NIFTY – WEEKLY
Though the Nifty was lack lustre in the week just ended, markets were largely positive on the back of Mid Cap stocks.
The volumes on the past weeks have been much above the average of the past 2 years as pointed out by the marked area.
Not only the volumes, even the rise in Derivative open interest in certain stocks is also an indication of the same. During the week as many as 11 stocks were in the banned period.
DOLLEX30 – WEEKLY
In continuation to our previous write ups this chart continues to be discomforting.
This index was a large mover as it moved out of the 5 week range with full force.
The only significant resistance now being the life highs of 21000 range.
NIFTY PSU BANK– WEEKLY
As mentioned last week and several times in the past 8-10 months this index continues to march forward despite having moved up more than 50% from February 2016 lows
NIFTY IT –WEEKLY
Continues to underperform which is unlikely to reverse any time soon
Our readers will be aware that after being super bullish since 2013 we have been fairly bearish in SOFTWARE/ IT, Pharma & FMCG since the Mid of 2015. We also believe that the under performance is likely to continue for some more quarters.
From NAYAN M. VALA SECURITIES PVT.LTD.RESEARCH
By Dharmesh N. Vala
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