Nifty continued to have a listless session on the penultimate day of August series derivatives settlement with marginal gain of 0.21% at 8650. The index oscillated in 41 points range throughout the day with tepid volume activity but the market breadth ended 3:2 in favor of advancers. Volatility (India VIX) has dropped to another calendar year low of 13.49% continuing to suggest a low risk near-term environment on lack of triggers. Nifty has been trading within a triangle pattern for nearly two weeks and is now close to the breakout window period. Momentum readings have turned flat on short-term chart while the intermediate term signals trade in bullish territory. Immediate near-term resistance is pegged at 8675 and 8700 thereafter. Bullish breakout of the range will be triggered above 8720 for a rally up to 8865; whereas the bullish hypothesis will be negated below 8540.
Once again a mixed trend was seen among sectoral indices led by gains in Oil & Gas (+1.49%), Healthcare (+1.3%) and Power (+0.69%); whereas losses were posted in shares from Telecom (-0.34%), Metals (-0.22%) and Cap Goods (-0.01%) indexes. Boarder market Mid-cap and Small-cap indices relatively outperformed their frontline peer with gains of +0.61% and +0.65% respectively.
Bullish Setups: INFO, SAIL, ICICIBC, VEDL, JETIN
Bearish Setups: HPCL, GNP
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8650 |
| Resistance 1 | 8675 |
| Resistance 2 | 8696 |
| Support 1 | 8620 |
| Support 2 | 8580 |
| Nifty 20 SDMA | 8635 |
| Nifty 50 SDMA | 8465 |
| Nifty 200 SDMA | 7884 |
| Adv : Dec [NSE] | 948 : 651 |
| Turnover Rs Crs. BSE+NSE cash | 21,417 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bullish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Listless day before expiry " (25-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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