CNXFINANCE trade ideas
Back Up by Most weightageNifty will go up as being supported by the financial services who has most weightage.
trianglemost of finance companies are either standing near resistance with heavy bull volumes or broke out like bajaj , sector is forming a triangle and showing rejection from bottom line. keep eyes on finance companies like bajaj, manpurram ,muthoot mfsl
it showing breakout on upper side. and bulls strength
Nifty Financial Services time to watchDaily support looks weak now and if breached we can move down to weekly support zone for nifty financial services.
Nifty finance index good short candidateNifty finance bearish harmonic ABCD pattern formation,, bearish Wolf Wave pattern formation,, breakdown from trend line support of rising wedge pattern,, bearish divergence on RSI indicator,, have probability to fall by 800 to 1000 points,,,
Money Flowing Back Into Nifty Financial Services SectorIn this chart of the Nifty Financial Services Index vs Nifty 100 ratio, we see a bullish momentum divergence as prices stabilize above a confluence of support. Prices staying above their recent lows signals outperformance is likely from this sector of the market, at least in the near-term while money flows out of areas that have run a lot like Nifty Pharma and Nifty Fast Moving Consumer Goods. Strength in Financial Services will be a tailwind for the Nifty 50 and broader indices given it's the largest sector weighting at ~33%.
