After opening lower on bearish overnight global cues, the benchmark index traded in a narrow range of 29 points throughout the day and closed below the crucial 5400 mark. Nifty managed to take support at the 10-day EMA of 5370 for the day and avoided a weekly negative close below 5366, maintaining the four week bullish trend. It was low activity day with marginally thin volumes, but the breadth was poor indicating the continued weakness of the broader markets. Short-term momentum has rolled bullish within an overall bullish setup suggesting further grinding into the crucial August series derivatives settlement week. A minor uptick was witnessed in volatility with India VIX closing at 16.16 and managed to snap the five-week declining trend. The index has very good support at 5345 (i.e. previous multiple swing highs) which will cushion the current choppy range. On the whole we remain bullish in the short / medium term for target of 5650 / 5700.
Most of the sectoral indices ended the day in red with the exception of FMCG (+0.34%), Healthcare (+0.25%) and Autos (+0.05%). Among the top losing sectors were Realty (-2.54%), Banking (-1.08%) and Power (-0.80%). Broader market Mid-cap and Small-cap indices continued their underperformance with losses of 0.58% and 0.78% respectively.
Bullish Setups: INFO, ACC, TCS, CNXBANK, TTMT, CAIR, HUVR
Bearish Setups: IDEA, HDIL, HNDL
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