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 STILL no change in short term
risks, we had multiple tests of the 10080-10120 support band and it held out.
Basic trend filter of 40 week MA is still indicative of a long bias. As for
discretion, I am unsure of any resistance up here so still leaving the first trouble
area at the support band of 10080-120.
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 is in Realty & Metals.
Chart
4 All
indices are above their 40-week MA.
Chart
5 Avg. & Median distance of all sectors from their 52-week closing high is
at -1.7% & -0.3%.
Chart 6 FII flows in Index futures segment is flat to positive AND so is
client flows !
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