Indian markets consolidated the short-term bullish setup with a strong performance on Friday managing a close above the 5100 mark. The final session of the previous week began on a positive note and on expectations of a favorable outcome of key events in the current week, managed to rally throughout the day to close near the highs. Nifty has regained its spot above the crucial 200 DMA on a weekly closing basis that is likely to propel further gains. Trading volumes continue to clock at an average level and the breadth remained in favor of advances. Momentum oscillators have rolled bullish on the daily chart with MACD crossing above in the positive territory. The hourly cycle too has turned bullish after undergoing a minor correction. Expect Nifty to climb towards the 50% retracement mark of 5200 and on sustenance of the same can target the 61.8% retracement level of 5300. Key support on the downside is pegged at 5072 (200 DMA).
All the sectoral indices ended the day in the green led by gains in Auto (+2.57%), Banking (+2.19%), and Realty (+1.78%) indexes. Among the notable underperformers of the day were Oil & Gas (+0.71%) and Healthcare (+1.06%) indexes. The broader market indices managed to underperform the frontline index with gains of 0.57% for the Mid-cap and 0.46% for the Small-cap indices.
Bullish Setups: CNXBANK, REC, HUVR, DRRD, SIEM, RCAPT, TCS
Bearish Setups: ONGC
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