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§ Nifty has broken all key retracement support of the rise from 5690-6069. It has also managed a close below the 5800 mark. The index has gone below the 100-DEMA as well as trading below the key daily 21 and 50 DEMAs reinforcing the downward trend. All momentum oscillators have triggered a sell signal on the daily chart, and continue to remain in sell mode on the weekly chart. Market breadth continues to remains feeble for the sixth day in a row. Nifty 50 stocks A/D ratio was in strongly favor of declines at 1:15. On the weekly chart, Nifty is most likely to make a ‘bearish engulfing’ candlestick pattern that will keep the sellers active in the market. Nifty has crucial support at the November low of 5690, which if broken will lead to a test of the 200 DMA at 5500, and further down to 5450 (equality of the down move from 6338-5690). From hereon the market remains a sell on rallies setup.
§ Majority sectoral indices closed the day in the red. Severe selling was seen in Consumer Durables, Realty, Metals and Pharma shares. Bullish Setups: BHARTI, CIPLA, GAIL, INFO Bearish Setups:RELI, LICHF, OBC, ALBK, AXSB
§ US and European indices continue to oscillate near the yearly highs attempting a short-term consolidation before taking higher ground. Currency markets are also attempting a consolidation before taking direction.
§ Interesting chart setups: BHARTI, GAIL, CIPLA, LICHF, RELI, AXSB, BJAUT
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