NIFTY: Divergence in RS(S)
Held the base quite some time, the rotation held, all green.
Fight around the old guard, lots of spaces gave up. The new rotational space gave back its gains, that is IT.
In a world of inflation fighting, the growth, the cost and the innovation, IT space there are gems and there are some who will slump. No one brush to choose here too.
Banks hold does not move much either way, Metals make sounds, but not confident enough. PSU rally, but prone to profit taking.
Relative Strength continues to diverge, the pip graph is 15 min where we see tweezer top or the dark cloud and then the bread down of the space in the last 75 min of trading.
What it does is puts a cap on the rise and any exponential move, prone to profit taking, or sudden drop below 23050 and triggering moves towards the 22900 are very much possibilities.
With the new team, markets would tone down their expectations, focus turns to global cues and data, save any surprises.
US CPI, FOMC later in the week, USDINR piercing the 83.50 area.
Supply 23280-23330-23380
Support 23180-23123-23055
Fight around the old guard, lots of spaces gave up. The new rotational space gave back its gains, that is IT.
In a world of inflation fighting, the growth, the cost and the innovation, IT space there are gems and there are some who will slump. No one brush to choose here too.
Banks hold does not move much either way, Metals make sounds, but not confident enough. PSU rally, but prone to profit taking.
Relative Strength continues to diverge, the pip graph is 15 min where we see tweezer top or the dark cloud and then the bread down of the space in the last 75 min of trading.
What it does is puts a cap on the rise and any exponential move, prone to profit taking, or sudden drop below 23050 and triggering moves towards the 22900 are very much possibilities.
With the new team, markets would tone down their expectations, focus turns to global cues and data, save any surprises.
US CPI, FOMC later in the week, USDINR piercing the 83.50 area.
Supply 23280-23330-23380
Support 23180-23123-23055
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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