AllstarchartsINDIA

AllstarchartsINDIA

Prices on an absolute basis have not made new all-time lows, but on a relative basis, they have. The Nifty Media Index continues to underperform the Nifty 100 as this multi-year trend rages on. We’re not here to catch falling knives or be right about calling a top or bottom, we’re here to make money. And we do that by riding the strongest trends as long as they’re...

AllstarchartsINDIA

Nifty Media has failed to gain any meaningful traction over the last month and is now breaking down from its short-term bear flag. If prices are below their recent highs of 1,205 on an absolute basis, then we’d expect a retest of the lows near 971 and an eventual break to new lows that targets 830 over the coming 6-8 weeks. We’re not here to catch falling knives...

AllstarchartsINDIA

In addition to Nifty PSU Banks breaking down to new all-time lows on an absolute basis, we're also seeing new all-time lows relative to the Nifty 100. This trend of underperformance has accelerated and unlikely to continue this steep pace for the long-term, but there's no reason to be looking for a reversal just yet. We’re not here to catch falling knives or be...

AllstarchartsINDIA

Here’s the leader of the weakest stocks, Nifty PSU Banks, breaking down to new all-time lows on an absolute basis. When bullish momentum divergences fail to spark any sort of upside traction, that shows that sellers are remaining aggressive even at lower prices and that the downtrend remains firmly intact. If prices are below their recent lows of 1,220 then we’re...

AllstarchartsINDIA

We've been highlighting the bottoming process in Natural Gas for months and now we're finally getting a breakout. Prices stabilized above their 2016 lows of 115, momentum stayed out of oversold territory, and prices are confirming a trend reversal by closing back above the August 2019 lows of 145. As long as prices are above that level, we're looking for further...

AllstarchartsINDIA

Monthly Charts force us to take a step back and give us no choice but to identify the direction of the primary trends. We use these charts to put shorter-term trends into context and this exercise is particularly useful when the market is experiencing heightened volatility. Reliance Industries closed April near the highs of the month and is only 10% off its...

AllstarchartsINDIA

Monthly Charts force us to take a step back and give us no choice but to identify the direction of the primary trends. We use these charts to put shorter-term trends into context and this exercise is particularly useful when the market is experiencing heightened volatility. Nifty Pharma has been a great winner for us longer-term, and despite our near-term view of...

AllstarchartsINDIA

Monthly Charts force us to take a step back and give us no choice but to identify the direction of the primary trends. We use these charts to put shorter-term trends into context and this exercise is particularly useful when the market is experiencing heightened volatility. Some stocks are handling the recent selloff better than others, and one of those is Bharti...

AllstarchartsINDIA

Monthly Charts force us to take a step back and give us no choice but to identify the direction of the primary trends. We use these charts to put shorter-term trends into context and this exercise is particularly useful when the market is experiencing heightened volatility. This chart is the US 10-Year Note Futures making its highest monthly close, ever. New...

AllstarchartsINDIA

Bharat Forge is a good example of several stocks in the Nifty 500 right now. The stock is stuck between former support that's been intact for nearly 6 years (355) and former resistance that's been intact for nearly 15 years (200). As a market participant, it's difficult to bet on this type of stock longer-term in either direction as long as prices are between...

AllstarchartsINDIA

In this chart of the Nifty Financial Services Index vs Nifty 100 ratio, we see a bullish momentum divergence as prices stabilize above a confluence of support. Prices staying above their recent lows signals outperformance is likely from this sector of the market, at least in the near-term while money flows out of areas that have run a lot like Nifty Pharma and...