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Edelweiss Technical Reflection (ETR)
§ The index is continuing to find it difficult to break past the 6125 barrier convincingly as another attempt in yesterday’s session witnessed selling pressure. Nifty ended the day near the lows indicating a bearish overhang. Momentum oscillators continue to present a mixed picture. Market wide breadth turned in favor Nifty stocks’ breadth was dismal at 1:2. It was yet another choppy session as the index approaches the monthly derivatives expiry. A range between 6165-5965 has been clearly defined and unless a breakout is achieved, the choppiness is likely to continue.
§ Metals and Banking share were among the prominent losers yesterday. Consumer Durables, Autos and FMCG stocks managed to outperform. RIL closed a shade below the 1100 mark which is an important psychological level. Bullish Setups: RIL, RCAPT, ACC, CIPLA, MM.Bearish Setups: SESA, GMRI, BPCL.
§ Asian and European indices ended lower owing to the negative cues from the US markets. However, the US indices have recovered from day’s low to get back into positive territory. DXY is showing ominous signs of moving higher after testing the crucial 76 level and extreme oversold conditions. A move towards 78.50 in the short-term looks promising. USD-INR is consolidating in a triangle pattern near the multiple support of 44. The short-term momentum oscillators are oversold and hence a break on the upside is likely.
§ Interesting chart setups: RIL, BHARTI, CIPLA, SESA
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