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Edelweiss Technical Reflection (ETR)
§ Nifty retreated below the 6000 mark after making a high of 6045 in the first half of the trading session. It continues to face supply from the 50 DMA which needs to be breached on a closing basis for bullish activity to pick up. The index continues to trade with lackluster momentum and low participation owing to the year-end holiday lull. Oscillators on the daily chart are showing mixed readings thus indicating a range trade. Hourly MACD has triggered a sell which could drag the index lower towards supports in coming session. Market breadth turned in favour of declines towards the end of the session. Nifty 50 stocks A/D ratio was marginally weak at 1:1.3. Nifty is likely to find support at the 21-DEMA and upward trending channel at 5960 where traders are likely to find buying interest. Overall the market is expected to be constricted to a range 5920-6050 for the derivatives expiry week.
§ Most sectoral indices ended down on selling pressure but for the defensives Pharma and IT shares that bucked the trend. Leading the market down were Metals, Realty and PSU shares. We continue to maintain a cautious to negative stance on Autos sector. The short-term bullish stance is likely to be positive on Bank Nifty as long as 11,400 is held. Bullish Setups: BRCH, SHRS, PLNG, SESA, DIVI, CIPLA Bearish Setups: BJAUT, KMBH, DRRD
§ Movement across currency markets has become range bound, and is likely to pick up direction in the New Year. Crude has given a break past the $91, well on its course towards $97-100. Gold is consolidating between $1390-1370, before it resumes the uptrend back towards the all-time high prices. Sugar is expected to stretch gains towards 37.50 cents in the coming weeks.
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