Yet again, it was a day of consolidation for the frontline index Nifty as it oscillated in a narrow range of 50 pints to finally close with a minor gain of 0.16% at 5288. For the second day, the broader markets were more active than the frontline stocks as a result the volumes clocked were at an average and the market breadth was favorable. Momentum in the immediate near-term is a bit overbought resulting in some minor profit taking / sideways price action; however the short / medium term readings are bullish to help the index climb above the 5300 barrier.As per the overall structure we expect Nifty to test the 5440 levels before witnessing any meaningful correction. Until then, declines to 5240 / 5200 are expected to be well supported.
On a mostly quiet day, the broader markets managed to outperform the frontline index with gains of 0.48% for the Mid-cap index and 0.80% for the Small-cap index. Among the notable sector movers were stocks from Consumer Discretionary (+3%), Realty (+2%) and Metals (+0.77%) indexes, and the laggards were from FMCG (-0.76%), and IT (-0.50%).
Bullish Setups: TATA, HMCL, BHEL, ICICIBC, PWGR, DLFU, ADE
Bearish Setups: TTMT/A
Regards,
Edelweiss Research
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