Technical View on Nifty, Bank Nifty, Nifty IT and Nifty50 Equal Weight.

A quick take on the technical structure of Nifty and Bank Nifty.


Nifty50 – Negative Divergences but still above Supports.

  • First indications of Divergences on indicators like RSI.
  • Last two couple of lows around the 15550-15600.
  • Last high of 15430 and breakout zone of 15300.
  • Finally momentum seems to be losing steam. Only below 15550-15600 does the momentum shift.
  • Above 15900 we are back up.

Nifty 50


Bank Nifty – Not able to show strength.

  • After breaking out above the 34000-34500 the Bank Nifty did push up but not enough strength.
  • The Bank Nifty is back to where it started a month back.
  • 34000-34300 remains the crucial support.
  • Below 34000-34300 the momentum shifts to down. Above 35500 we are back up.
  • So time to wait and watch.


Nifty Bank


Nifty IT – Taking the Lead.

  • After being a leader in the initial recovery the Index took a breather for last few months.
  • Now after making a new all time high and also holding on to positive territory in last few days of Nifty struggle shows relative strength.


Nifty IT


Nifty50 Equal Weight

  • This has become an important chart to look out for given the extreme concentration in the Nifty.
  • For the last couple of months the relative strength of Nifty50 Equal Weight to Nifty gave the conviction to ride the moves across broader markets and avoid the Nifty heavyweights.
  • For now the one way strength seems to be taking a pause.

Nifty50 Equal Weight



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