Nifty has leaped back into bullish outlook with a strong rally of 1.8% to regain the 7700 mark aided by positive global cues. The index was slated to open with a bullish gap and managed to take support of 21 hourly EMA to rally higher throughout the session and closed near day's high. It has thus posted a 'higher low' and is on the verge of breaking above the minor top of 7749 to new cycle highs. Trading volumes clocked at average levels whereas market breadth was robust at 4:1. Volatility (India VIX) subsided down to 16.81% on unwinding of some positions ahead of today's March series derivatives expiry session. Momentum has swung back in bullish mode on hourly charts while the daily momentum readings continue in bullish territory. Having nearly crossed above this week's top of 7749, Nifty is slated to test the 200 day EMA at 7775 and perhaps even stretch up to the 200 day SMA of 7895. Important support is now pegged at the 21 day EMA of 7524.
Barring a marginal loss of 0.13% in Telecom index, all other sectoral indices ended the session with handsome gains and were led by Realty (+3.85%), Banking (+3.13%) and Metals (+3.06%) indexes. Mid-cap and Small-cap indices marginally outperformed their frontline peer with gains of +1.81% and +1.87% respectively.
Bullish Setups: AL, TCS, INFO, AXSB, PIDI, BIOS
Bearish Setups: APHS, GNP, Z, IHFL
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 7735 |
| Resistance 1 | 7775 |
| Resistance 2 | 7800 |
| Support 1 | 7703 |
| Support 2 | 7668 |
| Nifty 20 SDMA | 7512 |
| Nifty 50 SDMA | 7371 |
| Nifty 200 SDMA | 7895 |
| Adv : Dec [NSE] | 1235 : 337 |
| Turnover Rs Crs. BSE+NSE cash | 20,717 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bullish |
| Stochastic | Bearish |
| DMI & ADX | Bullish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " On course for 200 DEMA " (31-Mar-16-EDEL)
Regards,
Tejas J. Shah +91 22 4063 5534
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