Markets ended lower in the final session of the week led by weakness in Global indices resulting in the Nifty closing just a shade above 5200. The index opened lower, breaching the 21 and 50-hourly EMAs and gradually drifted down as bulls lacked firepower to add any gains.Volumes were considerably lower suggesting an overall lackluster session and the breadth fell strongly in favor of declines. Momentum continues to trade in sell mode although in positive territory indicating a consolidation within a larger uptrend. We expect Nifty to drop back down to the 50-day EMA of 5163 and even close the ‘bullish gap’ at 5159. A close below the average will put the focus down to the 200 DMA of 5100. Immediate upside capped at 5258.
Among the key sectoral movers, Banking (-1.28%), Cap Goods (-1.14%) and Realty (-0.99%) were the top losers; whereas mild gains were registered in Autos (+0.27%) and Metals (+0.12%) indices. Broader markets managed to outperform the frontline index as the Mid-cap index lost 0.23% and the Small-cap index lost 0.11%.
Bullish Setups: Z, COAL, BHARTI, INFY, CRG, RIL
Bearish Setups: CNXBANK, ACEM, SBIN, TTMT, MSIL
Regards,
Edelweiss Research
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