NSE ASI REBOUNDS TO JULY HIGHS
The Index closed a new Month high by 0.60% as bullishness returns doubling yesterdays loss of 0.32%.Earning releases yesterday and today (UBA then Diamondbank Q2) were also surprisingly good. Good news seems to be flooding the markets right now and is a sure sign that the bull is back and the bear is out of the window.
The bulls has definitely returned as 3 major indices (NSE ASI, NSE30 and NSE Banking) broke their resistance levels to close new highs.
| Ticker |
Date/Time |
Previous | Price | %Change |
YTD |
| NSE |
11/07/2012 |
22120.47 |
22253.71 |
0.60 |
7.35 |
| NSE 30 |
11/07/2012 |
1029.81 |
1037.41 |
0.74 |
12.3 |
| NSE BANKING |
11/07/2012 |
336.44 |
342.36 |
1.76 |
24.83 |
| NSE F&B |
11/07/2012 |
1844.89 |
1848.94 |
0.22 |
213.59 |
| NSE INS |
11/07/2012 |
125.95 |
125.81 |
-0.11 |
-12.35 |
| NSE O&G |
11/07/2012 |
175.2 |
175.1 |
-0.06 |
-20.45 |
Technically,
Today’s market action is a healthy continuation of the intermediate bull trend since the NSE ASI rebounded from its daily 5DMA. This current breakout beat the July high by a slight margin While my 15 days RSI has not, creating a Double Top formation (resistant) that makes one wonder if we should see a slight pullback over the next two days before the Index has enough energy to make a clean breakout.
So far there are no clear technical indications of weakness yet. As such, the NSE ASI might make one strong day these couple of days before going into a slight retreat.
For now, Overall trend remains Bullish.
