Indian equities have managed to gain on Monday following the aftermath of Friday's Brexit outcome with Nifty ending flat at 8094. Although, the index opened lower following weak global cues, it immediately began to recover to break into positive territory but faced rejection near 8120 only slide back down. Nevertheless, it has formed an 'opening marubozu' candlestick pattern suggesting support near the 8000 handle. Trading volumes clocked at below average levels whereas the market breadth ended robust at 4:1 in favor of advancers, and volatility (India VIX) ticked down marginally to 18.5%. Momentum oscillator readings are mixed on hourly and daily time scale thus suggesting a period of consolidation in the immediate near-term. Nifty continues to hold above its 50 DEMA of 8003. Expect the index to gyrate between 8000-8200 till expiry to consolidate Friday's large loss.
A mixed trend was seen among sectoral indices led by gains in Healthcare (+2%), Cap Goods (+1.6%) and Realty (+1.3%); whereas losses were posted in shares from IT (-1.85%), Autos (-0.25%) and Telecom (-0.13%) indexes. Broader market Mid-cap and Small-cap indices relatively outperformed their frontline peer indices with gains of +0.8% and +1.5% respectively.
Bullish Setups: HEXW, CIPLA, BHFC, COAL, MM
Bearish Setups: TCS, UPLL, ARBP, YES
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8094 |
| Resistance 1 | 8120 |
| Resistance 2 | 8188 |
| Support 1 | 8055 |
| Support 2 | 8011 |
| Nifty 20 SDMA | 8187 |
| Nifty 50 SDMA | 7998 |
| Nifty 200 SDMA | 7776 |
| Adv : Dec [NSE] | 1221 : 339 |
| Turnover Rs Crs. BSE+NSE cash | 19,629 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bearish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Gyration to continue " (28-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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