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§ Nifty registered a smart rebound rally snapping six days of consecutive decline. In the process it has managed to make a higher low and higher high indicating near-term uptrend. The rally came on the back of huge volumes and strong breadth. Hourly oscillators that had rolled bullish from oversold territory are nearing the overbought territory. Daily oscillators are trading with a sell signal. Market breadth rebounded in favor of advancing stocks. Nifty 50 stocks A/D ratio was robust at 6:1. The much anticipated pullback rally has retraced 38.2% if the fall, and is most likely to do 50% at 5940 where a cluster of swing resistances will challenge the bullish strength. Incase of a breach of 5940, the rally can extend towards the 61.8% retracement at 6000.
§ Barring the Cap Goods sector all other sectoral indices closed in the green on bargain buying. Consumer Durables, Realty and Metals rebounded with a gain of ~3%. Power and Healthcare stocks underperformed the market. Immediate short-term trend has reversed for the CNXBANK with a buy signal in the stochastics that can offer a rally upto 11420-11675.Bullish Setups: HZ, IH, HCLT, BHARTI, TTCL, ICICIBC Bearish Setups: MSIL, IBREL, TTSL, BJAUT,
§ Global markets traded with strong price and momentum setup. DJIA is approaching the resistance are of 11,850 and if it manages a close above, the rally is likely to extend upto 12,550. We reiterate our target of 1310 on SPX. Crude Oil is trading near recent highs at $92, with price setup for a test of $97-$100.
§ Interesting chart setups: HZ, BHARTI, HCLT, MSIL, TTSL, BJAUT
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