Markets got off to a poor start in the crucial August series derivatives settlement week as the benchmark index dropped 0.65% to close near the important pivot of 5345. The fall however came on the back of low volumes, which is uncanny to an expiry week indicative of the ongoing lack of interest in the Indian markets. Weakness was more pronounced in the broader markets with breath deteriorating to 1:2.2. Nifty is trading below the key 21 and 50 hourly EMAs of 5387 and 5379 respectively that will act as stiff resistances in the immediate near-term. Short-term momentum has rolled over that will likely put further pressure to press sales. For the coming session, we will closely watch the price action around the support of 5345, as continued weakness has potential to pull Nifty back down to the 5250 (50-day EMA) support; whereas strength at 5345 could mean a re-test of the 5400 mark.
Barring the marginal gains in Oil & Gas (+0.34%) and FMCG (+0.22%), all other sectoral indices ended the day lower. Among the top losing sectors of the day were Realty (-2.42%), Banking (-1.81%) and Cap Goods (-1.61%). Weakness in the broader markets is extending further as the Mid-cap and Small-cap index lose yet another 1% each.
Bullish Setups: INFO, ACC, TCS, CNXBANK, TTMT, CAIR, HUVR
Bearish Setups: IDEA, HDIL, HNDL
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