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Edelweiss Technical Reflection (ETR)
§ Nifty traded in a range bound session and closed with a marginal gain. It has made a ‘doji’ candlestick pattern suggesting indecision among the market participants. Momentum oscillators on the hourly chart are indicating positive divergence which could result in a small rally on the upside. However daily oscillators are trading in favor of a downside. Market breadth for the third session continues to be strongly in favor of declining stocks. Nifty 50 stocks A/D ratio improved at 1:1.5. Nifty is trading close to multiple support areas of 200SDMA at 5607, declining trend channel support (black) and advancing eighteen month channel (blue) where the down move is likely to pause. The immediate upside is likely to be capped by hourly MAs at 5700 and 5755.
§ High beta Realty and Metals shares were among the major losers followed by Cap Goods. IT continues to outperform the market, and the Banking and FMCG shares witnessed tepid buying. The stock price of LT is trading at multiple swing supports at 1675 and with extremely oversold conditions (RSI at 17); a rebound rally is in the offing. Upside is likely to be capped by 200SDMA at 1850. Bullish Setups: INFY, BHARTI, CAIR, HCLT, GRASIM Bearish Setups: SAIL, HPCL, AXSB, DLF, HH.
§ EUR was unable to build on previous weeks gains as it trades near the crucial breakout point of 1.341. Gold is trading at the lower end of the range at $1350 and a break lower will lead to a sharp fall towards $1265.
§ Interesting chart setups: BHARTI, CAIR, MSIL, HH
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