FMCG's leadership and out-performance is not a good news for NIFTY itself, for NIFTY usually gets mired into Correctives during such phases.
One instance that stands out is the 2010-2013 period.
The inverse relationship can otherwise be deciphered easily.
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#NIFTY in Regression Channel.
— Piyush Chaudhry (@piyushchaudhry) April 30, 2022
A rectangular consolidation around the central Line of Best Fit, with no such reversal characteristics on display yet.
For it to revisit the upper band, odds would increase only on a break above ~17450.
Else, it's a slippery slope. pic.twitter.com/4OT7JM1TJY