Nifty weekly
The 8100-8200 zone still proving
to be a tough one to crack, in addition to this the negative crossover of the
10 & 40 week moving averages is still in play while the 40 week MA is
pointing down – this does not bode well for equities from a longer term trend
perspective.
Also, the weekly Nifty/bond ratio
is still far below its 40 week MA which indicates a more positive outlook for
bonds vis-à-vis Nifty.
Now we have the RBI event coming
up early in the week but looking at the ratio charts of different sectors looks
like the market is positioned defensively as only 4 sector ratio charts are
above their 40 week moving average of which 3 are defensive's – Pharma, IT & FMCG.
Ratio charts of defensive sectors :
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