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 Another week and another all-time
high close. Since there is no resistance, so no point trying to pick a turning
point. As for short term risks – a close below the 10080-10120 band would
indicate weakness. As for what is going on under the surface, well.. seems
stocks have joined the bandwagon.
Chart 2 Nifty total returns/10 year Bond index ratio is above its 40-week MA &
momentum also favours Nifty index, indicating longer term outperformance for
Nifty vs bonds.
Chart 3 Longer term intermarket strength as per the RS matrix back in Realty
& Metals. Also, Realty index is closing at 6 year highs!. They are a bit
slow to signal so keep in mind the general conditions.
Chart
4 All
indices are now above their 40-week MA.
Chart
5 Avg. & Median distance of all sectors from their 52-week closing high is
at -2.4% & -0.2%.
Chart
6 FII flows in Index futures segment is net long & clients going overboard
in long put options.
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