Nifty 50
Nifty 50
- Retest of last breakout being tested at 11600 odd.
- Channel support and previous bottom and breakout around 11100-11200 remains a major support and buy zone if it does come.
- Last higher bottoms at 11830/11930 got broken and should act as resistance.
- RSI back to 30 but the higher bottom structure is broken so we would wait for positive divergences for a trade.
- Basically we are right in the middle and risk-reward is not interesting.
Nifty 500
- Relatively better placed as last bottom not broken.
- 9500-9550 remains a short term support.
- 4-5 attempts done at breakout and a failure too.
- Next time it makes a new all time high would be confirmation of a strong uptrend starting.
Nifty Next 50 -
- Yet another failed attempt.
- Will it go back all the way down or pause in the middle ?
Nifty Mid 100
- Strong move from the lows and a resistance at 18500. Bunch of tops around that point in 2019.
- The drop of 6% from peak is similar to Nifty. Thats some strength.
- Trend still up as above the last bottom and last top.
- Last bottom at 16800.
- Midcap stocks could continue to see selective moves.
Nifty Small 100
- 5800 is the last breakout and retest point which is still away.
- Unlike a 1.5-2x move with a Nifty correction it has only done an inline 6% correction.
- The trend remains up and selective stocks could still see strong moves.
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