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Edelweiss Technical Reflection (ETR)
§ Nifty closed on a flat note after a listless session throughout the day. 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 declined to close in negative territory at approximately 3:4 ratio. Last 2 session suggest that going forward, unless the Nifty closes above the 50DMA, the uptrend would get arrested and the move would 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.
§ IT & Healthcare stocks rallied marginally while Metal names retreated after advance witnessed in previous few sessions. Sectorally, the Auto space remains in distribution mode while the banks are now getting confined within a trading range . Bullish Setups: BRCH, DIVI, SHRS, PLNG, SESA, ABAN, BHARTI Bearish Setups: BJAUT, KMBH, DRRD, HH, MSIL
§ 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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