Technical Analysis of Indian Equities by Nooresh

Nifty and Bank Nifty in Down Channel but Midcaps in Uptrend

A quick technical update on the benchmark indices.

Nifty october 

Nifty Technical View

  • We did cross the 8050 tops indicating a short term trend reversal post the lower tops and bottoms.
  • Now very close to the upper band of the channel at 8300-8400.
  • Given that its almost a 10 month channel it cannot be taken out so easily.
  • Expect a lot of sideways boring period.
  • 8100 a near term support.

 Bank Nifty october 

Bank Nifty Technical View

  • Similarly Bank Nifty is also getting closer to the upper end of the channel at 18000-18300.
  • Near term support at 17400.

 

Smallcap October

Smallcap Index

  • Almost same bottoms in all corrections in last 12-18 months,
  • A good consolidation going on rather then a downtrend given the subdued Nifty.
  • Shows the action is more on smallcaps.

Midcap October

CNX Midcap Index

  • Good base made in Midcap Index without breaking lows.
  • Just 4-5% away from all time highs.
  • Clearly midcaps have performed better and the chart still in an uptrend.

Bottomline - Till the time we do not see a fresh uptrend in Nifty beyond new highs above 8400/8650 there could be a lot of consolidation with stock specific action in midcaps/smallcaps.

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Article by Nooresh Merani

Nooresh has written 2746 articles.

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