Technical Analysis: S&P CNX Nifty Index : Pull-back off support


The S&P CNX NIFTY is an Indian stock exchange index which regroups 50 of the principal market capitalizations of the country. It presented a bearish trend initiated in the proximity of the major resistance at  ...

Day By Day – Indipendent Research

…6355.69 points, corresponding to the historical highs. This was stopped with the contact of the major support at 5210 points which, in spite of numerous tests, contains the selling pressure since the beginning of the year.We are neutral in the medium-term, and not anticipating the marking of new peaks in the weeks to come.

11072011 1

Close price5926.9

2 months OpinionNEUTRAL
2 weeks OpinionPOSITIVE

Resistances5910 / 6008 pts
Supports5600 / 5435 pts

Anticipation :

In the shorter-term, the last test of the major support at 5210 points gave rise to a strong bullish reaction, as evidenced by the opening of a gap. This allowed for the overflow of the 50-day moving average, which played the role, until now, of a dynamic resistance, as well as the level at 5600 points. The recent pull-back off this last point, becoming a support, has restarted a more vigorous movement.
We are positive in the short-term and envision a rallying towards the resistance at 5910 points (previous peaks). We set the invalidation threshold of this positive opinion slightly below the support at 5600 points.
Traker’s NameLeverageExpense ratio
CS ETF (IE) on MSCI Indiax10,75%
db x-trackers SP CNX NIFTY ETFx10,85%
EasyETF DJ India 15 (EUR)x10,65%
Lyxor ETF Indiax10,85%

Follow-up Analysys: Our DBD Tracker dated 27/06/2011 recommended the purchase of the STOXX Europe 600 Health Care. Since then, our final target of 411.17 points was reached, which is a 3.7 % performance.

* A leverage of 1 means that the ETF/Tracker has the same performance as the underlying index. A leverage of 2 indicates that the ETF/Tracker will have twice the performance of the underlying index. A leverage of -1 indicates that the ETF/Tracker will perform opposite that of the index: it will rise while the index falls, and vice versa.



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Source: ETFWorld – Day By Day – Indipendent Research



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