L&T Bearish Outside Bar on Daily Charts

L&T futures today formed a bearish outside bar as the price rejected at its 52 week high. It is a strong trend reversal setup. Monitor for the resistance build up around 1818 zone.

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Short Term Bearish Trade Setup in Jindal Steel

Jindal Steel is showing short term price rejection setup on the 30min time frame. Its good to monitor for short term correction with resistance around 127-130 zone. Short Term trading sentiment is negative. Consecutive 5 day trend of making higher high is observed. On Wednesdays intraday session it also tested the 18th April high before price rejection at the top.

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Smallcap and Midcap Stocks Underperforming Terribly

Nifty Smallcap and Midcap stocks are in correction mode and fallen from the peak in the last 6 consecutive days. Nifty SmallCap and Nifty Midcap index had lost 6.3% and 4.4% respectively. However Nifty 50 largecap had lost only 0.7% for this week. Both Smallcap and Midcap indices are underperforming Nifty 50 index largely.

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Moodys Downgrade China For First time since 1989

Moody’s Investor service – Credit Rating Agency downgraded China’s sovereign credit rating for the first time in nearly 30 years,citing expectations that the country’s financial strength will deteriorate in the coming years as debt keeps rising and the economy slows.

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Gold Trading above 200 Week Moving Average

If you are classical technical analysis user probably this might turn your attraction on gold weekly charts. Yes Gold is firmly trading above the 200 Week Moving Average after about a bunch of whipsaw around the 200 Weekly MA reference.So what do you think Gold Bulls are turning around? Current 200 WMA around 1235/Oz.

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Brokers Stocks Went Exponential

Brokers Stocks like Motilal Oswal and Edelweiss made exponential returns since 2014 last time similar exponential returns it generated during 2008 sub prime crisis.

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Yes Bank Down 5% on NPA Divergence – Misreporting of Bad Loans

Yes Bank had reported gross bad loans of Rs748.98 crore at the end of March 2016 compared to Rs4,925 crore assessed by the RBI. Yes Bank shares fell by 5% intraday after the lender disclosed this information in its annual report for fiscal year 2017 released on Friday trading session. Stock also broken down below 6 week low with strong volumes.

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Major World Markets to Underperform $SPX

Comparing to the benchmark index SPX500, most of the World Indices like Sensex, DAX, CAC, FTSE, Brazil Bovespa, Shanghai SSEC, Singapore STI and Hang Seng are currently in a weakening/lagging quadrant with declining RS-Momentum which implies that almost every major indices are likely to underperform $SPX in the very short term except Nikkei #RRGCharts

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Kotak Bank Charts with Resistance around 898

Kotak Bank Charts with cluster bubbles indicates that a possible resistance zone is getting built around 898 reference zone and poised for a short term trend reversal.

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State Bank Of India Charts with Resistance Around 297

State Bank of India Charts with cluster bubbles indicates that a possible resistance zone is getting built around 297 reference zone and poised for a short term trend reversal.

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