India has leaded the fall globally with an above 2% loss on its index values. For the first time after we had started reporting stock performance on our site, there is not a single industry out of the total 71 that we are tracking, that has closed positive this Friday. We are left with the choice to select the lowest loser as the highest gainer for analysis.
On the Sector performance we have Basic Materials and Telecom as top losers, while Financials and Energy as toppers with smaller losses. On the Energy sector, Oil Drilling and Equipments has registered smaller losses. Whereas, HINDPETRO and IOC, were the only stocks that have closed positive. In the Financial Sector which came out second best today, we have Term lending Institutions and Public Sector banks showing strength. RECLTD and IDFC have closed positive and of the both IDFC shows better strength on the charts. In the Public Sector Banking Index, we have BANKBARODA, BANKINDIA & UNIONBANK doing well.
Among the exchange indices too, Bank Nifty has registered the lowest fall. Banking Index is showing very high strength on daily as well as on the hourly time frames. We can expect some good bullish moves to come here on the hourly. The same compared to weekly do not have the euphoria. Weekly is gaining strength on the bearish side; this would indicate a sideways move on the daily/Weekly time frame.
You say that IDFC is showig better strength. When I look at the charts, the impulse on both weekly and dailies is in the red. It means we can't go long. On the dailies the stock closed near the low end of the channel. I am not able to see anything else. The stock closed positively on friday. Please add your comments on it to make me understand the bigger picture of IDFC charts. By chance I hold only 20 shares. If there is anything positive, I can hold them with a Stop Loss.
ReplyDelete- Puneet Arora
On the Weekly charts IDFC took to bearishness after a good divergence. It had a nice 30 point bear run. The Stock had its lowest closing the in the current run, but it's histogram has made a higher low.
Financial Sector is among the strongest sector today and in that Term Lending institutions leads its companions. IDFC, is the strongest stock in the Term Lending Institutions Index.
On this weeks closing, Impulse is Red and does not allow us to trade long. But, this stock needs to be kept on watch list to get the first mover advantage in the forthcoming bullishness.
Even on the Daily chart Friday's Close had a Red Impulse.While there is negligible bear power in it, which gets confirmation from it's indicators.A close watch on this stock for the Impulse permission to trade long can be used to take long trades on the hourly charts.