Alpha India Indices – Sector review

Orpheus Capitals, January 2011, Pages: 8

Sector review

Nifty view - Nifty’s minor structure remains negative and we need a break below 5,600 for further minor negative confirmation. The subminor structure looks like a second corrective wave up and, considering the over reactive 60MIN RSI momentum, we don’t expect prices to push higher than 5,800-5,840 at this stage. The Nifty Rieki has topped near previous extremes and suggests that the underperformance of the broad market should start now. Jiseki rankings The integrated Jiseki rankings for sectors suggest BSE Healthcare, BSE Consumer Durables and CNXIT as top performers and BSE Realty, BSE Capital Goods and BSEOIL as worst performers.

NIFTY VIX has pushed higher in rankings now that its anticipated outperformance has started, while BSE Metals and NSEBANK have pushed lower. FMCG and Auto remain on the higher side of the rankings. Worst rankers BSE Realty and BSE Capital Goods, the worst rankers of the sector rankings show bottoming intermediate and minor structures. The oversold RSI momentum structures further confirm our positive view on the respective assets. Top rankers The top rankers of the sector Jiseki are BSE Healthcare and BSE Consumer Durables. The respective sectors are still holding previous supports and neckline levels. We need a break below respective levels to confirm that the reversal is here: 6,500 for Healthcare and 5,800 for Consumer Durables. The market bias remains negative. We expect NIFTY VIX to find supports somewhere near 20-19 levels, after which the anticipated rise in volatility should continue. INR also pushed higher as anticipated and is heading to key Fibonacci projection levels at 45.9. Both NIFTY VIX and INR Rieki structures are positive and confirm further outperformance. Enjoy the latest Alpha India.

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