Nifty weekly
The primary longer term trend
still remains down for me as the index is below its 40 week moving average and
this moving average is sloping down. This similar setup is there on the
Bank-Nifty and broader indices – Nifty 100,200 & 500. On a
short term basis – looks like the index can bounce from here as we are close to
supports of the Aug-Sep lows (shaded area).
On a relative basis, the Nifty/Bond ratio is
still below its 40 and 10 week moving averages – indicating that bonds might be
a better performer.
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