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 Had written 9700 as a support
but to be honest, did not want a visit to 9700 with such ferocity! As for drawing
a resistance, now I can finally mark the 10,050 area as potential resistance.
9900 is also a trouble area if looking at the daily chart. Hence, for a short
term (1 month) perspective – will look out for a weekly close below 9700/9650
or inability to move past 9900. Have a look at the 2nd chart below
to see what is going on under the surface.
Chart 2 Pharma & Media are below
their 40-week MA.
Chart 3 Nifty total returns-Bond ratio is above its 40-week MA indicating longer
term outperformance for Nifty vs bonds.
Chart
4 Longer term intermarket strength is in Realty & Bank-Nifty.
Chart
5 Avg. & Median distance of all sectors from their 52 week closing highs dropped
to -8.8% & -4.4%.
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