The below table are just scans
that I run to check the overall trend of an index and its performance vs. the
benchmark Nifty. For further information please read the detailed analysis
below and for more information on relative strength please click on the
Relative Strength section above.
Nifty Weekly Technical Analysis:
The index saw a breakout of its
previous highs and if it manages a weekly close above the previous high of around
7850 levels then we could see a sustained rally higher. In the derivatives
space, FII’s are net long in index futures by more than 100,000 contracts and
are also net long in call options suggesting a bullish bias. The major support
zone is 7400-7500 for the medium term.
Sector Technicals:
The Auto, Banking, Pharma and IT indices saw fresh break-outs during the week and look likely to
rally further, price action and momentum readings are supportive of this while
outperformance of the IT index is still suspect as the RS line is below its 40
week MA.
FMCG is still struggling at resistance and is a relative underperformer
vs the Nifty while Metal, Infra and Energy indices are trading above short term supports. The Realty index looks the weakest as its
trading below important supports.
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