Circumstantial factors causing #NIFTY's resistance:

• Reverse retracement at 1.618

• NIFTY in USD terms reverse retracement at 1.382

• NIFTY in GSec at previous Highs

#HDFCBANK - More than a decade long Channel.

FMCG's leadership and out-performance is not a good news for NIFTY itself, for NIFTY usually gets mired into Correctives during such phases.
One instance that stands out is the 2010-2013 period.
The inverse relationship can otherwise be deciphered easily.