Index brushes nearest support & stays above with tightness prevailing on the bear move. The leaders of the index and the top ten of our markets are showing strength. Our India Kings Index has registered lesser decline compared to Nifty. Except Industrials and Consumer Goods all other sectors have their frontline in strength. There is a possibility of a pull back in the next session, and being the weekly close we are likely to witness some volatility.
Many prominent stocks which were index runners in the previous moves upward are taking a break. Banking is witnessing a steady fall, but there is light in the tunnel. The current bear move will retrace bullish divergence on the weekly charts on the Private Banks Index and we have some strong candidates in this group to take the next lead. Ban of Baroda, Bank of India, Canara bank etc., have good bullish patterns.
Metals are coming to the end of their bullish cycle. It can either be a down fall or a side ways move from here. Any weakness in the Technology sector is a wonderful opportunity to find long trades. Almost all the stocks in this sector are showing great performance. INFOSYS, WIPRO, HCLTECH, to name a few have surpassed their previous peaks on all prominent indicators.
It should be Technology that will take Nifty to a new high in the near future.
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