Nifty extended gains for the third session lodging 0.48% to close a shade under 8800 handle in a rather volatile session. Continuing from where it left off on Wednesday, the index opened with a bullish gap and stretched above 8800 until profit taking in the final hour took it below the milestone mark. Trading volumes however were extremely high owing to MSCI quarterly index rebalancing and the market breadth ended 7:8 in favor of decliners. Volatility (India VIX) has ticked up to 13.24%, recovering from the historical low range. Momentum oscillators have rolled bullish on daily and hourly chart; albeit on the overbought side and hence barring some sideways consolidation should help markets climb higher. Expect Nifty to ascend towards the 8900-9000 mark in the short-term following a month-long range breakout with 8680 acting as a crucial support.
Trend among sectoral indices was mixed with gains posted in shares from Cap Goods (+1.4%), Banking (+1.2%) and Telecom (+0.4%); whereas losses were seen in Metals (-1.4%), Realty (-0.8%) and Healthcare (-0.4%) indexes. Boarder market Mid-cap and Small-cap indices traded in line with their frontline peer with marginal gains of +0.37% and +0.18% respectively.
Bullish Setups: ICICIBC, INFO, TTAN, EXID, DRRD, OBC
Bearish Setups: DLFU, BHARTI, HEXW
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8786 |
| Resistance 1 | 8820 |
| Resistance 2 | 8850 |
| Support 1 | 8754 |
| Support 2 | 8716 |
| Nifty 20 SDMA | 8641 |
| Nifty 50 SDMA | 8513 |
| Nifty 200 SDMA | 7901 |
| Adv : Dec [NSE] | 757 : 855 |
| Turnover Rs Crs. BSE+NSE cash | 41,782 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bullish |
| Stochastic | Bullish (OB) |
| DMI & ADX | Bullish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Nifty scales to 8900 " (01-Sep-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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