It was yet another flat session at the bourses for the benchmark index as it lost 10 points to close at 5663. Nifty traded in an extremely tight range of 38 points for the entire day, hovering around the 21-hourly EMA. Market internal suggest, relatively lower trading volumes, and an absolutely flat breadth. A day prior to the September series derivatives settlement, and the volatility dropped down to 16.97 indicating a lackluster expiry session. Nifty has got into a consolidation mode after the rallying substantially last Friday, and typically follows a three session sideways trend. Momentum oscillator MACD on the hourly chart is on the verge of completing itrs corrective cycle as it approaches the zero line, after which the next leg higher should resume. Daily oscillators have turned flat, but remain in bullish territory. Immediate supports lie at 5620 / 5600 where one should look to take trading longs, targeting 5750 / 5800. Only on a close below 5600 will the short-term uptrend be negated.
For the third session in a row, the markets have been trading flat with mixed trend in sectoral indices. Among the gaining sectors of the day were FMCG (+0.65%), Healthcare (+0.57%) and Realty (+0.29%); and the losing ones were Metals (-1.17%), Cap Goods (-0.51%) and Power (-0.40%) indices. Broader market indices continue to outperform the frontline benchmark with gains of 0.27% for the Mid-cap index and 0.65% for the Small-cap index.
Bullish Setups: CNXBANK, BHEL, DLFU, GAIL, TPWR, CIPLA, HPCL
Bearish Setups: TCS, DRRD, BHARTI, COAL
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