Nifty scaled above two-week high today on the back of a smart rally in the second half of the session, piercing above the 5400 mark and nearly tested the August high of 5448. The index opened with a small bullish gap and after trading in a choppy range, took-off in the afternoon on the back of German Constitutional court ratifying the bailout fund that cheered risk assets globally. Yesterday's bullish advance came on the back of strong volumes and a strong A/D ratio. It seems the up move has legs to go further despite overbought hourly charts, as the daily momentum is in fine fettle. Once the swing high of 5448 is taken out, the bulls are likely press on the accelerator eyeing 5500 and 5630. On the downside, the support has moved higher from 5300 to 5350.
Barring the weakness in Power (-0.98%) and Healthcare (-0.43%) indices, all other sectoral indices ended the session in green. The top gaining sectors of the day were Metals (+2.14%), Autos (+1.26%) and Cap Goods (+1.20%). Mid-cap and Small-cap indices underperformed their frontline benchmark with gains of 0.41% and 0.46% respectively.
Bullish Setups: TCS, RIL, COAL, TTMT, SAIL, CNXBANK
Bearish Setups: IRB, SOBHA, UNSP
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