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. The ugly charts and data
posted in the last few months turned around in the last few weeks & on 6th
my boring system switched to long, so riding the ETF. Seems like there was no
point in posting those fancy subjective charts and data, LOL. Feeling better and
better as I continue to monitor the system and execute like a robot. Past
history shows just 1-3 trades a year, so its lazy! For now, just one concern,
the second chart shows that there are now more stocks off their 52-week highs
despite a nice rally over last 2 weeks.
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, Media
& FMCG. With Realty, Infra and Pharma at the bottom.
Chart
4 Majority
of indices are above their 40-week MA.
Chart
5 Avg. & Median distance of all sectors from their 52-week closing high is
at -8.4% & -8.2%.
Chart
6 FII flows in Index futures segment is negative.
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