Technical Analysis of Indian Equities by Nooresh

Technical View on Indices–Nifty, Bank Nifty , PSU Bank , Metals, Nifty Midcap, Nifty Smallcap & BSE Smallcap, Dow Jones.

A strong bounce seen in Nifty and broader markets in last two days with recovery above the gap downs.

Now a lot of indices are getting close to testing resistances. Also Nifty may have gone down only to 10k but a host of broader indices went back to levels similar to 9000-9700 Nifty.

 

Nifty Gaps

Nifty 50

  • Strong recovery above the gap downs of last two days.
  • A higher bottom. Last top at 10940 a resistance.

Bank Nifty

Bank Nifty

  • Relatively stronger to Nifty as did not test the lows of 2017 and March 2018.
  • Made a higher bottom in the drop towards 10k of Nifty.
  • Crossing 27000 would be an indication of a stronger momentum and maybe even a dash to the upper end of the channel.

Nifty Auto

Nifty Auto

  • Showing signs of bottoming out at 2017 end lows.
  • Crossing and sustaining 9300 would be a bottom reversal signal.

Nifty CPSE

Nifty CPSE

  • The trend remains down but continues to see bounces.
  • Testing the lower end of the channel.
  • Another bounce in the making it seems.

Nifty Metal False

Nifty Metal

  • The last time it looked like a breakout and it was a trap
  • Now back to the lower end and a false breakdown again it seems.
  • Will it get back into the channel and see a bounce to 3450 in near term ?

Nifty PSU Bank

Nifty PSU Bank

  • 3-4 bottoms and bouncing from the lower end.
  • A cross above 3100 would be an indication of a trend change.
  • Did a false breakdown too.

Nifty Mid 100

Nifty Midcap 100

  • Retest of the breakout of 2017 post demonetization when Nifty did a breakout above 9000-9100.
  • So Nifty may have dropped to 10k but Nifty Midcap 100 went to a low equivalent of 9000 Nifty.
  • Double Bottom reversal confirmation on crossing and sustaining 17700-1800.

Nifty Small 100 Double Bottom

Nifty Small 100

  • The worst hit index which almost went back to the lows of demonetization. Nifty equivalent of 8000-8500.
  • Double bottoms at 5650-5700.
  • A sustaining move above 6300-6400 will be a reversal confirmation and start of uptrend.

BSe Smallcap Double Bottom Reversal

BSE Smallcap

  • Retest of 2017 breakout. Nifty equivalent of 9000-9100.
  • Double Bottoms at 13500.
  • Crossing and sustaining 14700-14800 will be a confirmation of trend change.

Dow Jones

Dow Jones

  • This is an important chart to keep track on as US is the leading market in the world.
  • Holding on to the trendline of last 1 year with many touch points.
  • Range bound for now with 23500-24000 as supports. ( Which if broken can be a negative signal.)
  • A move beyond 25500-26000 would indicate momentum shifting up.

Technical Analysis Training Bangalore planned for 19-20th January. If interested mail on nooreshtech@analyseindia.com

 

Technical Analysis Training Mumbai 

Date:
January 5th-6th 2019

Timings:
9.30 am to 6 pm

Venue :

Hotel Karl Residency

36, Lallubhai Park Road
Andheri (W), Mumbai, 400058
Maharashtra – (India)

Fees

Rs 16520 ( 14000 + 9% CGST and 9% SGST ) ( No Discounts )

Registration and Payment Link

https://www.instamojo.com/analyseindia/technical-analysis-training-mumbai-5th-and-6/

Course Content and other details - http://www.nooreshtech.co.in/2018/11/technical-analysis-training-mumbai-1st-and-2nd-december-2018.html

Article by Nooresh Merani

Nooresh has written 2718 articles.

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