Nifty continues to climb upwards for a fifth session gaining 1% to close a shade under 8300 and thereby erased 'Brexit' weakness completely. The index has also scaled to a new calendar year high of 8308 on course for higher peaks. Being a derivatives expiry session, the trading volumes clocked significantly above average levels whereas the market breadth ended 2:1 in favor of advancers. Volatility (India VX) ended at 16.29%, off its recent peak and back in the comfort zone for the bulls. Yesterday's session marked the monthly and quarterly closes, both on the positive side indicating a medium-term uptrend. Momentum oscillators have turned back up on hourly and daily chart thus suggesting the sharp rally is likely to extend further. With bulls powering above the previous peak of 8295 into 8300 territory, it is likely the rally will stretch further up to 8360 to close an earlier bearish gap and possibly extend up to 8490 with bouts of consolidation. Meanwhile, immediate downside support is not pegged at the 21 DEMA of 8155.
A secular uptrend was seen among sectoral indices led by gains in Realty (+2.4%), Power (+2.2%) and Telecom (+2.1%); whereas relative underperformance was seen in shares from IT (+0.45%), Healthcare (+0.55%) and Oil & Gas (+0.70%) indexes. Mid-cap and Small-cap indices continued to outperform their frontline peer indices with gains of +1.26% and +0.94% respectively.
Bullish Setups: ITC, CCRI, CIPLA, IGL, MM, HEXW
Bearish Setups: DABUR, HCLT, ALBK, IDFC
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8287 |
| Resistance 1 | 8336 |
| Resistance 2 | 8360 |
| Support 1 | 8242 |
| Support 2 | 8210 |
| Nifty 20 SDMA | 8190 |
| Nifty 50 SDMA | 8015 |
| Nifty 200 SDMA | 7794 |
| Adv : Dec [NSE] | 1040 : 528 |
| Turnover Rs Crs. BSE+NSE cash | 29,734 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bearish |
| Stochastic | Bullish |
| DMI & ADX | Bullish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " New calendar year highs " (01-Jul-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.
Follow us on
-----------------------------------------------------------------------------------------------------------------------------------------------
Disclaimer: This e-mail message may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. Please click here for detailed DISCLAIMER.
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