Bank Nifty at a Nifty level of 18500-18800. Retest of Breakout on Major Global Indices.

A quick update on Indian and Global Indices.

Over the last few weeks we have seen a slow drifting correction across the world.

Most leading global indices are getting back to the recent Breakout zone or Support Areas.

Lets look at the charts.

Nifty and Bank Nifty

  • Nifty last all time high was around 18800-18900.
  • Although Nifty has not come to the retest the Bank Nifty is back to an equivalent of 18500-18800.
  • Back at the same price was it was in Dec 2022.
  • 43300 remains an important support.
  • Nifty saw a breakout with gaps at 18800-19000. That remains an important support.
  • The Broader Indices- Nifty 500, Nifty Allcap, Nifty50 equal weight, Smallcap and Midcap Indices have a relatively stronger chart for now.
  • The consolidation to continue with Sectoral Rotations.
  • Risk could be global indices taking a sharper dip.  ( Charts below )

Nifty and BN

Dow Jones Index – Back to Breakout zone.

  • A slow drift towards the last breakout of 34200-34500.
  • Multiple tops around that band. 

Dow Jones

S&P 500 – 4320-4350 and next majorly 4200-4220 important zone.

S&P 500

Dollar Index – False Breakdown

  • Yet another false move for Dollar Index. Has a tendency to do false breakouts and breakdowns.
  • Back to testing the important zone of 103.5-105.
  • This crossing 105 can be a big signal to watch for any deeper correction.

Fin Dollar Index

Nikkei – Back to retesting Breakout

  • A very strong move from April now seeing a retest.

Nikkei Retest

Nifty Total Market Cap and other Indices relatively stronger

  • The heavyweights of Nifty50 Reliance, HDFC Bank, Kotak and IT stocks did not see a huge performance but have slowly drifted lower.
  • The Broader Market structure relatively better.
  • The Momentum has definitely taken a pause. Time for a sideways drift.

Nifty total mkt cap


  • Major Global Indices getting closer to retest of Breakout or Support Areas.
  • The strength of the bounce over next few sessions will indicate if we can again get momentum on the upside or more sideways action.
  • For Nifty its simpler a break above 19550-19650 triggers upward momentum. Bank Nifty below 43300 and Nifty below 18800-19000 is where risk of a deeper correction starts.
  • Time to stick with the existing Portfolio strategy. Hold and Stock Specific.
  • Longer term structure still very positive.
  • Dollar Index crossing 105 is the trigger to watch for the current view to change. 

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