Markets traded with resilience today resulting in the Nifty closing with a gain of 0.25%. Nonetheless, the session was not without its ups and downs, where the first half was rather lethargic in price action, the second half saw prices shooting upto 5260 (i.e. previous sessions high) only to revert back down trimming some of the gains. As a result a 'tweezers bottom' candlestick pattern has formed indicating a potential bullish reversal in the near-term. That also falls in line with our outlook of a rebound rally of the decline from 5449 to 5215. Market internals indicate relatively lower volumes and a balanced A/D ratio. Even the volatility dropped off a bit owing to a rather tight trading range. Momentum oscillators on the hourly chart continue to diverge positively, along with an oversold stochastic oscillator. Expect Nifty to hold its key pivot of 5200 and exhibit counter-trend rally upto 5300 / 5330 in the immediate near-term within an establish downtrend.
Trend among the sectoral indices was mixed with gains registered for IT (+2.55%), Auto (+0.73%) and Healthcare (+0.59%) indices, and losses for FMCG (-1.76%), Cap Goods (-0.86%) and Realty (-0.04%) indices. Mid-cap and Small-cap indices traded in-line with the frontline benchmark gaining 0.31% and 0.24% respectively.
Bullish Setups: TCS, RIL, BIOS, GDSP, HPCL
Bearish Setups: CNXBANK, LT, HNDL, ONGC, IDFC, HDFCB
Regards,
No comments:
Post a Comment