Advance-decline ratio, breadth divergence, aur wo wajah jiski wajah se ek chadhta index jhooth bol sakta hai
Published by The Retail Trader · AUG 09, 2026 · Features
Kabhi aisa hua hai ki Nifty 80 point upar band hua, aur aapka poora portfolio red mein tha? Aur aapko laga ki galti aapke stock selection mein hai? Aksar galti selection mein nahi hoti — us din market sach mein upar nahi gaya tha. Sirf index upar gaya tha. In dono mein farq ka naam breadth hai.
Nifty ke 50 stocks barabar nahi ginne jaate. Har stock ka weight uske free-float market capitalisation se banta hai, aur sabse bade kuch naam mil kar poore index ke aadhe se zyada hisse ko control karte hain. Exact weight har rebalance par badalta hai, par principle wahi rehta hai.
Iska seedha nateeja: agar teen-chaar sabse bhaari stocks ek din 2% chadh jaayein, to index green band ho sakta hai chahe baaki 45 stocks gir rahe hon. Index ne jhooth nahi bola — usne bas wo sawaal ka jawab diya jo aap samajh rahe the ki aapne poocha hi nahi.
Advance-decline (A/D) simply ye ginta hai ki us din kitne stocks upar band hue aur kitne neeche. Exchange ye roz publish karta hai.
Padhne ka tarika:
• A/D ratio 2:1 se upar — do gir-ne wale ke muqable do se zyada chadhne wale. Ye ek healthy, broad-based din hai. Rally mein participation hai.
• A/D ratio 1:1 ke aas-paas — market ka mann nahi bana hai. Index chahe jo bhi kar raha ho, andar tug-of-war chal raha hai.
• A/D ratio 1:2 se neeche — girawat broad hai. Agar aise din index phir bhi green ho, to wo green kuch heavyweights ka hai, market ka nahi.
Ek din ka A/D shor hai. Lagataar paanch-saat sessions ka pattern signal hai.
Divergence ka matlab: index naya high bana raha hai, par upar band hone wale stocks ki sankhya har rally ke saath ghat rahi hai. Yaani wahi chadhai kam aur kam kandhon par tik rahi hai.
Ye khud mein sell signal nahi hai — divergence mahine bhar chal sakti hai aur market phir bhi upar jaata reh sakta hai. Iska kaam alag hai: ye aapko batata hai ki risk kis taraf badh raha hai. Ek broad rally mein galat stock chunkar bhi paisa ban jaata hai. Ek narrow rally mein sahi stock chunkar bhi nahi banta.
Ulta bhi hota hai, aur wo zyada kaam ka hota hai: index abhi bhi neeche ja raha ho par advancing stocks badhne lage — matlab andar ki girawat rukni shuru ho gayi, jabki heavyweights abhi bhi index ko neeche kheench rahe hain.
200-day moving average ke upar band hone wale stocks ka percentage breadth ka lamba version hai. 70%+ matlab bazaar mein broad strength hai. 30% se neeche matlab zyadatar stocks apne long-term trend ke neeche hain — chahe index abhi bhi thoda hi neeche dikh raha ho.
Ye number roz nahi badalta, isliye ise roz dekhna bekaar hai. Hafte mein ek baar dekhna kaafi hai, aur usi se poore market ka temperature mil jaata hai.
Ek aur layer: kitne sectors participate kar rahe hain. Agar sirf ek sector chal raha hai aur baaki flat ya red hain, to wo market rally nahi hai — wo ek sector ka move hai jo index mein dikh gaya.
Isliye din ke end mein sector-wise performance ka ek nazar dekh lena, index level dekhne se zyada informative hota hai. Agar aath mein se chhe sectors green hain, wo asli rally hai. Agar aath mein se ek, wo ek theme hai.
Do minute ka daily check, market band hone ke baad:
• Aaj kitne advance, kitne decline — aur ye pichle chaar din se behtar hai ya bekaar.
• Index ka move heavyweights se aaya ya broad participation se.
• Kitne sectors green mein band hue.
Ye teen jawab mila kar aapko wo cheez deti hain jo akela index chart kabhi nahi dega: ye pata ki aaj ka move kitne logon ne uthaya tha. Aur jo move kam logon ne uthaya ho, wo tootne mein bhi kam waqt leta hai.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.