Nifty weekly
Not much change since last week’s
post. This week’s rally brought us close to the resistance zone of 8100-8200.
From a longer term trend perspective this would be important to monitor if we
can rally past this zone, but the way it broke down from there in late August makes
me sceptical. Also, the weekly Nifty/bond ratio is still far below its 40 week
MA which indicates a more positive outlook for bonds vis-à-vis Nifty.
On the monthly chart we have a downward sloping
10 SMA along with a negative MACD – not a good combination for stocks in the past.
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