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§ Nifty has closed above the 6100 mark in a session marked with volatile trade, and last half-hour gush. With that it has confirmed a ‘double bottom’ reversal at 5700, and is expected to climb higher towards 6300 in the coming weeks. Oscillators that have been leading the price action are indicating a bullish trend. On the weekly chart the RSI has triggered a buy signal reinforcing the bullish bias. Market breadth continues to be dominated by advancing stocks. Nifty 50 stocks A/D ratio was remarkably strong at 4:1. It is also trading above its key short / medium term moving averages. The benchmark index is closing the quarter in the green for the eighth time in a row suggesting an extension of the longer-term uptrend. In its quest for 6300, Nifty is likely to face an immediate hurdle at 6155 since the market has become slightly overbought in the immediate short-term. It is prudent to remain long and also look to initiate buys on declines so long as Nifty maintains its head above 5900 mark.
§ The trend among most sectoral indices was bullish except for Oil & Gas that ended the day with a marginal loss. Realty, IT and Metals stocks were shining with gains of >1%. Banking and Healthcare were laggards. Bank Nifty is likely to pick up momentum once it manages to trade above 11680. BSE Metal index is approaching the resistance zone at 17600-17800; hence profit taking at higher levels is advisable. Bullish Setups: PLNG, DIVI, ABAN, JSP, BHARTI, HDFC, NATP, UT Bearish Setups: KMBH, DRRD, RPWR, TTSL
§ Gold has triggered a breakout above the short-term consolidation phase regaining the $1400 mark. Momentum and price setup looks strong to break past the all-time high of $1431. After breaking above the falling trend line from the peak of 1.42, the Euro is expected to stage a short-term rally towards 1.36. Most equity indices of the developed and emerging world are closing the year on a positive note, and will continue to attract capital into the first quarter of the New Year.
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