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White Cliff Minerals Limited (“WCN” or the “Company”) (ASX: WCN; OTCQB: WCMLF) is pleased to announce further assay results from the recent reverse circulation drilling campaign at the Company’s 100% owned Rae Copper Project in Nunavut, Canada.

  • Further assays from Danvers confirm a shallow, high grade copper system that remains open at depth and along strike
  • Drilling continues to prove, previously unknown and untested, extensions to high grade mineralisation
  • Highlights from DAN25002:
    • 63m @ 2.23% Cu & 7.1g/t silver (Ag) from 9.14m, including a high-grade intercept of 15m @ 5% Cu & 16.9g/t Ag from 18.29m
  • DAN25004 returned two significant copper intervals:
    • 38m @ 1% Cu & 1.89g/t Ag from 7.62m, and
    • 72m @ 1.08% Cu & 4.22g/t Ag from 62.48m, including a high-grade intercept of 14m @ 2.32% Cu from 106.68m
  • Pre collar drilling at Hulk is complete, ready for an upcoming diamond drilling campaign
  • The Company is advancing discussions with its contracting partners to undertake targeted airborne geophysical surveys at Danvers across the 9.1km target fault zone and to also utilise the proven down hole electromagnetic survey across the broader Rae project which will support and help target these future campaigns
  • Further assays to come pending release from the laboratory

“Assays from Rae continue to exceed expectations: 175m @ 2.5% Cu, 58m @ 3.08% Cu, 52m @ 1.16% Cu and now further significant intercepts of 63m @ 2.23% Cu and 72m @ 1.08%. These high-grade intercepts from surface are rare in the exploration world as explorers over recent times have had to go deeper and deeper to identify additional copper resources.

Being the first mover into this highly prospective location, after more than a decade of inactivity due to political constraints – securing the licences organically and now having undertaken our first drill program, positions us well both for future work programmes and facilitate further discoveries.

We are not surprised by the increased attention into the broader region by many players. Infrastructure enhancements at Yellowknife and increased activity along the north-west passage provide far easier access than in previous decades when the last serious exploration was undertaken.

More recently we have seen increased state and federal conversations around road and port infrastructure development in this area to support regional development. Logistics that will positively impact the Rae Project. Given the project area is less than 80km by road to the deep-water port of Kugluktuk, these results will surely focus the spotlight on the development opportunities and benefits to the local and regional stakeholders.

The Rae Project area has the potential to help meet the global production void through proper systematic assessment of this underexplored copper landholding and we continue to look forward to updating shareholders with the next round of results as they come to hand over the coming weeks.”

Troy Whittaker – Managing Director

Click here for the full ASX Release

This post appeared first on investingnews.com

As struggling drugstore chains work to regain their footing, Walgreens is doubling down on automation. 

The company is expanding the number of retail stores served by its micro-fulfillment centers, which use robots to fill thousands of prescriptions for patients who take medications to manage or treat diabetes, high blood pressure and other conditions. 

Walgreens aims to free up time for pharmacy staff, reducing their routine tasks and eliminating inventory waste. Fewer prescription fills would allow employees to interact directly with patients and perform more clinical services such as vaccinations and testing.

Walgreens first rolled out the robot-powered centers in 2021, but paused expansion in 2023 to focus on gathering feedback and improving performance at existing sites. After more than a year of making upgrades, including new internal tools, the company said it is ready to expand the reach of that technology again.

Walgreens told CNBC it hopes to have its 11 micro-fulfillment centers serve more than 5,000 stores by the end of the year, up from 4,800 in February and 4,300 in October 2023. As of February, the centers handled 40% of the prescription volume on average at supported pharmacies, according to Walgreens. 

That translates to around 16 million prescriptions filled each month across the different sites, the company said. 

The renewed automation push comes as Walgreens prepares to go private in a roughly $10 billion deal with Sycamore Partners, expected to close by the end of the year. 

The deal would cap a turbulent chapter for Walgreens as a public company, marked by a rocky transition out of the pandemic, declining pharmacy reimbursement rates, weaker consumer spending and fierce competition from CVS Health, Amazon and other retail giants.

Like CVS, Walgreens has shifted from opening new stores to closing hundreds of underperforming locations to shore up profits. Both companies are racing to stay relevant as online retailers lure away customers and patients increasingly opt for fast home delivery over traditional pharmacy visits.

The changes also follow mounting discontent among pharmacy staff: In 2023, nationwide walkouts spotlighted burnout and chronic understaffing, forcing chains to reexamine their operational models.

Walgreens said the investment in robotic pharmacy fills is already paying off.

To date, micro-fulfillment centers have generated approximately $500 million in savings by cutting excess inventory and boosting efficiency, said Kayla Heffington, Walgreens’ pharmacy operating model vice president. Heffington added that stores using the facilities are administering 40% more vaccines than those that aren’t. 

“Right now, they’re the backbone to really help us offset some of the workload in our stores, to obviously allow more time for our pharmacists and technicians to spend time with patients,” said Rick Gates, Walgreens’ chief pharmacy officer.

“It gives us a lot more flexibility to bring down costs, to increase the care and increase speed to therapy — all those things,” he said. 

Gates added that the centers give Walgreens a competitive advantage because independent pharmacies and some rivals don’t have centralized support for their stores. Still, Walmart, Albertsons and Kroger have similarly tested or are currently using their own micro-fulfillment facilities to dispense grocery items and other prescriptions. 

Micro-fulfillment centers come with their own risks, such as a heavy reliance on sophisticated robotics that can cause disruptions if errors occur. But the facilities are becoming a permanent fixture in retail due to the cost savings they offer and their ability to streamline workflows, reduce the burden on employees and deliver goods to customers faster.

When a Walgreens retail pharmacy receives a prescription, the system determines whether it should be filled at that location or routed to a nearby micro-fulfillment center. Maintenance medications, or prescription drugs taken regularly to manage chronic health conditions, and refills that don’t require immediate pickup are often sent to micro-fulfillment.

At the core of each facility is a highly automated system that uses robotics, conveyor belts and barcode scanners, among other tools, to fill prescriptions. The operations are supported by a team of pharmacists pharmacy technicians and other professionals.

Instead of staff members filling prescriptions by hand at stores, pill bottles move through an automated and carefully choreographed assembly line. 

Pharmacy technicians fill canisters with medications for robot pods to dispense, and pharmacists verify those canisters to make sure they are accurate. Yellow robotic arms grab a labeled prescription vial and hold it up to a canister, which precisely dispenses the specific medication for that bottle.

Certain prescriptions are filled at separate manual stations, including inhalers and birth control pill packs. Each prescription is then sorted and packaged for delivery back to retail pharmacy locations for final pickup.

There are other security and safety measures throughout the process, said Ahlam Antar, registered group supervisor of a micro-fulfillment center in Mansfield, Massachusetts. 

For example, the robot pods automatically lock and signal an error with a red-orange light if a worker attaches a canister to the wrong dispenser, preventing the incorrect pills from going in a prescription, she said. 

Properly training workers at the centers to ensure accuracy and patient safety is also crucial, according to Sarah Gonsalves, a senior certified pharmacy technician at the Mansfield site. 

She said a core part of her role is to make sure that technicians can correctly perform the different tasks in the process. 

Antar, who has worked at the Mansfield site since its 2022 opening, said Walgreens has made improvements to the micro-fulfillment process after considering feedback from stores and patients during the paused expansion. That includes establishing new roles needed to support the process at the sites, such as a training manager for all 11 locations. 

The facilities also plan to transition to using smaller prescription vials after hearing concerns that the current bottles are too large, according to a Walgreens spokesperson. They said that will allow the centers to ship more prescriptions per order and reduce costs.

Heffington said the automated locations have helped reduce Walgreens’ overall prescription fulfillment costs by nearly 13% compared to a year ago. 

She said Walgreens has also increased prescription volume by 126% year-over-year, now filling more than 170 million prescriptions annually. The company hopes to raise that number to 180 million or even more. 

Heffington added that Walgreens implemented new internal tools to track the work across all 11 centers and provide real-time data on where a patient’s prescription is in the micro-fulfillment process. 

“If a patient called the store and said, ‘Hey, can you tell me where my prescription is today?’ [Workers] can do that with great specificity,” thanks to the new tools, Heffington said. 

Despite the company’s progress, Gates said there is more work to be done with micro-fulfillment centers. 

For example, he pointed to the possibility of shipping prescriptions directly to patients’ doorsteps instead of putting that burden on retail stores. 

“It’s only step one right now,” he said. 

Other improvements may still be needed at facilities, according to some reports. For example, WRAL News reported in April that some customers at a Walgreens store in Garner, North Carolina, say they are only getting partial prescription fills, with several pills missing, or their medicine is being delayed.

A customer views merchandise for sale at a Walgreens store in the Hollywood neighborhood of Los Angeles.

Christopher Lee | Bloomberg | Getty Images

Before Brian Gange’s Arizona store started relying on an automated facility, he walked into the pharmacy every morning knowing that a massive list of prescriptions was in his work queue waiting to be filled for the day. 

Now, with help from micro-fulfillment, that list is significantly smaller each day, according to Gange. 

“We don’t have to spend as much time on just those repetitive fulfillment tasks,” he told CNBC. “It really takes a huge weight off our shoulders.” 

Gange said that gives him and his team time to step behind the pharmacy counter and interact with customers face-to-face, answering questions, providing advice, performing health tests or administering vaccines. 

That kind of attention can make all the difference for a patient.  

For example, Gange recalls stepping away for five minutes to take a patient’s blood pressure despite being overwhelmed with tasks while working at a different Walgreens location several years ago. He ended up sending that person to the emergency room because their blood pressure was “off the charts.” 

That patient’s wife visited the pharmacy the next day to thank Gange, saying her husband “probably wouldn’t be here with us today” without that blood pressure test. 

“I shouldn’t have to question whether I have that five or 10 minutes to check a blood pressure for a patient,” Gange said. “Micro-fulfillment and centralized services are really what are going to allow us to be able to do that, to have that time.” 

“That really allows us to provide better care for them,” he added.

This post appeared first on NBC NEWS

Chiclayo’s main plaza was raucous with the sounds of hammering and music, people milling in anticipation as the scaffolding went up for vast digital screens in front of the city cathedral. Saturday’s open-air mass would be a very special one: a celebration marking the ascendency of Pope Leo XIV, the world’s first American pope – but better known here as Robert, the world’s first Chiclayano pope.

Through the cathedral’s open doors, a line of women formed in front of the confessional in preparation for the big evening. A children’s chorus performed on the steps, competing with the thumping bass of secular life down the street, where two men in short shorts were leading a dance class. Banners draped around the square showed Leo’s smiling face, 10 feet high. Signs outside a local restaurant touted its goat stew as his favorite lunch order, back when he lived here.

Inside the cathedral, Amalia Cruzado, 52, silently sobbed in the pews, her arms outstretched.

“It’s a day of miracles. Chiclayo is so blessed,” she said. After praying, she would head home and pick up the rest of her family to attend the evening mass; her elderly father, suffering from cancer, desperately needed a miracle for his health.

Pope Leo was born in the United States as Robert Prevost, but for his adopted nation of Peru – where he acquired citizenship in 2015 – he is a Chiclayano, a son of the bustling northern Peruvian city where he served as bishop for years, after working as a priest in the countryside.

Here, everyone has a story about him.

Back in the 1980s, Nicanor Palacios was an altar boy with Leo during his early priesthood in nearby Piura, and traveled the area with him for services. “Being the junior priest, he was often sent out in the field,” recalled Palacios, now an airforce technician. “He would take us out in the parish’s jeep to have lunch.”

“It wasn’t hard for him to fit in. There was a small village back then, called Kilometer 50, on the Pan-American Highway. He’d take us there for dry meat and fried plantains. He liked that type of stuff and liked to go to the country. He’d eat just like a northern Peru farmer: yucca, fried fish, maybe a bite of fried meat.”

“What I liked most was his advice, because many young people, even back then, they would get lost, but he was just a young man, 24 or 25 years old, very serious and full of advice,” said Palacios, whose mother died when he was young and for whom Leo and the other altar boys become a second family, he says.

Many years later, as a bishop in Chiclayo, Leo’s accent was still “very American,” according to local priest Emerson Lizana, 30, but his presence felt deeply familiar in this northern Peruvian outpost.

“The way he treated people, his presence enveloped you in a sense of trust. He had a Latin American heart,” Lizana said, describing how the then-bishop became part of the daily life of Chiclayo, visiting the city’s poorest neighborhoods and carrying a cross through deserted streets during the Covid-19 pandemic.

Searching for truth and searching for God

Chiclayo is a city famous for the fervor of its faithful, even in deeply Catholic Peru. According to a 2017 census, Peru’s population is 90% Christian and 76% Catholic – more than Italy and far more than in Leo’s native United States, where Catholics are under 20%.

Leo, widely considered a progressive pope and ideological successor to Pope Francis, worked closely with the neediest in Chiclayo, coordinating local NGOs, churches and religious groups in the late 2010s to assist a flood of Venezuelans fleeing political chaos and economic collapse in their home country.

But his tenure has not been without criticism – three women allegedly abused by a local priest released a letter in September last year accusing Leo of failing to fully investigate their claims while he was bishop. The new pope has also been called upon by Catholics for Choice to change his views on abortion; an X account under Prevost’s name previously shared articles critical of reproductive rights and “gender ideology.”

“We are very worried. As you may have noticed, there is a lot of emotion in the province and in the region about the appointment of the Pope who was from Chiclayo. Ultra-conservativism, fundamentalism, new movements can emerge from evangelical and Catholic roots,” she said.

“Above all it is the Church that has maintained this idea of being against abortions, that abortion is also a sin, that it is murder. And this continues to be referred to and repeated by the Peruvian authorities.”

Abortion access is heavily restricted in Peru; in 2023, the United Nations accused Peru’s government of violating the rights of a 13-year-old girl who was refused an abortion following years of rape by her father, and then imprisoned by local authorities after she miscarried.

Still, for a pope, Leo’s social progressivism in other areas is seen locally as an overall “good direction” by some rights advocates.

“We don’t expect that suddenly the Pope goes out and defends the rights of women, but perhaps he will take a position that is a bit more human, and less stigmatizing of women who interrupt their pregnancies,” said Rossina Vasquez, director of a women’s rights group in Peru.

An interest in seeking truth and justice is part of the worldview of Augustinian priests like Leo, according to Friar Pipé, teacher at an Augustinian-run school in the outskirts of Chiclayo.

“For us Augustinians, God is the truth, and for us searching for the truth is searching for God,” said Pipé. “What I hope is that Leo can be a pope who becomes a sign of unity for the church: we can always do better, through dialogue and understanding, both inside our Church and with other religions,” he added.

Pipé, 30, was personally ordained by Leo in 2023 and blessed him in return per tradition; a blessing that he now jokes may have played some role in Leo’s chances during the Vatican’s conclave to select a new pope last week.

He remembers watching a broadcast of the process on YouTube as it played out in Rome, his fellow Augustinians erupting in whoops of joy and triumph when Leo’s name was called out.

With a Chiclayano pope, now anything is possible, Pipé joked.

“Let’s see,” he laughed. “When Benedict was the Pope, Germany won the World Cup. Then Francis was the Pope, and Argentina won… now, Robert is Pope, either Peru or the USA are going to win the World Cup.”

But for believers like Amalia Cruzado, who have little but their faith, the sense that this is a particularly blessed time for Chiclayo is no laughing matter.

In her modest neighborhood, where Cruzado says children often go hungry or cannot afford shoes, dust rose on Saturday evening as a taxi bumped down the unpaved street, the decal on its rear window reading “La Bendición de Dios.”

It was finally time for the evening mass.

Her family of eight piled in – freshly dressed and coiffed, from her 9-month-old grandson to her 79-year-old father – for a hair-rising ride through traffic back to the darkening square. Street lights flickered on as they arrived, police still hard at work cordoning off the cathedral’s steps for the night’s rituals.

Cruzado hoisted her grandson in one arm and shepherded her father toward the front, past crowds taking selfies in front of the Pope’s illuminated likeness. Soon prayers would begin, followed by a familiar order: readings from the Bible, the homily by Chiclayo’s new bishop, communion.

“Papa! Amigo! El pueblo esta contigo!” congregants chanted in the crowd, blasting airhorns and lifting their children in the air as if it were a home team game. “Pope! Friend! The people are with you!

“Let me tell you, the Pope has two hearts: one is for where he was born, but the other one is for here, for us, the humble people of Chiclayo,” Cruzado said. “He is our Pope.”

This post appeared first on cnn.com

Dozens of boxes of Nazi material confiscated by Argentinean authorities during World War II were recently rediscovered in the Supreme Court’s basement, the court said on Sunday.

The 83 boxes were sent by the Germany embassy in Tokyo to Argentina in June 1941 aboard the Japanese steamship “Nan-a-Maru,” according to the history that the court was able to piece together, it said in a statement.

At the time, the large shipment drew the attention of authorities, who feared its contents could affect Argentina’s neutrality in the war.

Despite claims at the time from German diplomatic representatives that the boxes held personal items, Argentine customs authorities searched five boxes at random.

They found postcards, photographs and propaganda material from the Nazi regime, as well as thousands of notebooks belonging to the Nazi party. A federal judge confiscated the materials, and referred the matter to the Supreme Court.

It was not immediately clear why the items were sent to Argentina or what, if any, action the Supreme Court took at the time.

Eighty-four years later, court staffers came across the boxes as they prepared for a Supreme Court museum.

“Upon opening one of the boxes, we identified material intended to consolidate and propagate Adolf Hitler’s ideology in Argentina during the Second World War,” the court said.

The court has now transferred the boxes to a room equipped with extra security measures, and invited the Holocaust Museum in Buenos Aires to participate in their preservation and inventory.

Experts will also examine them for any clues about still-unknown aspects of the Holocaust, such as international financing networks used by the Nazis.

Argentina remained neutral in World War II until 1944, when it broke relations with Axis powers. The South American country declared war on Germany and Japan the following year.

From 1933 to 1954, according to the Holocaust Museum, 40,000 Jews entered Argentina as they fled Nazi persecution in Europe. Argentina is home to the largest population of Jews in Latin America.

This post appeared first on cnn.com

Epic Games said on Friday that it submitted Fortnite to Apple’s App Store, the month after a judge ruled in favor of the game maker in a contempt ruling.

Fortnite was booted from iPhones and Apple’s App Store in 2020, after Epic Games updated its software to link out to the company’s website and avoid Apple’s commissions. The move drew Apple’s anger, and kicked off a legal battle that has lasted for years.

Last month’s ruling, a victory for Epic Games, said Apple was not allowed to charge a commission on link-outs or dictate if the links look like buttons, paving the way for Fortnite’s return.

Apple could still reject Fortnite’s submission. An Apple representative did not respond to CNBC’s request for comment. Apple is appealing last month’s contempt ruling.

The announcement by Epic Games is the latest salvo in the battle between it and Apple, which has taken place in courts and with regulators around the world since 2020. Epic Games also sued Google, which operates the Play Store for Android phones.

Last month’s ruling has already shifted the economics of app development for iPhones.

Apple takes between 15% and 30% of purchases made using its in-app payment system. Linking to the web avoids those fees. Apple briefly allowed link-outs under its system but would charge a 27% commission, before last month’s ruling.

Developers including Amazon and Spotify have already updated their apps to avoid Apple’s commissions and direct customers to their own websites for payment.

Before last month, Amazon’s Kindle app told users they could not purchase a book in the iPhone app. After a recent update, the app now shows an orange “Get Book” button that links to Amazon’s website.

Fortnite has been available for iPhones in Europe since last year through Epic Games’ store. Third-party app stores are allowed in Europe under the Digital Markets Act. Users have also been able to play Fortnite on iPhones and iPads through cloud gaming services.

This post appeared first on NBC NEWS

A fourth round of talks between the US and Iran on Tehran’s nuclear program have begun in Oman, according to Iranian state media, with the two sides aiming to overcome divisions that could scupper the tentative negotiations.

The talks, held indirectly, are the latest between the two countries, and are aimed at addressing Tehran’s nuclear program and lifting sanctions.

The Iranian delegation is led by Foreign Minister Abbas Araghchi, who said before the talks got underway that the US side “holds contradictory positions which is one of the issues in our negotiations.”

“We have been clear about our boundaries,” Araghchi added, according to the Fars news agency.

US special envoy Steve Witkoff, who has been heading the American side, warned that if talks were not productive, “then they won’t continue and we’ll have to take a different route.”

Speaking to Breitbart, Witkoff outlined the US’ expectations for the talks, including on the country’s uranium enrichment program. “An enrichment program can never exist in the state of Iran ever again. That’s our red line. No enrichment,” he said.

Iran has said it will not surrender its capability to enrich uranium. The country has long insisted it does not want a nuclear weapon and that its program is for energy purposes.

This is a developing story and will be updated.

This post appeared first on cnn.com

Pope Leo XIV stepped out onto the balcony of St. Peter’s Basilica to thunderous applause and an electric atmosphere, to deliver his first Sunday blessing and an address calling for peace in Ukraine and Gaza.

The last time he stood on the same velvet-draped ledge, the fragrant scent of white smoke was still hanging in the air and looks of shock permeated the crowd. Just days ago, the election of a US-born pope seemed almost impossible.

But those gathered in St. Peter’s Square on Sunday knew exactly what to expect – a pontiff who was born in Chicago, shaped in Peru and well-experienced in Vatican leadership.

“Let us take up the invitation that Pope Francis left us in his Message for today: the invitation to welcome and accompany young people,” Leo said Sunday from the balcony, speaking in fluent Italian. “And let us ask our heavenly Father to assist us in living in service to one another.”

“In today’s dramatic scenario of a third world war being fought piecemeal, as Pope Francis said, I too turn to the world’s leaders with an ever timely appeal: never again war!,” he said.

Pope Leo called for peace in Ukraine, as well as a ceasefire in Gaza and the release of hostages. He also called for humanitarian aid to be provided “to the exhausted population” in Gaza.

“I welcomed the announcement of the ceasefire between India and Pakistan and I hope that through negotiations we can reach a lasting agreement,” he added.

He delivered a “message of peace” and led the faithful crowd in the Regina Caeli (“Queen of Heaven”) prayer for the first time, surprising those gathered by singing part of the prayer.

The prayer is one of four Marian antiphons, or prayers to the Virgin Mary, which is said throughout the Easter season.

The city of Rome said 150,000 people were expected to gather in St. Peter’s Square for the prayer and significant law enforcement resources are deployed, but an official estimate of the crowd has yet to be announced.

The square was booming with music ahead of Leo’s address, as hundreds of musicians from around the world marched into St. Peter’s Square for a Jubilee of Bands, playing classic songs from their home countries and even pop songs like Village People’s 1978 hit “YMCA.”

As he finished his address, loud shouts of “viva il papa,” or “long live the pope,” were heard among the tens of thousands of people.

Pope Leo is indicated on Saturday that his papacy will follow closely in the footsteps of the late Pope Francis, setting out a vision for a church led be a missionary focus, courageous dialogue with the contemporary world and “loving care for the least and the rejected.”

Leo is expected to lean in a more progressive way on social issues like migration and poverty but fall more in line with moderates on moral issues of Catholic doctrine.

In his first meeting with cardinals on Saturday, the new pontiff said that he chose his papal name to continue down the path of Pope Leo XIII, who addressed “the social question in the context of the first great industrial revolution.” Leo XIII, who was pope from 1878 to 1903, had a strong emphasis on workers’ rights and Catholic social doctrine.

Leo XIV also used his first weekend as pontiff to visit the Basilica di Santa Maria Maggiore, where he prayed at the tomb of Francis.

He also traveled to an Augustinian sanctuary just outside Rome, the Madonna del Buon Consiglio (Mother of Good Counsel), in Genazzano, Italy.

Leo is the first pontiff from the Augustinian order, which places an emphasis on service work and building community. He spent more than a decade leading the Augustinians as the prior general, giving him experience of heading an order spread across the world.

Even larger crowds are expected to fill St. Peter’s Square during Pope Leo’s installation Mass, which will take place on Sunday, May 18.

This post appeared first on cnn.com

Amid ever-increasing uncertainties on the global front and similarly rising geopolitical tensions between India and Pakistan, the Indian equity markets demonstrated strong resilience. They consolidated before ending the week on just a modestly negative note. The trading range remained modest; the Nifty oscillated in a 590-point range. While the markets defended their key support levels, the volatility surged. The volatility barometer, the India Vix, spiked 18.49% to 21.63 on a weekly basis.. The headline index finally closed with a net weekly loss of 338.70 points (-1.39%).

A few important things to note from a technical perspective. The 200-DMA is at 24044; the 50-week MA is at 23983. This makes the zone of 23950-24050 a very important support zone for the Nifty. So long as the Index is able to defend this zone, it will continue consolidating in a defined range. Incremental weakness would creep in only if the 23900 level is violated decisively. On the higher side, as evident from the charts, the markets have continued to resist the rising trendline resistance. From now on, the Nift’s behavior vis-à-vis the zone of 23950-24050 would be crucially important to watch; the Index’s ability to defend or not defend this zone will dictate the trend over the coming weeks.

The levels of 24350 and 24600 are expected to act as probable resistance points in the coming week. The supports are at 23900 and 23630.

The weekly RSI is 54.36; it stays neutral and does not diverge against the price. The weekly MACD is bullish and stays above its signal line. A bearish engulfing candle has emerged. Its emergence near a pattern resistance adds credibility to the resistance placed near 24500-24600.

The pattern analysis of both daily and weekly charts shows that the Nifty has traded quite on the expected lines and within the analyzed range. It has continued resisting the rising trendline resistance near 24500-24600; it has so far defended the key that is created between the 200-DMA and the 50-week MA. The markets would weaken only if they violate the crucial 23900 level; so long as this point stays defended, we can expect the markets to consolidate in a defined range.

Based on the overall technical structure, it is likely that the markets will not see any immediate upward trend. While if the markets end up breaching the 23900 level remains to be seen, it is doubtful that they will initiate any sustainable trending upmove and move past the 24500 levels soon. The hedging activity and the cost of hedging have increased; this is evident from Vix, which has significantly risen over the past few days. While the Nifty has defended the key support levels so far, it remains in a technically challenging environment. It is strongly recommended that the market participants adopt a defensive approach by focusing on the low beta stocks and the stocks with improving relative strength. Staying low on leveraged positions, a continued cautious outlook is advised for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty PSE Index has rolled inside the leading quadrant. Infrastructure, Nifty Bank, PSU Bank, FMCG, Consumption, Commodities, and the Financial Services Indices are also inside the leading quadrant. These groups are likely to outperform the broader Nifty 500 Index relatively.

The Nifty Metal Index has rolled inside the weakening quadrant. This may cause the sector to slow down and give up on its relative performance. The Services Sector index also remains in this quadrant.

While the Nifty IT Index continues to languish in the lagging quadrant, the Auto and the Realty Indices are sharply improving their relative momentum against the broader markets while staying inside this quadrant.

The Nifty Midcap 100 index has rolled inside the improving quadrant; may see its relative performance bettering over the coming days. The Media and the Energy Indices are also inside this quadrant, and may continue seeing improvement in their relative performance against the broader markets.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae