It was a rather quiet beginning to the expiry week for the benchmark index as it traded in a narrow range of 47 points and ended lower by 0.30% to close at 5670 resulting in a small range day indicating a pause within an uptrend. Devoid of any global cues and domestic noise, traders looked to lock in profits at higher levels. Price action remained focused on the broader markets where strong moves were seen once again. That was also reflected in the breadth that ended in favor of advances. Volumes were marginally lower as compared to previous session but remain at elevated levels. Immediate near-term momentum is undergoing a corrective phase due to the overbought nature, but does not seem to threaten the underlying bullish short-term momentum. For the coming sessions, Nifty is likely to find support at the 5650 (21-hourly EMA) / 5610 cluster, where longs can be re-entered placing reversal below 5535, targeting 5750 / 5800.
It was a mixed day at the bourses among the sectoral indices. The prominent gaining sectors of the day were shares from Power (+1.70%), Realty (+1.45%) and Cap Goods (+1.15%) indices; whereas the prominent losing sectors were FMCG (-1.48%), Oil & Gas (-1.43%) and Healthcare (-0.32%). Broader markets managed to outperform the frontline index with gains of 0.33% for the Mid-cap index and 0.85% for the Small-cap index.
Bullish Setups: CNXBANK, BHEL, DLFU, POWF, SHRS, TPWR, LANCI
Bearish Setups: TCS, DRRD, HUVR
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