A person who needs to be happy will never be happy. A person who needs to be at peace will never be at peace.

Global Markets

YTD Performance

Nikkei is in a pullback since it topped out on 22.3.24 along with DAX which topped out on 28.3.24

China is moving up steadily which is the reason for the rally in Metal stocks in India.

There’s too much choppiness in markets and YTD RSI of Global indices has dropped below 60. This is a sign of caution!

Market Caps

YTD Performance

Dividend stocks remain the flavour since the beginning of 2024. Park your funds wisely, investors are in a defensive mode.

Market Breadth

New Highs / New Lows

Breadth is getting better, we need it to get into 3 figures and stay there.

Net figure of 500+ is the magic number till then we are living on a chopping board.

Market Breadth

% stocks above 50dma

60% stocks are now above 50dma and there seems to be participation growing from all sectors.

Dipping your toes in water is not a bad idea now.

Nifty

Daily chart

The week started strong with a gap up, was volatile and finally we have a doji on the weekly charts.

Small candles all 5 days of the week means its time for a big one to come very soon. Since we are in an ascending channel, its a buy on dips market.

Banknifty has now risen and has got into medium term momentum supporting Nifty which has been waiting for Banks and Financial services stocks to catch up.

Nifty Indices

YTD Performance

PSUBanks have been pulling the Banknifty and now this week we also had Pvtbanks gathering momentum. PSE and Realty continue to remain #2 and #3 sectors.

Alpha(α) 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 / Alpha Stock.

SECTOR NAME	LEADING STOCK	YTD RSI
Auto	Bosch	67.20
Cement	Ambuja	50.77
Chemicals	Solarinds	59.66
Commodities	BPCL	63.29
Defence	Nibe	66.82
Energy	KPIGreen	56.37
Fertilizer	Aries	60.82
Finance	Shriramfin	72.39
FMCG	Trent	50.52
Infra	Industower	59.99
IT	OFSS	40.15
Media	Jagran	48.58
Metals	Nationalum	68.68
Pharma	Zyduslife	59.58
PSE	Ongc	60.40
PSUBanks	IOB	64.55
PvtBanks	Icicibank	68.09
Railway	Irfc	61.63
Realty	IBrealest	63.50
Solar	Waaree	70.09

52 weeks high

Indices and Stocks

Indices :

• Financial Services
• Metal
• PSE
• Pharma

Stocks at 52weeks high (near their buy point):

• Icicicgi
• Godrejprop
• Bosch
• Naukri
• Icicipruli
• M&M

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

– William O’Neil