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Edelweiss Technical Reflection (ETR)
- The heavy selling pressure followed through in the first half of Friday’s session as the Nifty made a lower low of 5937. However the second half witnessed strong buying and the Nifty managed to recover the day’s loss and close the day in the green. The 5965-5930 support cluster has held on strongly and a further loss below is unlikely. Additionally a weekly close above 6000 has been achieved. The historically volatile month on October shaved off 0.20% from the Nifty, but more importantly it has lost 350 from the highs. Hourly momentum oscillators have triggered buy signals from oversold levels which will help the relief rally to last longer. Market wide breadth continues to be strongly in favor of declines. Nifty stocks’ ended neutral at 1:1. The larger range for the Nifty for the coming weeks is set between 6284-5850, but with a positive short-term bias. A bigger directional trend will pick only on a break and close above 6150.
- Bank stocks (led by ICICIBC), FMCG and Oil & Gas shares pulled the index higher. Metals, Realty and Power stocks continue to be a drag on the market. RIL has ended the month on a strong closing and is likely to be an outperformer in the coming weeks. Bullish Setups: RIL, TATA, CIPLA, ESOIL, JETIN. Bearish Setups: SESA, HDIL, DABUR
- Most global indices in the western markets and few Asian markets ended the week in the red as profit taking prevailed before this week’s FOMC announcement. The Shanghai Composite missed closing above the 3000 mark, however the underline trend remains bullish. Currency markets remained in a state of flux as much depends on the DXY move next week. Gold snapped back earlier losses to rally smartly on Friday. It manages to close at the high of the week, indicating bull’s stronghold.
§ Interesting chart setups: RIL, TATA, CIPLA, SESA, HDIL
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