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§ Nifty traded lower for the third consecutive session, dragged by the decline in Financials. The index opened flat and soon entered bear territory breaking the low of 5964. The decline was regulated and gradual as other sectors held on to gains. Last hour witnessed frantic buying activity as the index recovered smartly off the day’s low. It is now trading above the hourly 21 and 50 EMAs. The hourly MACD has turned trajectory from the zero line, an indicator of an imminent reversal in price. Market breadth however was in favor of declines. Nifty 50 stocks A/D ratio was marginally better at 1.5:1. The price and momentum structure on intraday suggests that the index is likely to move up. A break above 6018 will confirm the same. On the downside, support is likely to emerge at the 5925-5900 cluster, and under a bullish daily momentum setup is likely to ensure demand at lower levels for the index. We expect a trading range of 5900-6065 in the immediate near term.
§ Banking shares traded at a different tangent to the rest of the market as it witnessed a cut of ~3%. Realty and FMCG shares ended with minor loss. Metals shares led by Tata Steel and Sterlite were the major gainers yesterday. Oil & Gas, Metals and IT shares once gained belonged to the gainers list. Reliance Inds has managed a close above 200-DEMA at 1030, and another day of positive trade will trigger a buy signal, with a target of 1120. Bullish Setups: BHARTI, CIPLA, GAIL, SAIL, INFO, SUEL Bearish Setups: RELI, LICHF, OBC, ALBK, AXSB
§ All major stock indices are nearing a positive yearly close for the second year in a row, and are carrying a bullish sentiment and momentum into the first quarter of next year. Gold has snapped the six session winning streak after making a new life high of $1431. Crude too has reacted sharply lower from the two year high of $90.75. The underline price and momentum setup remains bullish for a test of $100.
§ Interesting chart setups: BHARTI, GAIL, CIPLA, LICHF, RELI, OBC
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