WEEKEND CHARTS - 12122020

  INDIAN INDICES

Nifty made high of 13579 and closed at 13513. Most of the indices have closed in green except the Auto Index which closed in red at 9188.

 Market is at all time high and most of them are worried whether the market has topped out and the common question is "MARKET KYA LAGTA HAI". 

Let's check the charts 

                                                                          NIFTY

Loss of momentum and minor divergence visible on NIFTY but definitely not an topping pattern.  Nifty weekly rsi is above 70 which is very bullish. Support for Nifty is in 12800-12500 zone.

     

     

                                                 

                                                            NIFTY 500

NIFTY 500 Index has given a BO after consolidating for 3 years on monthly chart.

RSI has given BO from downtrend and is above previous high. NIFTY 500 covers top 500 market cap companies and stock specific moves will continue.

                                 

                 AMFI REGISTERED MUTUAL FUND DISTRIBUTOR

                               NIFTY FMCG

NIFTY FMCG Index has given a BO on monthly chart. Inverse Head and Shoulder pattern is visible on weekly chart. Look out stocks from this sector. Pattern target is 20% that is 42000 on index.

                                          ITC

ITC has closed on weakly chart above previous swing high of 205 and major resistance of 205 -210 done. Any dip to these levels is a good entry point.

ITC on monthly chart has given BO from downward trendline on rsi and trading above previous swing high. 

                                        PNB

PNB has closed on weakly chart above previous swing high of 40 and made a rounding bottom formation. Can quickly move to 55-60 levels.