CNX mid cap index is finding it difficult to move above its 2008 high of 6050. it has tried three times during last one year and all the times it has failed to make a new high this indicates that till decisive new high is made mid cap index will not go any where. Only one concern here is during the consolidation generally volumes would be less and on break out the volumes increases. But in this case the volumes are high during consolidation which is rare. So we have to see how it behaves but any breach of 5000 would spell doom for bulls and we can expect healthy correction in the index and also underlying stocks.So bulls have to wait for some time to dominate.

Mahiidar M

Enjoying Life

Trend is Friend.

CNX-100 is forming lower highs and lower lows after 2012 on wards. This index has fomed lower lows only once but has not formed lower highs. So after long time this pattern has been formed which is clearly indicating that the index has become week and we can expect larger correction in coming weeks unless and other wise higher highs and higher lows are formed so till then bears are having upper hand.

Mahiidar M

Enjoying Life

Trend is Friend.

for last five years Pharma stocks have been the darling of the market. So now we see what technically what it is indicating. Technically the the index appears to be indicating a toppish signal. if you notice the first fall it has been on very heavy volumes indicating the some major investors are not interested  and post that, the rise has been on good heavy volumes by till now it was not able to make a new high which is an indication that pharma index might have topped out and we might be reversing in coming weeks or months. Whether long term top has been made we have to see the individual stocks, it on seeing the technicals indicating the the up move might have been over. Pharma index seems to be in process of forming a topping head and shoulder pattern it appears to be in forming the final right candle and any breach of 12000 would confirm the same giving a target of 9000 so pharma up move seems to be waning.

Mahiidar M
Enjoying Life
Trend is Friend.

CNX PSU banks-4309/- seems to be heading higher it has moved above 200 week EMA then came back took support and then started to move up with very high volumes(indicated by blue arrow) this is a perfect technical set up and it is suggesting that its wants to move up further. The index is indicating that the psu banks have the chances of moving up from current levels. So we have to look into the constituents of this index and look whether we can take positions into them. But the index is suggesting that it wants to move up.

May All be Peaceful and Happy
M.Mahiidar
Enjoying Life
Trend is friend.

CNX-PSUBANK- 3732

CNXPSU bank has moved above 200 week EMA in May and stayed above is for last 22 weeks its longest period for which it has stayed above it. previous in 2012 and 2013 it stayed above it for 14 and 13 weeks respectively and this time it is above it for far more time than the previous occasions, thus indicating the strength of bull in PSU stocks, this is clearly indicating that we might see a good movement in PSU banks in coming weeks, any move below 3350 would indicate reversal of the same. So till its above 3350 we can see good healthy movements in PSU stocks. 

M.Mahiidar

Enjoying Life

Trend is Friend.