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§ Nifty traded in a range bound and choppy session, and ended the day below 6300 mark. Nifty found the 6310 barrier difficult to overcome and slipped gradually lower. It is now trading within a small downward sloping channel indicating a corrective move of last week’s rally. Hourly MACD is trending lower with a sell signal and is likely to turn from the zero line. Daily MACD and RSI are in buy mode indicative of the uptrend. Market breadth was in favor of advances yesterday as the action shifted from large cap to mid and small cap stocks. Nifty stocks’ breadth was neutral at 2:1. Contrary to expectation, Nifty is likely to head lower and test the lower end of the downward sloping channel as well as the 50 hourly EMA at 6225. Hence a sideways move with downward bias is likely to continue for a couple of more trading sessions. On a break above 6310-6338, the resumption of the uptrend will be confirmed.
§ Yesterday’s move was on the back of selling pressure in FMCG, Banking and Cap Goods shares, whereas Consumer Durables, Autos and IT stocks kept the slide in check. Banking shares are witnessing a short-term reversal as the oscillators roll bearish from overbought levels. Bullish Setups: DLF, TATA, RIL, CHMB, ICEM, INFY. Bearish Setups: MSIL, HPCL, PFC, RBXY
§ Global equity indices are nervous on the back of a USD recovery; as the European indices like FTSE and DAX drop down to re-test the bullish breakout levels. Short-term oscillators have rolled bearish indicating some downside risk. US indices are down to the 10 daily EMA (bull-trend pivot) which is expected to hold on to the recent gains. Gold rally hit a roadblock at $1425 and dropped sharply lower below the $1400 mark. DXY has closed above the 77.30 mark adding upside risk top the US Dollar and hence sending jitters across various risk assets.
§ Interesting chart setups: TATA, LT, ITC, HPCL
§ On Wednesday, markets ended lackluster, in the red, on the back of subdued Asian markets and mixed bag of earnings. Sectorially, autos, IT, telecom, metal, FMCG and capital goods traded lower.
§ The Sensex fell 57 points, ending at 20,876, while Nifty closed at 6276, down 26 points.
§ Gainers were Tata Motors (3.60%), Mahindra & Mahindra (3.30%), Infosys Technologies (1.41%), Jaiprakash Associates (1.27%) and Wipro (1.23%),
§ Losers were Hindalco Industries (3.43%), Cipla (1.87%), Bharti Airtel (1.53%), BHEL (1.40%), SBI (1.34%), and ACC (1.27%) .
§ FMCG stocks fell saw profit booking. ITC, Hindustan Unileevr, Dabur India, and Nestle India fell between 0.42% and 4.49%.
§ Capital goods stocks saw profit booking. Thermax, BHEL, SKF India, BEML and Larsen & Toubro fell between 0.11% and 2.54%.
§ Among metal stocks, JSW Steel, Sterlite Industries, Jindal Steel & Power, National Aluminum Company and Tata Steel fell between 0.12% and 1.29%.
§ Consumer durable stocks also rose on renewed buying. Videocon Industries, Titan Industries, Blue Star, Lloyd Electric, and Gitanjali Gems rose between 0.08% and 8.09%.
§ Globally, Asian markets ended in the green, while European markets were trading flat.
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