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Edelweiss Technical Reflection (ETR)
§ The index opened on a strong footing and traded steadily in the first half. However the 50 DMA at 6065 proved to be a tough resistance to cross, which led the index to drop sharply in the second half. Nifty managed to close the session absolutely flat suggesting three consecutive sessions of indecisive mood of the market. Hourly momentum oscillators have triggered a sell, indicating a drop towards the 5964 support initially and further down to the 5925 retracement support. Market breadth turned in favor of declines in the second half aiding the immediate term weakness. Nifty 50 stocks A/D ratio was neutral at 1:1. The failure to trade past the 50-DMA and close above the 6000 mark is likely to trigger a near-term correction / consolidation on the index that could last for couple of trading sessions. The daily MACD buy trigger is likely to ensure demand at support levels for the index. We maintain our trading range of 6100-5820 in the short-term.
§ Metals shares led by Tata Steel and Sterlite were the major gainers yesterday. Oil & Gas and IT shares too belonged to the gainers category. Substantial weakness was witnessed in Banking shares followed by FMCG and Realty stocks. Bullish Setups: BHARTI, CIPLA, GAIL, SAIL, INFO, SUEL Bearish Setups: RELI, LICHF, OBC, ALBK
§ US and European equity indices had a lackluster session yesterday amid a global equity risk asset consolidation phase. Commodities are trending higher on the back of strong momentum and near-term USD weakness. Crude is likely to test the $100 mark, and Gold is inching towards new all-time highs above $1425.
§ Interesting chart setups: BHARTI, GAIL, CIPLA, LICHF, RELI, OBC
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