Technical Analysis of Indian Equities by Nooresh

Quick Tech Check on Nifty 50, Nifty 500,Nifty Next 50, Nifty Midcap 100, Nifty Smallcap 100

Nifty 50

Nifty 50

Nifty 50

  • Retest of last breakout being tested at 11600 odd.
  • Channel support and previous bottom and breakout around 11100-11200 remains a major support and buy zone if it does come.
  • Last higher bottoms at 11830/11930 got broken and should act as resistance.
  • RSI back to 30 but the higher bottom structure is broken so we would wait for positive divergences for a trade.
  • Basically we are right in the middle and risk-reward is not interesting.

Nifty 500

Nifty 500

  • Relatively better placed as last bottom not broken.
  • 9500-9550 remains a short term support.
  • 4-5 attempts done at breakout and a failure too.
  • Next time it makes a new all time high would be confirmation of a strong uptrend starting.

Nifty next 50

Nifty Next 50 -

  • Yet another failed attempt.
  • Will it go back all the way down or pause in the middle ?

Nifty Mid 100 

Nifty Mid 100

  • Strong move from the lows and a resistance at 18500. Bunch of tops around that point in 2019.
  • The drop of 6% from peak is similar to Nifty. Thats some strength.
  • Trend still up as above the last bottom and last top.
  • Last bottom at 16800.
  • Midcap stocks could continue to see selective moves.

Nifty Small 100

Nifty Small 100

  • 5800 is the last breakout and retest point which is still away.
  • Unlike a 1.5-2x move with a Nifty correction it has only done an inline 6% correction.
  • The trend remains up and selective stocks could still see strong moves.

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Article by Nooresh Merani

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