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. Longer term trend model
based on weekly prices is long, (I uploaded an image of its past signals on
twitter). Hence, I am holding on to my ETF. As for the discretionary side,
there is a lot of work needed to be done given that trendline and support zones
(basically a sandwich here!) – PS: I don’t believe in trendlines and patterns
much!
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 Banking, Energy 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 -7.2% & -7.1%.
Chart
6 FII flows in Index futures segment is negative.
No comments:
Post a Comment