Step Sum Analysis of Nifty (As on 29/02/2016)

Had introduced the 'step sum' in my earlier blog :

http://lalitlk-lalit-lk.blogspot.in/2015/12/nifty-1995-2015-step-sum-analysis.html

 “15 Count” is  running sum of the daily step used in constructing their step sum over consecutive 15 days. Gold’s 15 count reached a few 10s and 11s over the past five decades but never higher. Then last November during the selling panic in the gold market it declined to a 13 for the first time ever.

Silver’s November bottom was even harder; its 15 count declined to -15. In other words the price of silver fell below its previous closing price every day for three trading weeks. That had never happened before, although just a few months before silver’s January 1980 market top we saw its 15 count reach +15 in September 1979, according to  Mark Lundeen.

“Count +/-  13”  means 14 up (down) & 1 Down(up),

“Count +/-  11”  means 13 up (down) & 2 Down(up),

“Count +/-  9”  means 12 up (down) & 3 Down(up),

And so on

“Count +/-  1”  means 8 up (down) & 7 Down(up). I had examined the history of Nifty Index since 3rd November 1995 (the day from which OHLC is being compiled by NSE). My findings are shared as below :-

Out of 244 months (during 20 years 4 months), Nifty Step Sum Count_15 most were in the range of + 9 to - 9 as per Chart :

However, there were just 2 occasions of "13" count as StepUp

& just 5 occasions of "11" counts as StepDown 

& finally Step Sum Chart for Nifty (Monthly) over 20 years 4 months :