The Dow theory has been popular and the foundation for many other western branch of technical analysis. The Elliot Wave theory gets inspiration from this.
A simple observation of Higher High, Higher Lows suggest the trend is intact. But the EW shows the exceptions to this.
What is important is the parts are not supporting the whole. The big players are slog to say the least. What is in store one has to wait and see.
With patchy PSU banks, lagging by the heavy weight, the lone crusaders are SBI ICICI Canara BOB to some extent AXIS. Rest all are showing mixed signals.
The US inflation comes softer, but we did not react when it was higher, hence the impact is just a start but what happens in the middle is what is important.
With exports declining, (one number does not make a story though), the commodities rising, the interest rates locally cannot go further down. All eyes on the completion of the election process. That sense range to prevail than a sparkle to rule.
Yesterday's fall is slightly not in line with the broader expectations,
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Supply 47900-48150-48450
A simple observation of Higher High, Higher Lows suggest the trend is intact. But the EW shows the exceptions to this.
What is important is the parts are not supporting the whole. The big players are slog to say the least. What is in store one has to wait and see.
With patchy PSU banks, lagging by the heavy weight, the lone crusaders are SBI ICICI Canara BOB to some extent AXIS. Rest all are showing mixed signals.
The US inflation comes softer, but we did not react when it was higher, hence the impact is just a start but what happens in the middle is what is important.
With exports declining, (one number does not make a story though), the commodities rising, the interest rates locally cannot go further down. All eyes on the completion of the election process. That sense range to prevail than a sparkle to rule.
Yesterday's fall is slightly not in line with the broader expectations,
Supports 47400-47150-46980
Supply 47900-48150-48450
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