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 still is at 8900-9000 – which is also a gap zone. Nifty, Bank-Nifty,
Mid & Small cap Indices are in all time high territory so no point trying
to predict a resistance level here. As of now we are above the 40-week moving
average and support zone.
Chart 2 Nifty & all indices
except Pharma are above their 40-week MA. IT index closed above its 40-week MA
this week
Chart
3 Nifty total returns-Bond ratio is above its 40-week MA.
Chart
4 Longer term intermarket strength is Realty & Energy.
Chart
5 Avg. & Median distance of all sectors from their 52 week closing highs is
at -4% & -1.7%. Drop mainly caused by Metals, IT & Pharma.
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