Technical Analysis of Indian Equities by Nooresh

Nifty crosses 11600 but lacking Momentum and Participation.

Nifty Technical View

Nifty 50

  • Nifty almost back to the previous swing highs.
  • The current reversal is quick but is a very narrow rally.
  • Thanks to a jump in Bank Nifty which was a laggard and leadership by IT
  • There could be a pause in IT and for further momentum would need new leadership. None other large names look that promising.

Nifty50 Equal Weight

Nifty50 Equal Weight

  • Yet to cross the trendline.
  • Still away from the recent swing highs.
  • The Nifty50 Equal Weight shows lack of leadership.

HDFC Twins – Apart from TCS taking the mantle the HDFC Bank and HDFC Limited were the big impact makers in last few days.

Both nearing tough resistance zones .

HDFC Bank – The Big Resistance at 1150-1200

HDFC Bank

HDFC Limited – Huge Volume tick and now facing a big resistance at 2000. Would have been a short trade but the huge volume tick is the problem.

HDFC Limited

No strong reasons to believe Banking and Financials will take leadership yet.

 

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Article by Nooresh Merani

Nooresh has written 2774 articles.

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