It was a quiet session on the bourses as the benchmark index traded in a narrow range and ended the day at 5128, up 0.20%. After a flat opening due to lack of any significant global cues, the index gradually climbed higher, only to see a sharp drop mid-session towards the 200 SDMA of 5100. The 50 and 200 SDMAs at 5093 and 5102 are converging making it a potent support cluster. Additionally, the fall from the peak has been in a regulation trend channel where prices have managed an intraday bounce off the channel support. Momentum indicators that were in an oversold state have recovered and pointing to further upside in the immediate short-term.Volumes continue to be tepid ahead of the crucial July series derivatives settlement. Volatility too subsided today as represented by the India VIX.For the coming sessions, we expect Nifty to climb towards the 5200 mark where the 21-day EMA and the nearest 'bearish gap' coincides, risking the 5100 / 5094 area on a closing basis.
Most of the sectoral indices ended the day marginally in the green with the exception of Cap Goods (-1.09%), IT (-0.67%) and Autos (-0.11%). Among the top gainers were shares from FMCG (+1.91%), Oil & Gas (+0.84%) and Healthcare (+0.36%) indices. Broader market indices too ended the day flat with gains of 0.16% for the Mid-cap index and +0.13% for the Small-cap index.
Bullish Setups: Z, BHARTI, INFY, RIL
Bearish Setups: CNXBANK, ACEM, SBIN, TTMT
��
No comments:
Post a Comment