Today's Chart of the Day was shared on Twitter by Nooresh Merani ( @nooreshtech). It's a daily candlestick chart of the Nifty 50 Equal Weighted index over the past year. Nooresh highlighted that the index is near its 52-week highs while the cap-weighted Nifty 50 continues to make lower highs for the past 2.5 months. It's a bullish scenario for the Nifty, as heavily weighted Financial stocks have seen some profit-taking, the low-weighted sectors like Pharma, Metal and Cement are performing well. Further outperformance from equal-weight would be bullish, as it would be evidence of broadening participation.
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