Nifty edged higher in trade yesterday to new 2016 highs and managed to surpass Dec-2015 high of 7980. However the session was rather lackluster as the index vacillated in a narrow 51 points range. Trading volumes clocked at slightly above average levels and the market breadth ended neutral at 1:1 while volatility (India VIX) too was flat at 16.35% ahead of the FOMC and BoJ meeting outcomes. Momentum oscillators continue to retain bullish bias on daily charts whereas the same have turned bullish on hourly scale but are suggesting ominous negative divergence. Nifty faces strong resistance at the 7980-8000 cluster from the 50% Fibo retracement mark and the Decemebr-2015 swing tops and could perhaps overshoot to the upper Bollinger band of 8060. Only on sustaining above the level can the index stretch the rally stretching up to 8240. Trading support is now pegged at the 21 DEMA of 7767.
Trend among sectoral indices was mixed led by gains in Telecom (+2.9%), Oil & Gas (+1.2%) and FMCG (+1%); whereas losses were posted in shares from Banking (-0.87%), Power (-0.5%) and Realty (-0.36%) indexes. Broader market Mid-cap and Small-cap indices traded in line with their frontline peer lodging marginal gain of +0.13% and +0.28% respectively.
Bullish Setups: TTAN, AXSB, GNP, NJCC, TELX
Bearish Setups: MRCO, APHS, GDSP, BHIN
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 7979 |
| Resistance 1 | 8000 |
| Resistance 2 | 8050 |
| Support 1 | 7940 |
| Support 2 | 7900 |
| Nifty 20 SDMA | 7757 |
| Nifty 50 SDMA | 7494 |
| Nifty 200 SDMA | 7856 |
| Adv : Dec [NSE] | 748 : 793 |
| Turnover Rs Crs. BSE+NSE cash | 20,272 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bullish |
| Stochastic | Bullish |
| DMI & ADX | Bullish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " At an inflection point " (28-Apr-16-EDEL)
Regards,
Tejas J. Shah +91 22 4063 5534
--------
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