It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong

— George Soros

Global Markets

YTD Performance

US100 leads the race and recently HSI seems to have formed an intermittent bottom as China announces a large spend into capital markets.

STOXX overtakes US30 and is looking strong too.

Good for the metal sector in India which moves when china moves?

Market Caps

YTD Performance

Micro-caps made a U-turn and continues to be the leader in the All-caps race. Small-caps also looking strong and may be above the Mid-caps if they continue their outperformance.

Large-caps are still being hammered and probably the interim Budget may change the mood for 2024.

Nifty

Daily Chart

Nifty came back with an ‘expectation breaker’ on 24.4.24 rising over 1.% to shakeout the bears.

On its Daily chart, Nifty is in a descending channel and continues to make LH/LL and in a confirmed downtrend. A close above 21455 will see a trend change with the formation of a new high.

ATR% multiple is at 1.27 showing nifty is not extended anymore from 50dma.

A retest of 21150 from where Nifty took previous support would be a good sign before it takes off to ATHs post-budget which is usually the case since 2014. Historically in the month of Jan during Budget years, Nifty has gone to make a new ATH. Feb’24 looks interesting from this point of view.

21000 is the final support which is a gap support and also 50dma support.

BankNifty

Daily chart

Banknifty continues living below the 50dma for 6 days now.

From technical point, it is at fib61.8 support which is a major support from where it showed a bounce on 24/1. It rested the level on 25/1 as well.

The announcement of LIC getting into HDFC Bank with a 9.9% stake could move HDFCBank upside pushing BankNifty above 45500 levels.

BankNifty moved 450 points in the last 30mins and only this news could’ve spooked a short covering.

Nifty Indices

YTD Performance

PSE, Energy, Infra, Realty and Pharma are outperforming Nifty.

Special lookout for Metals sector which has show great improvement.

Leading stocks

Leaders of every sector

Keeping a watch on where the leadership is in the sector helps to get the True Market Leader / Model Book Stock.

SR #	SECTOR	LEADING STOCK
1	Auto	Apollotyre
2	Cement	Acc
3	Commodities	Ongc
4	Defence	Cochinship
5	Energy	Inoxgreen
6	Fertilizer	NFL
7	Finance	Shriram
8	Fmcg	Trent
9	Infra	Bharti
10	IT	Ofss
11	Media	Network18
12	Metal	Hindcopper
13	Pharma	Glaxo
14	PSE	Ongc
15	Psubanks	Mahabank
16	Pvtbanks	Icicibank
17	Railway	Irfc
18	Realty	Arihantsup
19	Solar	Ireda

Stocks to watch

Stocks with strong Weekly close

• Fact
• Jyothylab
• Tril
• Bororenew
• Elgiequip
• NBCC

Your Job is to find the next Apple and handle it well.

– William O Neil