The benchmark index Nifty traded in an extremely narrow range throughout the day, snapping the nine session winning streak, ahead of the mid-week holiday. A small 'doji' candlestick pattern has formed on the daily chart that signals a pause after a large rally. Volumes were relatively lower as compared to previous session, but the breadth was strongly in favor of advances indicating the strong price action in the broader markets. After facing supply at the 5650 mark, Nifty seems to have got into a consolidation phase on the back of overbought momentum oscillators that could continue for a while before the rally resumes for higher targets of 5750. Immediate supports are pegged at 5570 / 5500 and one should look to buy on dips to supports.
Trend among the sectoral indices was mixed with gains coming from Cap Goods (+0.90%), Power (+0.88%) and Banking (+0.69%) sectors. The prominent losing sectors of the day were Oil & Gas (-1.13%), IT (-0.54%) and Healthcare (-0.22%). For the second day in a row, the broader markets have managed to outperform the frontline index with gains of 0.88% for the Mid-cap index and 0.73% for the Small-cap index.
Bullish Setups: INFO, POWF, GAIL, HUVR, BHEL, SHRS, ADSEZ
Bearish Setups: UTCEM, CAIR, STER
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