In our last post we looked at how Nifty up and everything else Flat.
In todays post we notice that yesterday after a 100 pointer spike in last 30 minutes Nifty made a new 52 week high.
Now interesting is that very few stocks are hit a 52 week high yesterday,
For example Reliance Inds, HDFC, HDFC Bank, all IT stocks, Auto Stocks, FMCG, Oil and Gas etc are still 5-25% from 52 week highs.
But Bank Nifty is at an all time high. Up another 1000 points from previous highs of 42000.
So its clear that the Market is going through Sector and Stock Rotations and thats the way to look for profitable setups.
Remember our note on Banks in June 2022 and Autos before that.
Lets now try to look at the charts of the Nifty50, Nifty50 Equalweight nd some important charts from the Nifty50 heavies
Watch for leadership and sectoral rotations.
Nifty50 – 52 week high and near All Time High
Nifty50 Equal Weight – Near all time high – Every time it has come to previous high a new leadership has come up.
Interesting setups in some of the heavy weights.
Reliance Inds – The heavyweight
- 2250-2300 and 2650-2700 range.
- Crossing 2650-2700 would make it a trending one. For now sideways.
HDFC Bank – The big resistance.
- The stock saw a spike to 1700 on the merger announcement.
- Post that went into a slow drift.
- Can it cross that wihout the overhang of merger event going away.
Kotak Mahindra Bank
- The big resistance at 1950-2000
ICICI Bank- A fresh breakout on sustaining 945.
SBIN – A fresh move can start
Larsen and Toubro – About to cross the resistance and all time highs.
Indusind Bank – Bigger breakout above 1250-1280. Can be an outperformer in medium term
Axis Bank – Retest of Earnings gap done. Big breakout and now consolidation. Can outperform in medium term.
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