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9am with Emkay |
n Technical Comments
Still below the resistance line
After a gap up opening, Nifty did not do much on the bullish side, but traded sideways in a narrow range of 20 odd points throughout the day. Though the close of Nifty was above 6150 mark, the resistance line packed at 6176 level is constantly putting pressure on the bulls. Also the hourly MACD cycle has turned negative and hence unless we go pass the hurdle of 6176, we may see a down to sideways move of 50 to 100 odd points. However, the overall trend will remain bullish unless 5982 is violated. Two key supports on the way down are 6127 (i.e. 20-HSMA) and 6057 (50-HSMA).
BSE Capital Goods
BSE Capital Goods index is still looking good as the positive momentum still persists after the triangular breakout on upside. Hence in the near term this index can head higher upto 16,000 level.
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