Nifty hits 6700, Momentum not supportive

nifty-price-chart-with-momentum-indicator-28mar2014

While the bullish rally of Nifty hitting lifetime high 6700 is welcome, and it has given good profits on long-positions on beaten down stocks like SBI, DLF, etc, the concern is that Nifty is now rising while momentum is falling, and the momentum of the current rally is still lower than the momentum of Nifty rally in Sep 2013.  Life time high with lower-grade momentum is not a good sign. Conclusion: unless momentum picks up in April, Nifty may come down to 6300 in April.

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