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§ After the first half jitters, Nifty recovered sharply in the second half to close above the 5700 mark. It continues to trade within the 5600-5750 range after previous weeks’ big slide. The 50-hourly MA continues to act as a strong barrier in pursuit of further upside. The momentum oscillators are showing mixed readings on the back of this week’s relief trade. Overall market breadth continues to be marginally in favor of declining stocks; while Nifty 50 stocks A/D ratio was good at 1.7:1. We maintain the near-term range trade bias on the index between 5600-5750. A move beyond 5750 is likely to extend towards 5810 intraday. The zone around 200-SDMA at 5612-5600 will act as a substantial support zone in the near-term.
§ Yesterdays second half surge was led by Banking and IT shares, whereas Oil & Gas and FMCG shares slid by >1%. BSE Realty Index chart setup signals a counter trend relief rally upto ~6%. Short-term momentum oscillators on CNXBANK have triggered a buy signal which could trigger a rebound rally in an overall bearish setup. Bullish Setups: INFY, HCLT, POWF, BRCM, SBI, REC, MPHL Bearish Setups: HH, DRRD, ACEM,
§ European indices have rolled bearish after two days of sharp decline. EUR and DXY continue to trade with high volatility, unable to find a direction. Gold has triggered a sell signal below $1350 for a target of $1265
§ Interesting chart setups: HCLT, PLNG, POWF, HH, ACEM, DRRD
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