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Edelweiss Technical Reflection (ETR)
§ Nifty opened yet again with a strong opening buy started to give up gains in the first hour. For the day it traded in a narrow range with a negative bias as the 6180 resistance has been difficult to overcome. Hourly MACD that had rolled bearish would likely lead to a further consolidation for the index, although the trend remains up as most daily oscillators are showing positive direction. Market breadth dropped marginally in favour of declines by the end of the day. Nifty 50 stocks A/D ratio was neutral at 1:1. We continue to maintain our bullish bias for a target of 6300-6450, but caution of an immediate near term consolidation / corrective action. Nifty has strong support at 6125-6090 which would protect any sharp declines.
§ Interest rate sensitive Banking shares (-2.5%) and Realty stocks (-1%) led the market lower. Selling activity was also witnessed in Autos and Metals shares. FMCG counters attracted defensive buying followed by bargains in Oil & Gas and Healthcare stocks. Yesterdays sharp down move in Bank Nifty has negated the bullish breakout with an ‘evening star’ candle pattern.
Bullish Setups:PLNG, DIVI, ABAN, JSP, BHARTI, RIL, HNDL, TATA, CAIR
Bearish Setups: BJAUT, TTMT, DRRD, TTSL
§ US and European equity indices ended up with marginal loss suggesting a phase of short-term consolidation. The larger uptrend in the western markets remains intact. Gold prices declined sharply of profit taking. The recent uptrend remains intact as long as $1353 is held.
§ Interesting chart setups: TATA, ABAN, LT, PLNG
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