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
Chart 1 Nifty support zone for longer
time frame comes in at 8900-9000 – which is also a gap zone.
Chart 2 Nifty & all indices
except Pharma are above their 40-week MA.
Chart
3 Nifty-Bond ratio is above its 40-week MA.
Chart
4 Longer term intermarket strength continues in Energy BUT Metals lost rank 2
to Realty index. Keeping an eye on Infra.
Chart
5 Avg. & Median distance of all sectors from their 52 week closing highs is
at -2.8% & -0.1%
Chart
6 On net basis FII are long in index futures but number of net long contracts
decreasing since beginning of April series – Possible pause for near term.
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