Nifty Energy Index is broadly sideways for the last 15 months after a stupendous rally in 2016-17. Intermediate Term – The RS line is making an HH-HL formation even though the Index is range bound, indicates bullish accumulation. KST
Nifty IT Index had a phenomenal run from the mid-2017 till Sep 2018 followed by a correction > consolidation and again a rally to the previous top. It has strongly outperformed the Nifty during the period. Intermediate Term
Nifty Auto – The Auto index had a 24% correction in the month of Sep 2018 and after that made a Bearish Flag formation the months of OND 2018. The breakdown from the flag happened last week and should take
Bank Nifty – The sector is in a very broad range and currently near the top of the channel. In the month of Dec 2018, the RS ration has given a breakout but the price has failed to confirm the strength.
One portion of the market which has not done anything in the last four years is the PSU Banks. Apart from the parabolic rallies periodically just after a major government announcement related to Bank boards, Recapitalization etc they have drifted nowhere.
Broad Market Indices – Currently, the small caps are the strongest group in the market. Sectoral Indices – Just like the Nifty in the last 6-7 weeks, there is no definite leadership among the sectors. They are all over