Nifty extended gains by a small margin to trade above 8100 mark in yet another narrow but choppy trading session. After opening with a positive bias the index gradually climbed higher into Friday's bearish gap area with bouts of intraday declines that were well supported by the 13 hourly EMA. Trading volumes clocked at average levels whereas the market breadth remains robust at 2:1 in favor of decliners. Volatility (India VIX) has subsided down to 17.73% as the global markets rebound from sharp losses seen late last week. Momentum remains slow and sideways as price action has been rather range bound and oscillators are throwing mixed signal. We continue to believe Nifty is likely to gyrate between 8000-8200 till expiry and could possibly see selling pressure at the upper band of the range. Meanwhile, 8000 is expected to be protected from the 50 DEMA and a large put open interest there.
Trend among sectoral indices was largely positive led by gains in Telecom (+2.25%), FMCG (+1.75%) and Metals (+1.01%); whereas only IT (-0.89%) index ended on the losing side. Broader market Mid-cap and Small-cap indices continued to relatively outperform their frontline peer indices with gains of +0.48% and +0.79% respectively.
Bullish Setups: ITC, CCRI, CIPLA, IGL, COAL, MM
Bearish Setups: TCS, DABUR, HCLT, YES
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8127 |
| Resistance 1 | 8188 |
| Resistance 2 | 8200 |
| Support 1 | 8086 |
| Support 2 | 8039 |
| Nifty 20 SDMA | 8185 |
| Nifty 50 SDMA | 8002 |
| Nifty 200 SDMA | 7778 |
| Adv : Dec [NSE] | 1043 : 530 |
| Turnover Rs Crs. BSE+NSE cash | 19,703 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bearish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Inching up to close gap " (29-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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