices are placed inside the weakening quadrant. Their relative performance is expected to weaken over the coming days.

The Nifty IT Index continues to languish inside the lagging quadrant along with the Nifty Services Sector Index. The Nifty Realty Index, which is also inside the lagging quadrant, is showing continued sharp improvement in its relative momentum against the broader Nifty 500 Index.

The FMCG and the Media Index are placed inside the improving quadrant.

Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia

After a day of breather, the markets resumed their rebound and extended their move while ending the day on a positive note. The Nifty opened higher and gradually kept building on the opening gains through the day. No major selling pressure was seen and the markets maintained their gains throughout the session. The headline Index closed with a net gain of 275.50 points (+1.16%).

This cigarette manufacturer has shown a major base formation over the past several weeks. As indicated by the technical parameters, the stock is set to move higher from its current levels, leading to a potential trend reversal in the stock.

ETMarkets.com

After staying in a corrective downtrend for a few months, GODFREYPHLP formed a base for itself in January this year. This base formation happened when the RSI formed a bullish divergence against the price. Over the past week, the stock has traded sideways while staying disconnected with the market moves on the either side.The daily MACD has turned positive over the past few days; it is now bullish and above its signal line. The expanding Histogram indicates accelerating momentum on the upside. The RSI has formed a new 14-period high, which is bullish.

The relative strength is showing a major trend shift. After flattening out, the RS line has started to move higher and has crossed above its 50-period MA. The stock has rolled inside the leading quadrant of the RRG; this will ensure relative outperformance of the stock over the coming days.

The OBV has formed a new high ahead of the price breakout. This bullish divergence indicates strong accumulation in the stock while it formed a base.

An expected move in GODFREYPHLP can take it higher to Rs. 2,300. A close below Rs. 2,030 would negate the current technical setup.

Milan Vaishnav CMT, MSTA, is a Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae, and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia

The markets traded under sustained pressure through the week and ended on a distinctly negative note. After attempting a modest recovery early on, the Nifty faced persistent selling at higher levels and drifted lower as the week progressed. The index oscillated within a defined range of 25,771.45 on the higher side and 25,141.30 on the lower side. Volatility cooled off , with the India VIX declining 4.60% to 13.70 on a weekly basis. The Nifty closed the week with a net loss of 392.60 points (-1.54%).

The broader technical structure remains corrective within a larger uptrend. On the weekly chart, Nifty continues to hover just above its 50-week moving average (25,047), while staying well above the 100-week (24,422) and 200-week (21,571) averages, preserving the long-term bullish structure.

However, the index is trading below the 20- week average (25,756) and near the lower Bollinger Band (25,065), indicating shortterm weakness. The price action over the past several weeks resembles a mild descending consolidation within a broader rising structure, suggesting a loss of upside momentum. A sustained move above 25,800 would be required to negate the present short-term weakness and open the door for a directional upmove. On the downside, a decisive violation of the 25,000–24,950 zone could trigger incremental corrective pressure toward lower supports.With Tuesday, March 03, being a trading holiday on account of Holi, the truncated week may begin on a cautious note amid prevailing softness. Immediate resistance levels are seen at 25,350 and 25,550. Key supports are placed at 25,050 and 24,700.

The weekly RSI stands at 46.27; it remains neutral but tilted lower and does not show any visible bullish or bearish divergence against price. The weekly MACD remains below its signal line but is in positive territory. The index has formed a relatively widebodied bearish candle on the weekly chart, reflecting distribution at higher levels.

From a pattern perspective, the Nifty appears to be undergoing a time-wise consolidation after a prolonged upmove. The index is testing the confluence of the lower Bollinger Band and the 50-week moving average, a zone that could offer intermediate support. Failure to hold this band could lead to a deeper retracement toward the 100- week average. The broader higher-top–higher-bottom structure remains intact on the long-term chart, but near-term price behavior suggests a pause with corrective bias but not any structural damage on the technical front at present.

In the coming truncated week, a cautious and selective approach would be prudent. Traders should avoid aggressive fresh longs until the index reclaims levels above 25,800 with strength. At the same time, any breach of 25,000 must be monitored closely for follow-through weakness. Protecting existing gains, maintaining tight stop-losses, and focusing on stock-specific opportunities with relative strength will be essential. The most effective approach for the week would be to stay measured, nimble, and responsive to key levels rather than anticipating a directional move prematurely.

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of allthe listed stocks.

Relative Rotation Graphs (RRG) show that the Nifty Energy Index and the Infrastructure Index have rolled inside the leading quadrant. Along with this, the Nifty Financial Services, PSE, Nifty Bank, PSU Bank, and the Nifty Metal Index are also inside the leading quadrant. This group is expected to collectively outperform the broader Nifty 500 index.

The Nifty Services Sector Index has rolled inside the weakening quadrant. The Midcap 100, Auto, and IT Indices are also within this quadrant. These groups may see individual stock-specific moves; however, relative performance may slow.

While the Nifty Realty Index continues to languish inside the lagging quadrant, the FMCG Index is showing mild improvement in its relative momentum against the broader market while staying inside the lagging quadrant.

The Nifty Pharma Index has rolled back inside the improving quadrant. The Nifty Media Index is also inside the improving quadrant.

Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.

(The author Milan Vaishnav CMT, MSTA is Consulting Technical Analyst)

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The Nifty traded in a relatively contained range through the week, oscillating within defined boundaries before ending modestly higher. The index moved between 25,372.70 and 25,885.30, reflecting a largely consolidative undertone despite intraday swings. Volatility spiked; India VIX rose by 8.05% to 14.36, indicating increase in hedging activity and expectation of near-term volatility. The Nifty eventually closed the week with a gain of 100.15 points (+0.39%).

From a structural standpoint, the index continues to consolidate just below a crucial resistance band while maintaining its broader uptrend. Prices are hovering around the 20-week moving average (25,761) and remain well above the rising 50-week (24,991) and 100-week (24,394) averages, keeping the long-term structure intact. However, the index is currently trapped within a broad consolidation zone, and directional conviction remains absent. A decisive close above 26,250 is necessary to confirm a fresh trending upmove and open the path toward higher levels. Until that happens, rallies are likely to remain capped, resulting in range-bound behaviour. On the downside, sustained trade below 25,000 would weaken the short-term setup and invite incremental pressure.

Given the US Supreme Court’s verdict, markets are likely to see a gap-up opening at the start of the week. However, follow-through will be critical. Immediate resistance levels are placed at 26,000 and 26,250, while supports are seen at 25,400 and 25,00. The weekly RSI stands at 51.50, remaining neutral and showing no divergence against price. The MACD remains below its signal line on the weekly timeframe, with the histogram still in negative territory, suggesting that momentum has yet to turn convincingly positive. The latest candle reflects indecision near resistance, reinforcing the ongoing consolidation phase.Pattern analysis of the weekly chart indicates that the index is attempting to stabilise after retracing from its prior highs. The formation resembles a broad trading range with a mild upward bias, but without a breakout confirmation. The price continues to respect the rising long-term moving averages, which act as dynamic support. The narrowing Bollinger Bands also reflect contracting volatility, often a precursor to an eventual expansion move; however, a directional trigger is still awaited.

Relative Rotation Graphs (RRG) show that the Nifty Financial Services, PSE, Banknifty, PSU Bank, Services Sector, and the Metal Indices are inside the leading quadrant. While Services Sector may be losing some relative strength, these groups will collectively outperform the broader markets on relative basis.

The Nifty IT Index has rolled inside the weakening quadrant. Individually, it may experience a rebound given the recent selling but the relative performance may take a backseat. The Infrastructure and the Auto Index are also inside the weakening quadrant.

The Nifty FMCG, Pharma, and the Realty groups are inside the lagging quadrant. They may relatively underperform the broader Nifty 500 index.

The Nifty Media and the Energy Indices are seen rotating firmly inside the improving quadrant. These groups may continue to improve their relative momentum against the broader markets.

Important Note: RRGTM charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.

Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia

In a 6-day trading week, the Nifty traded with heightened volatility throughout the week and ended with gains. The week was marked by sharp swings as markets first reacted nervously to the Union Budget announced on Sunday, followed by a strong positive response to the India–US deal that led to a gap-up move.

As a result, the index oscillated in a wide intra-week range of 1661.80 points before settling higher. India VIX cooled off meaningfully over the week, declining by about 12%, reflecting easing volatility after the event-heavy phase.

On a weekly basis, the Nifty posted a gain of 373 points. Structurally, the broader trend of the market remains positive, though the index is currently navigating a consolidation phase after a strong up-move.

On the weekly chart, Nifty continues to hold above its key medium-term moving averages, but recent price action shows hesitation near the upper end of the rising channel. The index is dealing with a supply zone around the recent highs, where selling pressure has emerged repeatedly.

While the primary trend is still up, a sustained move above the recent swing high would be required to reassert momentum on the upside, whereas a decisive break below the lower end of the recent consolidation band could trigger a deeper corrective move. For the coming week, the markets may see a positive start after the volatile but event driven week gone by.

Immediate resistance for the Nifty is placed around 26,000, followed by a stronger hurdle near 26,300. On the downside, supports are seen at 25,400, with the next important support placed near 24,850, which also coincides with key moving average support.

Momentum indicators present a neutral-to-slightly-positive picture. The weekly RSI is placed near 53, staying in the neutral zone and not indicating any bullish or bearish divergence against price.

The weekly MACD remains below its signal line, but the histogram has started to narrow, suggesting a loss of downside momentum. On the candlestick front, the week has resulted in a relatively long-range candle, highlighting volatility and indecision near higher levels rather than outright strength.

From a pattern perspective, the weekly chart shows Nifty closing above the falling trendline support. The recent pullback from the highs does not damage the larger trend, as the index continues to trade comfortably above its 50-week and 100-week moving averages. This setup suggests that the long-term trend is intact, but short-term consolidation cannot be ruled out.

Given the current setup, traders and investors should adopt a balanced and selective approach in the coming week. Aggressive long positions may be avoided until the index shows a clear breakout above resistance, while existing positions should be managed with disciplined trailing stops to protect gains. Fresh opportunities are likely to remain stock-specific rather than index-led.

Overall, the focus for the week ahead should be on prudent risk management, selective participation, and closely tracking how the index behaves around the identified support and resistance zones.

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.

Relative Rotation Graphs (RRG) show that the Nifty Financial Services, IT, Banknifty, Services Sector, Metal, and the PSU Bank Indices are inside the leading quadrant of the RRG. While some relative momentum is being lost on the PSU Banks, these groups will continue to relatively outperform the broader markets.

The Nifty Midcap 100 Index has rolled inside the weakening quadrant. This may see a slowdown in the Midcap Index’s relative performance. Along with this, the Nifty Auto and the Infrastructure Indices are also inside the weakening quadrant.

The Nifty Realty and the FMCG Indices languish inside the lagging quadrant with the Realty Index showing a slight improvement in its relative momentum. The Energy Index has rolled inside the improving quadrant. Besides this, the Media Index is also inside the improving quadrant.

Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.

(The author Milan Vaishnav is CMT, MSTA Consulting Technical Analyst)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The markets witnessed a corrective move in a volatile week while ending lower. Nifty trended lower throughout the week and ended on a negative note. The index oscillated in a wide intra-week range of 733 points as it moved between 25,653 and 24,919. India VIX surged sharply by 24.80% to 14.19, indicating a sudden spike in risk perception and uncertainty. Nifty ended the week with a net loss of 645.70 points or -2.51%.

The current technical structure of Nifty reflects a significant breakdown. After failing to confirm a breakout, the Index has slipped below the trendline that was drawn from the high formed in September 2024. It has also slipped below the short-term 20-week moving average and now hovers near the lower Bollinger Band. The lower Bollinger band also aligns with the 50-week MA placed at 24758.

The region of 25,000–25,150, which includes the 200-DMA on the daily chart and a key support, is being tested. If this zone is violated convincingly, it may trigger a deeper corrective move. Conversely, any bounce would remain vulnerable unless the index reclaims the 25,650 levels.
Given the steep correction and a mildly oversold setup on the daily chart, the coming week, shortened by the Republic Day holiday on Monday, may see a tentative start with a possible technical rebound.However, volatility is expected to stay elevated as Tuesday also marks the monthly F&O expiry. Overall, as the markets would open after a gap of one day, they would also adjust to the prevailing global trade setup.

Immediate resistance levels are placed at 25,320 and 25,650, while supports exist at 25,000 and 24,800.The weekly RSI stands at 44.47 and remains in a neutral zone; however, it has marked a new 14-period low along with price, indicating no divergence. The weekly MACD is bearish and is below its signal line, reinforcing bearish momentum. A long black candle has emerged on the weekly chart, signifying strong selling pressure and a breakdown from the prior consolidation.

Pattern-wise, Nifty has broken below the falling trendline, which typically has bearish implications. This breakdown is significant as it came with a wide-range candle and a close below 20-week MA. The next visible support lies around the 50-week MA near 24,758.

For the week ahead, a cautious and stock-specific approach is advised. While short-term oversold conditions may fuel a bounce, the broader structure has weakened. Traders should avoid aggressive longs and focus on protecting profits. Any upside should be used to lighten positions or initiate low-risk short opportunities if resistance levels hold.

The method of approaching the coming week would be to stay highly selective, manage risk tightly, and keep exposure light ahead of the expiry volatility.

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.

Relative Rotation Graphs (RRG) show the Nifty IT Index continues to rotate strongly inside the leading quadrant. Along with this, the Financial Services Index, Midcap 100, PSU Bank Index, Banknifty, Metal, and Services Sector Indices are also inside the leading quadrant.

Metal and IT look strong on relative terms, but overall, this group may relatively outperform the broader markets. The Infrastructure Index has rolled inside the weakening quadrant. The Nifty Auto Index is also positioned inside the weakening quadrant.

The Nifty Energy, Realty, and FMCG Indices languish inside the lagging quadrant. These groups may relatively underperform the broader markets.
The Pharma Index has taken a U-turn and has rolled back inside the improving quadrant from the leading quadrant following loss of relative momentum.

Important Note: RRGTM chartsshow the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.

The markets saw a decisive breakdown from the 500-point trading range (26,200- 25,700) after a period of consolidation, ending the week on a negative note. Throughout the week, Nifty traded with a clear downward bias, oscillating within a range of 750 points between 26,373 and 25,623. It was the only major global equity index to end in the red, weighed down by rising uncertainty around US trade tariffs and a deferred Supreme Court decision, now expected on January 14.

India VIX spiked 16.51% for the week to 10.93, reflecting heightened caution. As a result, Nifty ended the week with a loss of 645.25 points or -2.45%.

The current technical structure signals a potential pause in the prevailing uptrend as the index has closed below the lower edge of the 500-point trading range. The close below the 20-week moving average (25,579) would end up in some incremental weakness. Markets remain vulnerable to further pressure, especially amid a combination of domestic consolidation and global risk events. A breach below the current support region could deepen the corrective move, while a bounce back above 25,850–25,900 would be essential to regain strength.

The coming week may open on a tentative note, likely influenced by further developments from the US. Initial resistance is expected at 25,900 and then 26,100, while immediate support lies at 25,500, followed by a more crucial zone near 25,300. A failure to defend 25,300 could attract incremental weakness.

The weekly RSI stands at 53.16 and has marked a fresh 14-period low; it remains neutral without any divergence against price. However, its flattening near the midline suggests waning momentum. The MACD has shown a bearish crossover with the MACD line now below its signal line, accompanied by a widening negative histogram, reinforcing signs of a developing downside. No strong candlestick reversal pattern was observed on the weekly timeframe, but the long black candle indicates negative sentiment.

From a pattern analysis perspective, the Nifty is still above the falling trendline that it penetrated. The support on this trendline would translate into the Nifty testing the 25,500-25,300 zone. The index also failed to hold above the upper Bollinger Band in recent weeks and is now testing the median line, further suggesting that upward momentum has faded. Despite the broader trend still being intact, the index has now come under short-term pressure if it slips below its 20-week average.

Given the current setup, traders would do well to adopt a measured and stock-specific approach. Aggressive index positioning should be avoided until clarity emerges either through reclaiming resistance zones or external event resolution. For now, it is prudent to protect gains, trail stop losses where applicable, and remain selective in fresh buying. The week ahead should be navigated with heightened caution and an adaptive, reactive strategy rather than a predictive one.

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.

Relative Rotation Graphs (RRG) show that the Nifty Services Sector and Pharma Indices have rolled inside the leading quadrant. These groups, along with Infrastructure, Banknifty, PSU Bank, IT, Midcap 100, and Financial Services groups, which are also in the leading quadrant, will relatively outperform the broader Nifty 500 Index.

Relative Rotation Graphs (RRG) show that the Nifty Services Sector and Pharma Indices have rolled inside the leading quadrant. These groups, along with Infrastructure, Banknifty, PSU Bank, IT, Midcap 100, and Financial Services groups, which are also in the leading quadrant, will relatively outperform the broader Nifty 500 Index.

The Nifty Metal and Auto Indices are inside the weakening quadrant. However, they are seen as sharply improving on their relative momentum against the broader markets.

Nifty FMCG, Energy, and Realty Indices are inside the lagging quadrant. These groups may relatively underperform the broader markets. The PSE and the Media Indices are also inside the lagging quadrant. However, they are showing a strong improvement in their relative momentum.

There are no sectors presently inside the improving quadrant.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The markets consolidated through the previous week and ended on a mildly negative note. Nifty remained within a defined trading range of 25,700 to 26,100, lacking any directional breakout. The week was marked by low volatility, with the India VIX declining 5.70% to 9.52, near its multi-year lows, highlighting continued complacency in the system. On a weekly basis, the Nifty declined by 80.55 points or 0.31%, signalling a pause after a strong preceding uptrend.

The Nifty currently finds itself in a sideways consolidation, navigating within a narrow 400-point band. It continues to trade above key moving averages, but the absence of follow-through buying near the upper edge of the range suggests temporary fatigue. Importantly, the 25,700–25,850 zone has emerged as a critical near-term support, not only because it marks the lower end of the current consolidation but also because it aligns with the 50-DMA. The trend still remains broadly positive, but a sustained move above 26,100 is now essential to reignite upward momentum. A breakdown below 25,700 may trigger mild profit-taking and broaden the range lower.

Given the lack of a decisive move in either direction, markets may see a muted start to the truncated week ahead, particularly with the Christmas holiday on Thursday, which will lead to lower participation. On the upside, resistance is expected at 26,100 and then at 26,250. Supports come in at 25,850 and 25,700, both structurally important in the current context.The weekly RSI stands at 59.92 and remains neutral without showing any divergence against price, suggesting ongoing range-bound behaviour. The MACD remains above the signal line on the weekly chart, though the histogram is flattening, indicating a loss of momentum. No significant candlestick formation was observed during the week, highlighting indecision.

From a pattern analysis perspective, Nifty is seen consolidating just above the upper trendline of a broad symmetrical triangle it broke out from earlier. While the breakout still holds, the index is testing its breakout zone. Price action continues to respect the rising short- and medium-term moving averages, with the 50-week MA at 24,518 and the 100-week MA at 24,067 offering deeper structural support. The Bollinger Bands are beginning to narrow, often a precursor to a range expansion move in the coming weeks.

Given the current context, participants are advised to adopt a stock-specific approach while keeping a cautious stance on aggressive index bets until the range of 25,700– 26,100 is resolved. Protection of profits should take precedence, especially in the absence of any major triggers and a low volatility environment. Until a directional breakout occurs, the method to approach the coming week would be to stay selective, maintain tight stop losses, and avoid chasing momentum near resistance levels.

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.

ETMarkets.com

Relative Rotation Graphs (RRG) show that the Nifty Bank Index, Infrastructure, PSU Bank, Financial Services, and the Midcap 100 Indices are inside the leading quadrant. A few of them are seen evidently slowing down on their relative momentum. However, collectively, these groups may relatively outperform the broader markets.

The Nifty Auto Index is inside the weakening quadrant but is seen mildly improving its relative momentum. The Metal Index is also inside the weakening quadrant.

The Commodities Index has rolled inside the lagging quadrant. The Media, PSE, Consumption, FMCG, and Energy Indices are also inside the lagging quadrant and may relatively underperform the broader markets. Energy, however, is seen modestly improving its relative momentum.

The IT and Nifty Services Sector is inside the improving quadrant and are rotating positively. The Realty Sector is also in this quadrant, but is seen giving up on its relative momentum against the broader markets.

Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia