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§ Nifty dropped in the later part of the session undoing earlier gains, and even closing below the psychologically important 6000 mark. Today’s session suggests that the bulls to overcome in the previous couple of weeks lack conviction to take the market higher above 6000 in which case it could get restricted within a trading range. Hourly MACD has rolled triggered a bearish crossover, although it is trading above the zero line. Daily oscillators are giving mixed readings thus indicating a range bound market. Market breadth was reduced to marginally in favour of advances. Nifty 50 stocks A/D ratio was balanced at 1:1. Yesterday’s trade suggests that going forward, unless the index closes above the 50DMA that has been acting as a strong barrier in the past couple of weeks, it get restricted to a range trade between 5855-6030 in the short-term. However bulls have the slight edge as the Nifty is trading in a steep rising trend channel, and is making a higher high with a potential to test 6090.
§ Metals, PSU and FMCG shares were among the gainers; selling activity was seen in Oil & Gas, Cap Goods and Banking shares. Despite moving down after triggering a breakout above 11615, the Bank Nifty continues to make a higher high and higher low along with a buy signal in short-term oscillators. Bullish Setups:TATA, SHRS, PLNG, SESA, ABAN, AXSB, BHARTI Bearish Setups: BJAUT, KMBH, DRRD, HH.
§ USD-INR (futs) is making a ‘bearish flag’ pattern on the daily chart, with the momentum oscillator triggering a sell signal. A break 45.05 would confirm the same for a target of 44.25. DXY is on course to test the 200 DMA at 81.75 that could keep risk assets in a constant state of flux in the immediate short-term.
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