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§ Nifty opened on a softer note, traded in a choppy down move in the earlier part, but rallied from intraday lows to trade positively through the remaining part of the session. The index has closed in the green for the second day, making a higher high, higher low sequence. It has also closed above the steep descending trend channel. The daily RSI and Stochastics have triggered a buy signal that will help extend the pullback in the short-term. Market breadth was strongly in favor of advances for the second session in a row. Nifty 50 stocks A/D ratio was favourable at 1.7:1. We expect the pullback to find resistance at the 38.2% retracement of the recent fall at 5935. The hangover of a bearish crossover of the 20 and 50 DMA will keep the bears active in the market. We maintain a trading range of 5750-5935
§ Realty shares have made a strong comeback from the three week drubbing, rallying ~5% yesterday. Power, FMCG and Auto stocks also notched up good gains for the day. Oil & Gas and IT sectors were the underperformers of the day. Bullish Setups: BHARTI, DRRD, GAIL, HH, APTY, SAIL Bearish Setups: IOC, RELI, RCOM, HDFCBK
§ European equity indices closed the session of a flat note after a strong down move the previous day. Across the Atlantic, US indices are trading marginally in the red within a short-term positive structure. USD-EUR has retraced 50% of the rise from 1.18–1.42, and is likely to find good support in the range of 1.29-1.28. Crude Oil is rallying on strong momentum in the short-term, but is likely to fizzle out near $88 resistance. Gold has moved above the $1382 swing high, opening the upside potential towards $1402.
§ Interesting chart setups: BHARTI, GAIL, HH, IOC, RELI
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