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Global Markets

YTD Performance

After dropping below 60 last week, the YTD RSI is now heading for support at 40.

Clearly, all global markets are under pressure after the US CPI figure came in hot and the chances that the Fed will reduce the interest rate sooner as expected have reduced.

Time to remain Cautious!

Market Caps

YTD Performance

Defensive mode ON as all sectors are now under pullback / correction.

Market Breadth

New Highs / New Lows

Breadth was getting better during the week and we did get into the 3 figures mark but next week is a stress test coming for Market Breadth.

We need a weekly Net figure of 500+ for atleast 2 weeks which is currently at 516.

Nifty

Daily chart

Its a buy on dips market since we’re in an ascending channel so : here’s the dip !

We’re in a short term pullback in the longer term uptrend till we break the 50dma conclusively on high volume which has not happened yet. N/ifty bounced every time it came to 50dma since Jan’24 .

The final support being at : 22200 below which we would go into a correction / consolidation for rebasing.

Commodities like Gold, Silver and Oil aren’t giving good indications so are Isreal and Iran and the tension seems to be scaling up. The USD is now above 83.50 and is approaching its ATH of 83.697

Best we can do is not be too aggressive in our trades, tighten up stop losses or remain on the sidelines till a clear trend emerges.

Nifty Indices

YTD Performance

The YTD RSI of Nifty has also dropped below 60 and this too is a sign of caution for the next week.

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	Bajaj Auto	66.49
Cement	Ambuja	44.71
Chemicals	Solarinds	65.16
Commodities	VEDL	63.37
Defence	Nibe	70.02
Energy	KPIGreen	56.71
Fertilizer	Aries	53.75
Finance	Shriramfin	65.52
FMCG	Trent	47.78
Infra	Industower	59.05
IT	OFSS	39.06
Media	Jagran	45.78
Metals	VEDL	72.41
Oil & Gas	Oil	55.47
Pharma	Zyduslife	46.06
PSE	BHEL	61.25
PSUBanks	IOB	56.90
PvtBanks	Icicibank	65.30
Railway	Irfc	62.42
Realty	Purva	64.60
Solar	Waaree	72.19

52 weeks high

Indices and Stocks

Indices :

• None

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

• None recommended as its time to sit in 100% cash

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

– William O’Neil