Nifty Weekly
The bullish bias mentioned last
time worked out well. But for now looks
like we may be in for a consolidation near here.
Risks:
The index is placed
at a down sloping trend-line and a down sloping 40 week moving average.
Nifty closed
above the March highs but Bank-Nifty did not. This is the big boy and we need to
see some participation here!
Mid & Small
cap’s also closed above march highs but cooled off in the last 1 hour of
trading.
On the weekly
chart – Bank Nifty is yet to close above the 40 week moving average – in the following weeks will need to see a
lot of momentum on Nifty & Bank-Nifty to power through trend line
resistances.
On the VIX
projected range chart we have closed above the upper boundary and max high
looks to be in the area near 8k. (We also have a massive build-up in the 8k
strike call option since the start of this series!)
Seeing some
improvement in the Nifty/Bond ratio chart as it is sustaining above its 10 week
moving average but momentum yet to confirm.
Auto, FMCG,
Energy, Metal & Realty indices are above their respective 40 week moving
averages.
Nifty weekly chart :
Bank Nifty weekly chart :
Nifty & Bank-Nifty Daily
chart :
Nifty VIX projected range chart :
Nifty/10 year bond ratio chart :
Indices above 40 week moving
average :
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