Nifty snapped the three session losing streak as it gained 0.45% in yesterday's session to close at 8745. The index opened on a flat note but led by gains in the global markets, began to trend higher for the day and managed to cross above the 5 & 13 hourly EMAs. Thus Nifty has retraced 38.2% of its three session decline and could possibly move towards 50% Fibo retracement before selling any renewed selling interest. Trading volumes clocked at average levels and the market breadth was robust at 2:1 in favor of decliners. Volatility (India VIX) continues to subside and is now down to 13.85% ahead of today's September series derivatives settlement. Momentum readings on hourly scale have rolled bullish indicating a rebound rally whereas the daily readings remain in neutral mode. As long as Nifty remains capped under 8800 expect rallies to fade out and the index remains at risk of correcting down to the support cluster of 8620-8650 where the 50 day EMA is stationed in the short-term.
Barring a marginal loss of -0.26% in IT index, all other sectoral indices ended the session in green and were led by gains in Telecom (+2.3%), Metals (+1.9%) and Realty (+1.4%) indexes. Mid-cap and Small-cap relatively outperformed their frontline peer with gains of +0.91% and +1% respectively.
Bullish Setups: VEDL, IBREL, HCLT, IOCL, ARBP, TGBL
Bearish Setups: LT, TTMT, JETIN
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8745 |
| Resistance 1 | 8765 |
| Resistance 2 | 8809 |
| Support 1 | 8690 |
| Support 2 | 8654 |
| Nifty 20 SDMA | 8799 |
| Nifty 50 SDMA | 8687 |
| Nifty 200 SDMA | 7987 |
| Adv : Dec [NSE] | 1037 : 583 |
| Turnover Rs Crs. BSE+NSE cash | 24,540 |
| Oscillators | Comments |
| RSI | Neutral |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bearish & Non Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Lid at 8800 " (29-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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