[Premium] September Monthly Trends

Here's the Nifty 50, continuing to chop around its 2018 highs. Despite large-caps holding up the best on a relative basis, on an absolute basis, they remain trendless.

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Here are Mid-Caps, which attempted to rally this month but were pushed back below support/resistance at 16,050 once again. The series of lower highs and lower lows continues.

Lower highs and lower lows continue in Small-Caps, leaving prices vulnerable to further downside.

Here's the Nifty 500 sitting exactly where it was nearly 2 years ago, not much has changed.

Financial Services remain in a solid uptrend, which is a tailwind for the broader market given they account for a third of the Nifty 500's weighting.

Most of the sector's major components are holding up well, but Housing Development Finance Co. looks vulnerable to further downside if it's below 2000.

Commodities, much like Infrastructure, remain in a range that we can continue to trade within until it breaks. Directionally, this has "headache" written all over it.

Reliance Industries has been correcting through time and price but remains in an uptrend. A breakout above 1,400 would signal the end of this corrective period and target 2,100.

Nifty IT has almost broken support at 15,100 several times this year, but was saved once again by buyers and closed the month above that level. As long as prices are above that level we can be erring on the long side, but bulls need to see some upside follow-through here soon as many components look weak.

Tata Consultancy is the largest component of IT and managed to hold above support at 2,045 again, but remains vulnerable if prices don't break out to new highs.

We've finally gotten a breakout in the Nifty Fast Moving Consumer Goods Index, suggesting that we err on the long side of the sector as long as prices are above 30,600.

Names that held up well during the sector's corrective action, like Hindustan Unilever, are leading which is a good sign.

Autos met our downside price objective and began mean-reverting a bit. As long as prices are above 6,800 there's no reason to be short, so we'll see how this develops. For now though, the trend remains lower/sideways.

Nifty Pharma remains one of the weakest areas of the market and has now decisively broken below support at 8,000, reaffirming its long-term downtrend and suggesting further downside is likely.

Sun Pharma is the largest component in the sector and remains vulnerable to further downside as long as prices are below 480.

Nifty Metals remain in "no-man's land" and its downtrend remains intact as long as prices are below 2,840.

Nifty PSU Banks have been down 3 months in a row, but broke below support at ~2,600 or so. If prices are below that level on a closing basis, the bias is lower towards 1,900.

Names like Bank of Baroda are sitting on long-term support and threatening to break through it. If prices break below 90, look out below!

DLF Limited is the largest component of the Realty Index and remains vulnerable here around 160. Prices continue to chop around, but lower highs in price suggest sellers are in control for the time being.

Zee Entertainment continues to weigh on the Media & Entertainment space. Our downside target of 260 has been met, so we'll see if buyers step in here or if prices move lower towards next support at 200.

Nickel is attempting a breakout above 1,310. Some consolidation is likely first, but it remains the standout base metal.

Silver met our upside target to a tee and quickly reversed, suggesting some consolidation is likely to continue before further upside.

Lastly, USD/INR has held 69 AGAIN. As long as prices are above that level, the bias is higher.

A lot of rangebound charts and chop remains the theme, however, we continue to focus on the areas of relative strength on the long side and relative weakness on the short side (as always).

Be sure to check out the rest of the updated chartbook and please let us know if you have any questions.

Allstarcharts Team