Key Points
The upcoming expiry of March derivatives along with Fed speeches present a case for higher volumes, but with last week witnessing volumes way below the months average on all the days of the week, the trend of subdued volumes is likely to continue for most of the days, unless Nifty breaches 22,500 on the upside, or cracks below 21,700...
The Nifty IT index has closed below the 38% Fibonacci level and with MACD slipping below the signal line, confirming weakness. The number of stocks trading below 100 DSMA has increased from 20% last week to 50% this week, suggesting that the sector has had a significant turn in fortunes already..
In the case of midcap index, the number of stocks trading below 20 DSMA has fallen to 66% this week from 81% last week, while those with 14 days RSI below 50 fell to 67% from 79% and those above 50 rose to 33% this week from 21% last week..
In the case of smallcap index the number of stocks trading below 20 DSMA has fallen to 73% this week from 92% last week, while the number of stocks with 14-day RSI below 50 fell to 71% from 99% and those above 50 rose to 28% this week from 11% last week..
The stock has been on a decline since February 2024 and seems to be building a base near 660 which is evident from multiple Doji candles being formed around those levels. 14-day RSI has turned around from the oversold region with MACD histogram too seeing bullish exhaustion in daily as well as weekly time frames..
