Thread by @niki_poojary

𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐟𝐨𝐫 𝐚𝐥𝐥 𝐒𝐞𝐜𝐭𝐨𝐫𝐬

Detailed 🧵on each sector covering index heavy weight stocks📊

#CNXIT #NIFTYIT

Profit booking has set in this sector and is undergoing a meaningful correction after lending a strong support to Nifty for many weeks & months.

Had shared a cautionary tweet regarding the same on Jan 2, 2022

Charts of few heavy weight stocks within the IT sector:

#INFY

#TCS

#NIFTYAUTO #CNXAUTO

Recently broke out from 11275 zone and that will be the immediate support and a demand zone as well.

It has already tested 12k levels twice and maybe the third time it'll give a BO above 12k levels & make a fresh ATH

Charts of few heavy weight stocks within the Auto sector:

#MARUTI : Inverse H&S formation (trend reversal pattern), awaiting a BO

#TATAMOTORS : A flag formation since Sep 2021 is under formation, awaiting a BO

#NIFTYMETAL #CNXMETAL: After a BO of the W pattern, looks like there is a re-test of the same

Charts of few heavy weight stocks within the Metals sector:

#TATASTEEL : Positive and a bullish sign when the volume on green days > volume on red days

#HINDALCO : Looks like 470 will act as a good support

#NIFTYPHARMA : After testing the 13160 zone several times the support has become weaker and the next immediate support is 12350-12475 zone

Charts of few heavy weight stocks within the Pharma sector:

#SUNPHARMA

Profit booking has set in for the shorter term in this sector

#DIVISLAB After a fab run up since May 2017, meaningful correction has set in

#NIFTYFMCG: this sector is also witnessing some serious profit booking

Charts of few heavy weight stocks within the FMCG sector:

#HINDUNILVR : Classic reversal pattern has set in in monthly charts, i.e. Evening star formation at the top.

Even on weekly it has broken a upward sloping TL

#ITC
A lot has already been said abt this stock 😷

#NIFTYENERGY
Looks good trading near ATH, however usually stock/index doesn't clear the resistance in one go.

If it consolidates at the higher level and then gives a fresh BO that would be favourable!

Charts of few heavy weight stocks within the Energy sector:

#RELIANCE : Came up with a good set of numbers, lets see where it goes from here

#ONGC PSU stocks can behave basis rumors, news ahead of the upcoming event Budget, but its trading near ATH however usually stocks are unable to clear the resistance in one go

#BANKNIFTY

Moving within the bullish channel,
So far HDFC Bank & ICICIbank results are out, both delivered good set of numbers, infact fireworks by ICICIBANK

Charts of few heavy weight stocks within the Banking sector:

#HDFCBANK moving within the bullish channel

#ICICIBANK : Waiting at higher levels

Conclusion:

High Beta sectors viz. Banks, Metals, Energy, Auto are showing strength

Defensive sectors viz. IT, FMGC, Pharma are witnessing profit booking

Clear indication of sector rotation

Hope this outlook helps ❤️

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Have & happy & a safe 😷 weekend!