Nifty was pulled down by bears for a third straight session to effect a close at 52-week low below the psychological 7000 mark. After a rather flat open, the index gradually slid lower on back of expiry related pressures and the weakness across Asian peers, however some losses were recouped in the final half hour as Nifty took support at an intermediate swing low of 7960. Trading volumes clocked at above average levels and the market breadth continues to end in 1:2 in favor of decliners. Volatility (India VIX) subsided a bit to 22.75% but is likely to remain at elevated levels with the Union Budget coming up in the next week. Momentum readings have turned in favor of bears suggesting downside pressures to persist and any rallies to 7100 will be sold into. Expect a re-test of the Feb low of 6869 and perhaps a break lower for the 61.8% Fibo retracement level of 6650. Meanwhile, the Bank Nifty is approaching major support at 13,300 and should display some recovery there.
A mixed trend was seen among sectoral indices led by gains in Metals (+0.41%), Telecom (+0.18%) and Healthcare (+0.1%); whereas losses were seen in Power (-2.2%), Realty (-1.95%) and Cap Goods (-1.9%) indexes. Broader market Mid-cap and Small-cap indices relatively underperformed their frontline peer with losses of -1.14% and -0.9% respectively.
Bullish Setups: DRRD, UNSP, ADSEZ, ITC, CIPLA
Bearish Setups: MSS, TVSL, SRF, LPC, SHTF
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 6970 |
| Resistance 1 | 7008 |
| Resistance 2 | 7034 |
| Support 1 | 6950 |
| Support 2 | 6912 |
| Nifty 20 SDMA | 7237 |
| Nifty 50 SDMA | 7485 |
| Nifty 200 SDMA | 7978 |
| Adv : Dec [NSE] | 523 : 994 |
| Turnover Rs Crs. BSE+NSE cash | 20,801 |
| Oscillators | Comments |
| RSI | Bearish |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bearish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " 7000 violated " (26-Feb-16-EDEL)
Regards,
Tejas J. Shah +91 22 4063 5534
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