Technical Analysis of Indian Equities by Nooresh

Nifty at 10700–Divergence – Global Indices Up India Down !!

  • We started with Smallcap Index diverging with the Nifty and that has lasted for much longer then expected.
  • Then Nifty started diverging with the bottom 40 stocks of the Nifty
  • Now Nifty has started diverging with the Global Indices !!
  • Most Global Indices made a short term bottom in August and have bounced back sharply.
  • Nifty/BSE Smallcap Indices also have bounced about 5-10% from August lows and are still 5-7% above the august lows.
  • US Smallcap Indices have underperformed but are now attempting to break above a major resistance.
  • Nifty is one of the few indices which is near to the August lows.

Nifty – Unless we break 10400 quickly it could be a RSI positive divergence like previous bottoms. Multiple bottoms around 10600. Next major bottoms at 10000. The attempt to take out 11000 failed now to watch the attempt to take out 10600. Time to watchout for reversal signals and if global indices do breakout.

Nifty Divergences

RUSSELL 2000 – 5-6 attempts at the resistance. Still lower by 8-10% compared to highs whereas S&P 500 and Dow in kissing distance of all time highs.

Russell 2000

Euro Stoxx 50

Euro Stoxx 50

IBEX – Spain

Spain

Russia

RussiaBrazil

Taiwan

Taiwan

Shanghai

Shanghai

KOSPI

Kospi

NIKKEI 225

Nikkei 225

CAC 40

CAC 40

DAX

Dax near breakout

S&P 500

S&p 500

 

Technical Analysis Training Mumbai – 12th and 13th October 2019.

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Article by Nooresh Merani

Nooresh has written 2746 articles.

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