Is Number 13 a Jinx for the Nifty? In 2024 so far, number 13 has turned unlucky for the stock market. This is defined when the difference between the spot price of the Nifty 50 index and its 200-daily moving average (DMA) has risen by more than 13%. In this case, the Nifty 50 has witnessed a sharp and instant fall from a recent high.
Nifty at the start of 2024, had a positive gap of around 13% in comparison to its 200-DMA. On January 15, this gap stretched to 13.4% while trading on a closing high of 22,097. After seven trading sessions, the Nifty 50 saw a fall to 21,137 points and hence the difference between the Nifty spot price and 200-DMA fell to 8.24%.
On July 18, this difference between the Nifty spot and 200-DMA saw a peak at 13.6%. In the next 11 trading sessions, it hit a peak of 25,010 with a difference of 13.3% on August 1. Just after three trading sessions, the Nifty fell to 23,960 points, the difference being at 8.3%.
On September 26, the gap between the Nifty spot and 200-DMA rose to above 13%. On September 30, the Nifty fell by 1,000 points in the last two sessions.
It is interesting to see how Nifty will react to its 13% difference from its 200-DMA in the future. Keep reading and investing, and open a demat account with SMC Global Securities.
Reference:
https://www.business-standard.com/markets/news/nifty-trend-in-2024-number-13-has-been-unlucky-for-stock-markets-in-2024-will-history-repeat-124093000310_1.html
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