It was a lackluster day at the bourses as the Nifty traded in a narrow range of 44 points and ended the session flat. As a result it has formed a 'doji' candlestick that represents indecision among market participants as well as an 'inside day'. Nevertheless, the volumes clocked at above average levels and the market breadth ended 8:7 in favor of advancers. Volatility (India VIX) has dropped down to 15.3% and is clearly showing complacency in the market and possible risks can result in a sharp spike in volatility. Nifty continues to maintain its head above 8300 as well as the key 12 DSMA and 21 DEMAs, thus keeping the underlying bias upwards. Momentum indicators are showing mixed readings with stochastic rolling over and DMI trading with buy crossover. The index is undergoing a breather/consolidation while maintaining its head above 8300; however it is prudent to trim longs on any upticks as the upside is likely to be limited to 8490. Key trend pivot is pegged at the 21 DEMA of 8214.
Once again a mixed trend was seen among sectoral indices led by gains in Healthcare (+1.14%), FMCG (+0.92%) and Power (0.3%); whereas losses were seen in shares from IT (-1.63%), Cap Goods (-0.79%) and Telecom (-0.76%) indexes. Boarder market Mid-cap and Small-cap indices ended mixed with -0.41% and +0.04% respectively.
Bullish Setups: ONGC, JETIN, BEML, CIPLA, UPLL
Bearish Setups: TCS, COAL, TATA, YES, GDSP
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8337 |
| Resistance 1 | 8363 |
| Resistance 2 | 8398 |
| Support 1 | 8317 |
| Support 2 | 8290 |
| Nifty 20 SDMA | 8210 |
| Nifty 50 SDMA | 8049 |
| Nifty 200 SDMA | 7796 |
| Adv : Dec [NSE] | 871 : 745 |
| Turnover Rs Crs. BSE+NSE cash | 21,449 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bullish |
| Stochastic | Bearish |
| DMI & ADX | Bullish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Inside Day " (08-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.
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