Markets have once again taken a breather after Friday's spirited rally that took Nifty above 8600. The index continues to face resistance near the 8680-8700 mark and resulted in profit taking of 0.39%, but not before an intraday dip down to 8600. Trading volumes have been tepid as compared to the previous session and the market breadth has ended 2:3 in favor of decliners. Volatility (India VIX) has ticked up to 14.18% from calendar lows but continues to indicate a low risk near-term environment. Momentum readings are whipsawing in the daily and hourly scale and are unable to guide direction. While the index is charting out an ascending broadening pattern, a breach above 8720 will offer a rally to the upper boundary target of 8850. On the downside 8520 will now act as the key trend pivot for the short-term.
Among the key sectoral movers, gains were seen in shares from Metals (+1.45%), Oil & Gas (+0.91%) and Cap Goods (+0.81%); whereas losses were posted in Telecom (-1.62%), IT (-1.31%) and Autos (-0.61%) indexes. Broader market Mid-cap and Small-cap indices relatively outperformed their frontline peer with +0.55% and -0.01% respectively.
Bullish Setups: SBIN, ICICIBC, TATA, ONGC, SHTF, SHTF
Bearish Setups: ACC, HMCL, ARBP, TECHM, IIB
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8642 |
| Resistance 1 | 8684 |
| Resistance 2 | 8728 |
| Support 1 | 8600 |
| Support 2 | 8578 |
| Nifty 20 SDMA | 8610 |
| Nifty 50 SDMA | 8412 |
| Nifty 200 SDMA | 7869 |
| Adv : Dec [NSE] | 610 : 994 |
| Turnover Rs Crs. BSE+NSE cash | 24,886 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bearish |
| Stochastic | Bullish |
| DMI & ADX | Bullish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " 8680-8700 resists " (17-Aug-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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