Relative Rotation Graph India — where is the money flowing.
Julius de Kempenaer's RRG methodology on NIFTY sectors + top-50 constituents. 10-day EMA smoothing on raw RS, 63-day rolling z-score normalisation, 5-day momentum rate of change — matches what StockCharts and Bloomberg publish, free, no signup.
NSE daily closes · Julius de Kempenaer RRG methodology · as of Live — 63-day rolling window. Curated reference — verify against the authoritative source before making any investment decision. Refreshed periodically, not continuously.
Sources: NSE end-of-day Bhavcopy · JdK — Relative Rotation Graphs (Wiley 2016)
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How to read an RRG chart
An RRG plots each sector's relative strength vs the NIFTY 50 on two axes: JdK RS-Ratio (horizontal) = how much it's outperforming; JdK RS-Momentum (vertical) = whether that outperformance is accelerating or decelerating. Four quadrants map the sector's phase in its rotation cycle.
Outperforming benchmark AND momentum is positive. The 'trend is your friend' quadrant — sectors here often continue leading for weeks.
Still outperforming but momentum turning down. Watch for rotation out — these sectors typically head to Lagging next.
Underperforming with negative momentum. Avoid adding here unless you see early signs of a turn to Improving.
Underperforming but momentum turning up. The 'early accumulation' quadrant — high-reward setups if the rotation completes into Leading.
Rotation direction is typically clockwise: Improving → Leading → Weakening → Lagging → Improving. The tail (last 8 points) shows the recent trajectory — straight-line moves indicate strong rotation, erratic paths indicate range-bound action.
Methodology details
- Raw RS —
(price_sector / price_NIFTY50) × 100 - Smoothing— 10-day exponential moving average on raw RS. Reduces whipsaw; JdK's "short-term" smoothing.
- RS-Ratio — rolling z-score of smoothed RS over 63 trading days, scaled ×5 centred at 100. Matches the professional-tool scale used by StockCharts and Bloomberg.
- RS-Momentum — 5-day rate-of-change of RS-Ratio, then z-scored over the same 63-day window.
- Quadrant — simple above/below-100 split on both axes.
This is a research reference — confirm any sector rotation thesis with price action, volume, and breadth before positioning.
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Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. RRG is a visualisation of relative strength, not a trading signal. Rotation thesis should be confirmed with at least one other independent factor (breadth, flow, fundamentals) before sizing positions.