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The short-term weakness persisted for the third day in a row as the Nifty ended ~1% lower, snapping the seven week advance. On the weekly charts a ‘dark cloud cover’ candlestick
Indices ended lower on the back of profit taking ahead of a long weekend for the Indian markets. Nifty opened with a minor gap down and dipped towards the 5300 mark before a recovery in the second half to close 0.66% lower at 5322. For the day Nifty has formed a ‘doji’ candlestick pattern on the back of low volumes and balanced breadth indicative of the lackluster nature. Earlier in the week Nifty made a top at the trend line joining previous tow tops at 5380 resulting in the down move. However in the coming sessions the index needs to break above the trend line to gain short-term bullish strength along with sustenance of trade above the 5300 mark.Momentum oscillators have turned bullish on the daily charts with MACD giving a buy crossover, however the sell signal on hourly charts means Nifty could undergo some sideways consolidation before the ST rally resumes.Weekly charts on the other hand continue to remains constructive. Important supports are pegged at 5300 and 5260 i.e. the 21 and 50 day EMAs, whereas 5380 remains the critical resistance.
Barring the minor gain in Power index (+0.42%), all other sectoral indices ended the day in the red. Among the top losers of the day were Realty (-1.35%), Metals (-1.02%) and Banking (-0.75%) indexes. A mixed trend was seen in the broader markets with Mid-cap index losing 0.03% and the Small-cap index gaining 0.40%.
Bullish Setups: BHARTI, ADE, NTPC, RIL, CNXBANK, LT, RBXY
Bearish Setups: DLF, ACC
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