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§ Nifty ended absolutely flat in a seesaw session, as it continues to struggle against the 50-DEMA on a closing basis. On a positive note, the index has closed above the falling trend channel resistance, which if held for another session would confirm a short-term uptrend. Momentum oscillators on hourly and daily chart are trading with a positive bias that will continue to favour the upside. Overall market breadth was marginally in favour of advances; whereas Nifty 50 stocks A/D ratio was marginally weak at 1:1.3. The Nifty is likely to be stuck in a trading range of 6030 and 5855 in the immediate short-term, where declines to supports should be used to initiate trading longs. We maintain our short-term target for a test of 6090 (equality of the previous week’s upmove). It is also advisable to be selective and trade individual stocks on their technical merit.
§ Among the sectoral movers Auto shares were the top gainers, followed by IT and Metals stocks. The pair of Banking and Realty took a beating in the volatile session and Pharma shares too shed weight. Bullish Setups: ACC, RIL, TATA, SHRS, PLNG, TCS Bearish Setups: BJAUT, IIB, MM, KMBH.
§ Western market equity trend remain bullish at the end of the year on good price and momentum setup. The bullish trend is expected to spill into the first quarter of the New Year. Agri commodities like Sugar, Cotton and Coffee are scaling multi-year peaks on robust price action and momentum setup. Sugar is expected to stretch gains towards 37.50 cents in the coming weeks. Two week consolidation for Crude Oil seems to be maturing and a resumption of the uptrend towards $97-100 is imminent.
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