It was a flat trading day for the markets that ended lower for the fifth straight session. After an optimistic opening on positive Asian cues, the bears put on the sell trigger to push prices lower by the end of the day. Once again, the 21 and 50 hourly EMAs remain a significant resistance and are trending lower. Volumes have been tepid for this week, whereas the breadth has been falling in favor of declines mainly led by broader market sell-off. Nifty has entered the 'bullish gap' territory between 5189 and 5159 and remains at risk of closing it. Momentum oscillators continue to trade with a negative bias. We maintain our downside target of 5125 (38.2% retracement) and 5094 (200 SDMA); whereas upside is likely to be capped at 5245 (50-hourly EMA).
There was a clear distinction in today’s trading between the beta space and the defensive sector. Among the notable losing sectors of the day were Autos (-1.28%), Realty (-1.24%) and Power (-1.09%). Only gainers of the day were shares from FMCG (+0.96%) and Healthcare (+0.71%). The broader markets strongly underperformed with loss of 0.82% for the Mid-cap index and 0.86% for the Small-cap index.
Bullish Setups: CNXBANK, BHEL, ITC, HMCL, BHARTI, IDEA
Bearish Setups: TTMT/A, JETIN, ADE, SESA
Regards,
Edelweiss Research
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