Markets set-off the new month on a lackluster note with the benchmark index moving in a tight range of 52 points and closing with a marginal loss of ~0.25%. The day began on an optimistic note and it seemed that 5300 and higher was in reach, however, the on-going skepticism and uncertainty led to selling, pulling it back down to sub 5250 levels. Participation was low, and the market breadth was mildly in favor of advances. Immediate near-term momentum indicators are pointing to an oversold condition, hence on test of key supports can lead to a rebound rally. Short-term trend however remains down as long as Nifty trades below its 20 and 50 day EMAs and the momentum oscillators trade with sell signals. Nifty is poised to close the 'bullish gap' of 6th Aug at 5220 and possibly drop down to key support of 5200 and then lead to a rebound rally upto 5300.
Trend among the sectoral indices was mixed on a lackluster day like yesterday. The top gaining indices were Cap Goods (+0.63%) and Autos (+0.40%); and on the losing side were Realty (-0.86%), Oil & Gas (-0.80%) and Banking (-0.65%). Broader markets once again managed to outperform the frontline benchmark with marginal gains of 0.09% for the Mid-cap index and 0.03% for the Small-cap index.
Bullish Setups: INFO, TCS, RIL, BIOS, APNT, GDSP,
Bearish Setups: CNXBANK, LT, HNDL, ONGC, IDFC, HDFCB
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