After missing in action for few sessions, bulls have reminded that they continue to hold a grip on the market as the Nifty exhibited a spirited rally off swing supports neat 8540 to reclaim the 8600 handle on close. The index posted a gain of 0.40% owing to a strong rally in the second half and thus managed to close a shade above the 21 DEMA. Trading volumes however were tepid and the market breadth ended 7:8 in favor of decliners buy Nifty breadth was a robust 2:1. Volatility (India VIX) has further dipped down to 13.17% indicating that participants are perceiving a low-risk near-term environment. Momentum oscillators have rolled bullish on the hourly scale but are biased lower in the daily scale, however the slope of indicators is not alarming of a sharp weakness. Nifty remains restricted to the broad 8500-8700 range and yesterday's price action suggests a move back up to range highs in the immediate near-term. A directional move will materialize once the range is breached on either side with force.
Trend among sectoral indices was mixed and was led by gains in Autos (+1.44%), Cap Goods (-1.17%) and Metals (+1.07%); whereas losses were posted in shares from IT (-0.89%), Realty (-0.81%) and Telecom (-0.81%) indexes. Boarder market Mid-cap and Small-cap indices ended with marginal gains of +0.49% and +0.09% respectively.
Bullish Setups: ICICIBC, INFO, SAIL, EXID, GAIL, CEAT
Bearish Setups: LT, HEXW, WIPRO
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8607 |
| Resistance 1 | 8642 |
| Resistance 2 | 8668 |
| Support 1 | 8585 |
| Support 2 | 8543 |
| Nifty 20 SDMA | 8627 |
| Nifty 50 SDMA | 8491 |
| Nifty 200 SDMA | 7892 |
| Adv : Dec [NSE] | 711 : 889 |
| Turnover Rs Crs. BSE+NSE cash | 19,196 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bearish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " 8600 reclaimed " (30-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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