On the broader range Bank Nifty Futures is in sideways mode between 18000-20500 for the last 7 months which indicates that clearly the market is not driven by the longer term players. Long term players dominance is less reflected in the last 7 months.
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MCX Goldon the monthly charts consolidating for the last for the 5 years in the band of Rs25000 – 32200 per 10 gram. Sentiment on the monthly charts suggests the long term sentiment is reversed to the negative bias and posied towards the lower end of the balance Rs25000 w- longer term trend which is expected to happen around 3-4 months duration.
Top Down Approach provides us the macro visual perspective of the market participation. We will start with monthly charts to understand the long term participation, weekly charts to understand the intermediate term players and the daily charts to understand how the shorter timeframe players are behaving.
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Nifty and Bank Nifty Daily Charts with Twiggs money flow indicator (Smoothed version) indcates that a possible turn around from the bottom and shorter term bullishness could continue despite slowdown in IIP numbers. India’s industrial released post friday trading indicates that output fell the steepest in 3 months by 1.9% in October from 0.7% expansion in September. If any negative jerks in the market due to those news factors could last only for a very short duration.