Note : This is not a recommendation and I am not a registered analyst,
these are just data points and an assesment of the positives and negatives from
a longer term point of view.
Nifty Weekly
Chart 1. Not much to add here as previous
posts highlighted the bearish developments. Just updating the charts for the
week. Although still no close below the 40 week moving average BUT it was above
for more than a year so now preparing for some whipsaws here.
Chart 2 Nifty total returns/10 year Bond index ratio is above its 40-week MA &
momentum also favours Nifty index, indicating longer term outperformance for
Nifty vs bonds.
Chart 3 Longer term intermarket strength as per the RS matrix is in IT, Realty
& Media. With Auto, Infra and Pharma at the bottom.
Chart
4 Majority
of indices are below their 40-week MA.
Chart
5 Avg. & Median distance of all sectors from their 52-week closing high is
at -10.3% & -10.8%.
Chart
6 FII flows in Index futures segment is negative.
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