Thread by @niki_poojary

US markets have given a break-down from Head & Shoulders pattern

Most of the Indian sectors too look vulnerable

THREAD: Technical Analysis for US market & 10 Indian sectors🧵

Collaborated with @AdityaTodmal

Starting with the mother market

1. #DJIA : BD of H&S pattern

2. #NIFTY

• Weekly: M pattern under formation, no BD yet

• Daily : Descending triangle BD

Charts of few heavy weight stocks in NIFTY index:

a. #RELIANCE: On weekly basis at very imp juncture, closing below 2240 on weekly could lead to further correction

b. #HDFC: BD of rising channel, 1930 levels is the near support

3. #BANKNIFTY

• Monthly: BD of bearish engulfing, awaiting tgts

• Weekly: M pattern under formation, no BD yet

Charts of few heavy weight stocks in BANKNIFTY index:

a. #HDFCBANK: Near immediate support at crucial levels (weekly)

b. #ICICIBANK: M pattern under formation (weekly)

c. #KOTAKBANK: Descending triangle under formation (daily)

d. #SBIN: M pattern under formation (weekly)

4. #NIFTYIT

• Monthly: Bearish engulfing BD

Charts of few heavy weight stocks in NIFTYIT index:

a. #INFY: BD of Bearish engulfing (weekly)

b. #TCS: At a very crucial juncture

5. #NIFTYAUTO #CNXAUTO

At immediate support zones, waiting for confirmation for any bounce from support zones

Charts of few heavy weight stocks in NIFTYAUTO index:

a. #MARUTI: Near immediate support

b. #TATAMOTORS: On a larger TF the TL is acting as a resistance (monthly)
Immediate support at 355 levels(daily)

6. #NIFTYMETAL #CNXMETAL: Holding up very strongly, but need to clear 6300 levels decisively for further upside

Charts of few heavy weight stocks in NIFTYMETAL index:

a. #TATASTEEL: Counter H&S under formation, awaiting a clear BO on weekly TF for more upside

b. #HINDALCO: Sustaining at higher levels

7. #NIFTYPHARMA : Witnessed a sharp rally from the support zone mentioned in the earlier post

However change in trend would be confirmed if it breaks & sustains >LH2

Charts of few heavy weight stocks in NIFTYMETAL index:

a. #SUNPHARMA: Near 52WH, however it needs to take a breather (small consolidation)before another leg of upmove to sustain

b. #DIVISLAB: Needs to break >4520 for a BO of W pattern from support

8. #NIFTYFMCG:

V shape recovery is usually not sustainable, also its erstwhile support has now turned into resistance,

Charts of few heavy weight stocks in NIFTYFMCG index:

a. #HINDUNILVR: H&S BD (weekly) so no respite on this one soon

b. #ITC: So far moving within the rising channel (the only brownie point is it being resilient during uncertain times)

9. #NIFTYENERGY: Looking at crude itself we know it is bullish in the short term

Nifty energy index too is under a bullish pattern formation (ascending triangle) no BO yet, though!

Charts of few heavy weight stocks in NIFTYENERGY index:

a. #RELIANCE : On weekly basis at very imp juncture, closing below 2240 on weekly could lead to further correction

b. #ONGC: Unable to clear 175 levels, buyers need to absorb the supply in this region for further upmove

10. #NIFTYMIDCAP: 7800 levels will act as immediate resistance for now

Two demand zones plotted in the chart

Formation of LH-LL structure

11. #NIFTYSMLCAP: Erstwhile support now turned into resistance

Formation of LH-LL structure

Sectors like Metals & Energy, are still showing strength

Rest of the sectors are in clear LH-LL formation

Also Gold breaking out >2070 would mean some more near term pain in the equites for a while

Looks like no respite soon!

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@AdityaTodmal
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