Nifty traded in a sideways fashion yielding a marginal gain of 0.24% to close at 8180 in yesterday's session as the market digests the sharp gains seen last week. The index is undergoing consolidation in the immediate near-term and is likely to trade between 8100-8240, thus holding above its 21 & 50 hourly EMAs. Trading volumes clocked at below average levels whereas the market breadth ended 4:3 in favor of advancers. Volatility (India VIX) slipped back down to 15.85% but is expected to edge higher on back of important events lined up in the month. The overbought momentum is now undergoing a cool-down on the hourly charts whereas the daily readings remain firmly in bullish mode. We continue to expect Nifty to oscillate between 8100-8240 before this rally can extend further. Upside targets for the range breakout are pegged at 8240 (61.8% Fibo retracement of 2015-16 down move) & 8365 with strong support emerging at 8000.
Trend among sectoral indices was mixed and was led by gains in Telecom (+2.83%), FMCG (+1. 6%) and IT (+0.83%); whereas losses were posted in shares from Banking (-1.19%), Cap Goods (-0.61%) and Autos (-0.6%) indexes. Mid-cap and Small-cap indices ended mixed -0.30% and +0.18% respectively.
Bullish Setups: ADSEZ, DRRD, RECL, PIDI, UBBL, CDH
Bearish Setups: Z, TGBL, BAF, DITV, AXSB
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8179 |
| Resistance 1 | 8215 |
| Resistance 2 | 8240 |
| Support 1 | 8134 |
| Support 2 | 8080 |
| Nifty 20 SDMA | 7905 |
| Nifty 50 SDMA | 7809 |
| Nifty 200 SDMA | 7779 |
| Adv : Dec [NSE] | 873 : 684 |
| Turnover Rs Crs. BSE+NSE cash | 19,918 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bullish |
| Stochastic | Bullish (OB) |
| DMI & ADX | Bullish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Lackluster session " (02-Jun-16-EDEL)
Regards,
Tejas J. Shah +91 22 4063 5534
Edelweiss Research is also available on Bloomberg EDEL <Go>, Thomson First Call, Reuters and Factset. Please write to us in case you need any assistance in this respect.
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