Indian markets snapped the five session downtrend with a smart reversal gaining 0.45% to end above the 5200 mark. First half saw the index make yet another lower low of 5169, but bargain buying soon emerged to help the index rally into the second half and close near the highs of the day. Nifty has managed to close back above the 21-day EMA of 5211 as well as breach the 21-hourly EMA.Volumes continue to be tepid suggesting an overall lackluster mood. Market breadth was neutral and the volatility subsided to fresh lows of the year. Near-term momentum oscillators that had turned oversold, have managed to roll bullish suggesting some upside risk. With the 'bullish gap' remaining unfilled, we are likely to see the index retrace the fall from 5348 to 5169, at 5258 (50%) and 5280 (61.8%).
Reversal in markers was visible in the sectoral moves today. High beta came back in favor with gains coming from Metals (+1.48%), Cap Goods (+1.07%) and Realty (+0.93%) indices. Shares from the Oil & Gas (-0.22%) and Healthcare (-0.22%) were the notable underperformers of the day. Trend among the broader market indices were mixed as the Mid-cap index gained 0.53% and the Small-cap index gained 0.29%.
Bullish Setups: CNXBANK, BJAUT, MSIL, COAL, BHARTI
Bearish Setups: TTMT, BOB, UNSP
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