Thursday was a bearish day due to US market fall and a weekly clearing of Nifty and Bank Nifty. Friday we might get a trigger for short covering if interest rate cut and the commentary of RBI is favorable. Overall there seems to be more strength in Indices rather than cash stocks as percentage is below 50%
The broader trend of cash stocks is seen by the percentage number of stocks which are above important support levels. Currently there are 34% of stocks which are above support and 66% stocks are below support. When stocks above support are below 50% we consider cash stocks to be in downtrend and above 50% we consider cash stocks to be in uptrend. This percentage when comes below 10%, we consider the markets as quite oversold and when it is above 90% as quite overbought.
For personal consultancy on Intraday Nifty, Banknifty or Stocks you may email to neera@crnindia.com
In case you wish to give some suggestion you may go to the blog and give your feedback there on the contact form.
Thanks.
neera@crnindia.com
Disclaimer: Trading is risky and their is every chance of losing all your money.
The broader trend of cash stocks is seen by the percentage number of stocks which are above important support levels. Currently there are 34% of stocks which are above support and 66% stocks are below support. When stocks above support are below 50% we consider cash stocks to be in downtrend and above 50% we consider cash stocks to be in uptrend. This percentage when comes below 10%, we consider the markets as quite oversold and when it is above 90% as quite overbought.
For personal consultancy on Intraday Nifty, Banknifty or Stocks you may email to neera@crnindia.com
In case you wish to give some suggestion you may go to the blog and give your feedback there on the contact form.
Thanks.
neera@crnindia.com
Disclaimer: Trading is risky and their is every chance of losing all your money.
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