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Global Markets
YTD Performance
RSI Rangeshift and we saw a bounce last week in the Global Market Index (custom).
Europe markets are leading while US remain lack lustre with the not so great data coming in for inflation.
We are living in cautious times!
Market Caps
YTD Performance
Dividend ETFs and stocks still continue to outperform. Smallcaps are now raising their heads and trying to move ahead of Mid, Micro and Largecaps.
Market Breadth
New Highs / New Lows
We are still in a downtrend here and need to cross 200+ on the Net New highs to remain afloat and even call this a bull market.
Till then we are consolidating and the market still doesn’t have any impetus to go higher.
Nifty
Daily chart
The week started strong with a gap up but friday saw a weak closing as Nifty faces resistance.
With RSI showing Rangeshift Nifty is at a spot from where it got rejection 3 times in the past. There is also a LH formation. A break of 22530 will confirm an evening star and maybe a pullback to 50dma at 22300.
Tighten Stop Losses in Long trades.
Gold and Silver are back in short term momentum and next week could see a good moves along with movement in other commodities.
Nifty Indices
YTD Performance
PSE continues to remain #1 sector followed by Oil&Gas and PSUBanks.
Media has given -15% return in 2024 which is unlike its performance in an election year.
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 | SECTOR RSI |
| Auto | Exide | 66.34 |
| Cement | Ambuja | 38.48 |
| Chemicals | Solarinds | 66.65 |
| Commodities | VEDL | 66.15 |
| Consumer Durables | IFBInd | 69.90 |
| Defence | Nibe | 75.59 |
| Energy | KPIGreen | 58.55 |
| Fertilizer | Dhanuka | 65.05 |
| Finance | MCX | 55.02 |
| FMCG | Voltas | 56.38 |
| Infra | Industower | 63.58 |
| IT | OFSS | 34.27 |
| Media | HTMedia | 51.72 |
| Metals | VEDL | 73.96 |
| Oil & Gas | Aegischem | 58.37 |
| Pharma | Zyduslife | 55.35 |
| PSE | HAL | 68.42 |
| PSUBanks | IOB | 62.56 |
| PvtBanks | Icicibank | 54.50 |
| Railway | RVNL | 70.62 |
| Realty | Purva | 65.70 |
| Solar | Webelsolar | 77.60 |
52 weeks high
Indices and Stocks
Indices :
- PSE
- Realty
F&O stocks near their buy point :
- ONGC
- PNB
- SRF
- CANBK
- MANAPPURAM
Your Job is to find the next Apple and handle it well.
– William O’Neil
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