Nifty Financial Services Index ($CNXFIN)
The NIFTY Financial Services sector seem to have ended its short-term underperformance. The Index has broken out from a falling channel and has formed a gap, which indicates greater push to the upside.
The RSI has marked a fresh 14-period high, which is bullish. It also shows a bullish divergence against the price. The daily MACD has shown a positive crossover; it is now bullish and above its signal line.
The NIFTY Financial Service sector is in improving quadrant on the weekly RRG when benchmarked against the broader NIFTY 500 Index. On the daily timeframe as well, it has ended the Improving Quadrant, with the JdK Momentum crossing above 100. This marks a potential end of underperformance on the index against the broader markets.
Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst | www.EquityResearch.asia | SEBI Reg. No. INH000003341
