Markets swung in either direction in yesterday's session and finally managed to close with a loss of 0.61% at 6987. After opening flat the index began to dip lower and at one point of time breached the recent low of 6869 to new 52-week low of 6825 followed by a sharp recovery 269 points to fresh intraday highs, however it failed to go past the 21 & 50 hourly EMAs and saw some selling in the final couple of hours to close down. Nevertheless, Nifty has formed a 'hammer' like candlestick pattern on daily chart and witnessed very high trading volumes thanks to the wild intraday swings. Among the notable internals, the market breadth continues to remain weak at 6:8 and the volatility (India VIX) has subsided down to 20% on passage of event risk. Momentum indicators continue to trade flat but remain in negative momentum territory on the daily scale. Nifty has also taken resistance at the 12 DSMA (7087) and that remains a crucial barrier for short-term bulls. Considering the large range of yesterday's session, Nifty is likely to consolidate between 6800-7100 in the immediate near-term.
A mixed trend was seen among sectoral indices led by gains in Banking (+1%), Realty (+0.3%) and Healthcare (+0.3%); whereas losses were seen in IT (-2.1%), Cap Goods (-2%) and Oil & Gas (-1.5%) indexes. Broader market Mid-cap and Small-cap indices ended mixed with +0.03% and -0.07% respectively.
Bullish Setups: ICICIBC, DRRD, UNSP, BIOS, ITC, TATA
Bearish Setups: PCJ, SRF, LPC, HMCL, GCPL
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 6987 |
| Resistance 1 | 7024 |
| Resistance 2 | 7100 |
| Support 1 | 6872 |
| Support 2 | 6825 |
| Nifty 20 SDMA | 7182 |
| Nifty 50 SDMA | 7454 |
| Nifty 200 SDMA | 7966 |
| Adv : Dec [NSE] | 640 : 872 |
| Turnover Rs Crs. BSE+NSE cash | 29,536 |
| Oscillators | Comments |
| RSI | Bearish |
| MACD | Bearish |
| Stochastic | Bullish |
| DMI & ADX | Bearish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Nifty drops & pops " (01-Mar-16-EDEL)
Regards,
Tejas J. Shah +91 22 4063 5534
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