A strong bounce seen in Nifty and broader markets in last two days with recovery above the gap downs.
Now a lot of indices are getting close to testing resistances. Also Nifty may have gone down only to 10k but a host of broader indices went back to levels similar to 9000-9700 Nifty.
Nifty 50
- Strong recovery above the gap downs of last two days.
- A higher bottom. Last top at 10940 a resistance.
Bank Nifty
- Relatively stronger to Nifty as did not test the lows of 2017 and March 2018.
- Made a higher bottom in the drop towards 10k of Nifty.
- Crossing 27000 would be an indication of a stronger momentum and maybe even a dash to the upper end of the channel.
Nifty Auto
- Showing signs of bottoming out at 2017 end lows.
- Crossing and sustaining 9300 would be a bottom reversal signal.
Nifty CPSE
- The trend remains down but continues to see bounces.
- Testing the lower end of the channel.
- Another bounce in the making it seems.
Nifty Metal
- The last time it looked like a breakout and it was a trap
- Now back to the lower end and a false breakdown again it seems.
- Will it get back into the channel and see a bounce to 3450 in near term ?
Nifty PSU Bank
- 3-4 bottoms and bouncing from the lower end.
- A cross above 3100 would be an indication of a trend change.
- Did a false breakdown too.
Nifty Midcap 100
- Retest of the breakout of 2017 post demonetization when Nifty did a breakout above 9000-9100.
- So Nifty may have dropped to 10k but Nifty Midcap 100 went to a low equivalent of 9000 Nifty.
- Double Bottom reversal confirmation on crossing and sustaining 17700-1800.
Nifty Small 100
- The worst hit index which almost went back to the lows of demonetization. Nifty equivalent of 8000-8500.
- Double bottoms at 5650-5700.
- A sustaining move above 6300-6400 will be a reversal confirmation and start of uptrend.
BSE Smallcap
- Retest of 2017 breakout. Nifty equivalent of 9000-9100.
- Double Bottoms at 13500.
- Crossing and sustaining 14700-14800 will be a confirmation of trend change.
Dow Jones
- This is an important chart to keep track on as US is the leading market in the world.
- Holding on to the trendline of last 1 year with many touch points.
- Range bound for now with 23500-24000 as supports. ( Which if broken can be a negative signal.)
- A move beyond 25500-26000 would indicate momentum shifting up.
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Technical Analysis Training Mumbai
Date:
January 5th-6th 2019
Timings:
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Maharashtra – (India)
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