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§ The index opened with a gap down from previous close and continued to decline over the day, until the final hour where some covering was pulled it above the 5900 mark. It has completed 50% retracement of the up move from 5690-6069, and could go on to do 61.8% at 5835. The 21 and 50 hourly EMAs have triggered a sell crossover, and the hourly MACD has dipped below the zero line which is likely to aid an extended decline. Market breadth remains feeble for the fourth day in a row. Nifty 50 stocks A/D ratio was in favor of declines at 1:3. Nifty is trading at a crucial juncture before entering a directional trend. On the downside a consistent trade below 5835 will trigger a sell signal which can take it below the 5690 swing low. On the flipside, a move above 5965-5975 cluster will open up the upside towards 6225 and potentially higher. Traders need to be nimble footed and trade as per the aforesaid levels
§ All sectoral indices closed the day in the red. Realty, Banking and Metals shares witnessed a consistent selling pressure. Oil & Gas, FMCG and Pharma shares witnessed minor selling activity. Broader market indices like Small cap and Midcap are trading below 200 DMA, but at crucial support. In absence of a swift recovery and a break of two week lows will trigger a deeper cut of ~10%. Bullish Setups: BHARTI, CIPLA, GAIL, INFO, ACC, TTMT, GMRI Bearish Setups: RELI, LICHF, OBC, ALBK, AXSB
§ US and European indices are oscillating near the yearly highs attempting a short-term consolidation before taking higher ground. Gold’s fall of $60 in mere two sessions from the peak of $1431 has shaken off the weaker hands in the short-term. As long as it trades above $1353, the uptrend from the intermediate bottom of $1155 remains intact. Crude is experiencing a similar move and the bullish pivot of $85 needs to be watched closely.
§ Interesting chart setups: BHARTI, GAIL, CIPLA, LICHF, RELI, OBC
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