Nifty weekly
As I write this, the SGX Nifty is
tanking and the Nifty is about to open deep in the red. I have no clue what the
markets will do this week or next but from a longer term the trend still seems
to be down. Now I hate writing “as mentioned before” but yeah can’t help it for
now. We still have a dominant down-trend line on the Nifty and its major weightage
sector – Bank Nifty. To add more pain to the down-trend line, we have a
downward sloping 40 week MA.
Speaking of the broader market –
the Nifty 100,200 & 500 have similar structures to the Nifty and
Bank-Nifty. Hence, this tells me that the broader market too is showing a
down-trend at the moment and price improvement above the trend-line and a flattening
to upward sloping 40 week MA are the triggers that I am looking at for the
broader trend.
The Nifty/Bond ratio was in Bonds
since the start of the year !
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