Nifty Technical View
- 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
- 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 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.
No strong reasons to believe Banking and Financials will take leadership yet.
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