Note : This is not a recommendation and I am not a registered analyst,
these are just data points and an assessment of the positives and negatives
from a longer term point of view.
Nifty Weekly
All the basic filters/scans
indicate a positive environment but the discretionary side says to err on the
cautious side. Nifty, Bank-Nifty, Mid & Small cap indices are in all time
high territory – hence no point standing in front of a fast moving train and
try and catch the top.
Chart 1 Nifty & all indices
except Pharma are above their 40-week MA.
Chart
2 Nifty-Bond ratio is above its 40-week MA and has surpassed the 2016 highs.
Chart
3 Longer term intermarket strength continues in Metals & Energy. Auto has
lost a lot of relative strength.
Chart
4 Avg. & Median distance of all sectors from their 52 week closing highs is
at -2.3% & -1.3%
Chart
5 FII remain long in Index futures.
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