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#Equi Weighted Charts of FINANCIALS as a sector #Nifty #Banknifty
Update: % of stocks below 10 SMA in F&O basket has lowest reading marked since Mar'2020 bottom. is it oversold? : No is it a danger sign? : Yes #NIFTY
Update: I dont remember the last time I saw so many patterns acting together in most of the sector charts. The RS Line chart shows only IT and PHARMA are outperforming NIFTY50. this looks like Distribution.
Update: now a lower low confirmation has changed the short term trend to down along with BREADTH which has been weakening since quite sometime. The current damage will take time to repair. Exhaustion not yet seen. %Bearish highest since April bottom. #NIFTY
Update: Things have changed in BREADTH indicator after 3.5 months.. #Nifty
Update: Direction of major sector indices are important to analyse the TRENDING direction Looking at major 9 sectors, atleast 6 are looking weak. #NIFTY
Update: #NIFTY Weekly and Daily Chart... Things are getting jittery.. Breadth is weak.. few stock holding INDEX for strength. Momentum signals warning View: Cautious *Follow through sell off from tomorrow would change the course of short term trend to down.
Really interesting data on #JUBLFOOD FIIs ramping up purchases (increase in shareholding) while RETAIL is reluctant. PRICE at new All Time High Breakout. Web based app: @mystockedge Credit to @vivbajaj , really interesting app. Its doing most of the job that bloom does.
#Copper today $2.918 7 day high Revise SL 2.75 Bullish view Intact Non-Stop rally in NIFTY METAL Index. Maintain Bullish view.
Update: 5/9 top 9 Constituents of NIFTY are above SMA with Infy, Reliance and ITC on the verge of breakout. In terms of Relative Strength: Smallcap250 > Midcap150 > Nifty 100 > NIFTY50 > BANKNIFTY Classical UPTREND.
Update: #Dollar reversal failed #Breadth mean reversion happened but impacted #BANKNIFTY only. Other indices least impacted. #Momentum has resumed. No reason to stay cautious here. Smallcaps > Midcaps > Largecaps : Typical Bullish #NIFTY Crucial support: 11000
Update: Big divergence in #BANKNIFTY vs #NIFTY. Almost all Banking names results are over now. Hence, surprise element over. Broad market breadth is weakening. #DOLLAR Index at Crucial level... heavily oversold. Next month just may not be good for #Gold #Silver #EEM
Update in Mean Reversion theory: #NIFTY was steady like a ROCK #BANKNIFTY did Mean Revert
Update: Things are not adding up well. #Banknifty struggling at 38.2% retracement and #Nifty is comfortably showing momentum > 61.8% retracement. Financials are still 34% weight. The scenario is still not giving confidence to pile up longs.
Update on Breadth signal: Price is going higher (due to polarization) and breadth is getting bumpier.. big big momentum divergence visible now. CAUTIOUS view maintained. #NIFTY Change of view: If breadth signal reverses and makes higher high now (by added margin).
Year Till date returns... I guess leadership quality is clearly seen in the sectors of First column. -Rural -Gold Financing -Pharma -Telecom - IT - FMCG / Consumer #Reliance - (I dont know which particular sector to put it)
Are u trying to interpret that #Reliance is following #NASDAQ roadmap ? Or maybe #AAPL ?
Signs of Exhaustion (short term which are mean reverting in nature) visible in both #NIFTY and #BANKNIFTY. It is not a price to ADD longs / rather reduce longs. #Caution - Bumpy road ahead.
Something important today hence worth updating #NIFTY formed two consecutive days of Distribution #NIFTY100 Equi Weighted Index has broken an important trendline 6/6 Indices showing weak breadth Question: Is it a TREND Change? Ans: No but high probability of correction
Late Bulls came. now 200 SMA shorters might get worried.. setup is for a strong short squeeze.. lets see.. #NIFTY