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. Longer term trend model
based on weekly prices gave a buy signal near Friday’s close and I went long in
Niftybees – don’t ask what if felt like buying up here LOL, and it took a lot
of juggling in the orderbook to get a fill for my position.
Chart 2 Nifty total returns/10 year Bond index ratio is ABOVE its 40-week MA &
momentum also now favours Nifty, indicating longer term outperformance for Nifty
vs Bonds.
Chart 3 Longer term intermarket strength as per the RS matrix is in IT, Banks
& Energy. With Auto and Metals at the bottom.
Chart
4 A big improvement in other indices as now most are above their respective
40-week MA.
Chart
5 Avg. & Median distance of all sectors from their 52-week closing high is
at -12.8% & -11.2%.
