Markets have extended gains following Tuesday's sharp up move with Nifty ending the session up 2.03% at 7368. Following positive global cues and the underlying momentum helped Nifty open with a large bullish gap and continued to build gains thereafter to again close near the highs of the day. Trading volumes continue to remain perky and the market breadth ended 4:1 in favor of advancers. Volatility (India VIX) ends flat at 19% and is now likely to remain in a range of 17-21% in the short-term. MACD momentum oscillator has rolled bullish along with fast stochastic suggesting upside rally is likely to continue, however the hourly readings have reached an overbought state hence there can be consolidation near 7400. Nifty has given a breakaway gap from a 'double bottom' pattern with target in the range of 7550-7600 where the 4-month falling trend line will cap further upside. On the downside, the 21 DEMA and breakout level of 7201 will act as a strong support.
Barring a marginal loss of 0.11% in FMCG index, all other sectoral indices ended the day in the green and were led by gains in Realty (+5%), Banking (+4.9%) and IT (+2.5%) indexes. Broader market Mid-cap and Small-cap indices relatively underperformed their frontline peer with gains of +1.9% and +2.2% respectively.
Bullish Setups: ICICIBC, HNDL, MSIL, UNSP, ITC, TATA
Bearish Setups: PCJ, LPC, OINL
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 7368 |
| Resistance 1 | 7400 |
| Resistance 2 | 7434 |
| Support 1 | 7323 |
| Support 2 | 7275 |
| Nifty 20 SDMA | 7170 |
| Nifty 50 SDMA | 7434 |
| Nifty 200 SDMA | 7957 |
| Adv : Dec [NSE] | 1257 : 323 |
| Turnover Rs Crs. BSE+NSE cash | 24,078 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bullish |
| Stochastic | Bullish |
| DMI & ADX | Bearish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Breakaway gap " (03-Mar-16-EDEL)
Regards,
Tejas J. Shah +91 22 4063 5534
-----------------------------------------------------------------------------------------------------------------------------------------------
Disclaimer: This e-mail message may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. Please click here for detailed DISCLAIMER.
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment