Further consolidation was seen on Friday with Nifty trading within a range of 56 points, but has managed to close above the 8800 handle. The index opened on a flat note and traded above its 21 hourly EMA within a tight range throughout the session on lack of additional triggers. Volumes however clocked at slightly above average levels and the market breadth ended 4:3 in favor of advancers. Volatility (India VIX) dropped to a new 52-week low, breaching the critical 13% mark on close; and expect volatility to recover this historical support zone. Momentum readings have entered a bullish zone following last week's upward breakout and the ADX is showing a trending period. Continue to expect Nifty to ascend towards the 8900-9000 mark in the short-term with 8700 acting as a crucial near-term support.
Among major sectoral movers, gains were seen in Telecom (+1.4%), Autos (+1%) and Realty (+0.95%); whereas losses were posted in shares from Metals (-0.2%), IT (-0.2%) and Cap Goods (-0.1%) indexes. Boarder market Mid-cap and Small-cap indices traded in line with their frontline peer with marginal gains of +0.49 and +0.36% respectively.
Bullish Setups: ICICIBC, INFO, TTAN, EXID, DRRD, TVSL
Bearish Setups: DLFU, RPWR, AL
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8809 |
| Resistance 1 | 8825 |
| Resistance 2 | 8875 |
| Support 1 | 8760 |
| Support 2 | 8724 |
| Nifty 20 SDMA | 8665 |
| Nifty 50 SDMA | 8537 |
| Nifty 200 SDMA | 7910 |
| Adv : Dec [NSE] | 892 : 688 |
| Turnover Rs Crs. BSE+NSE cash | 23,073 |
| Oscillators | Comments |
| RSI | Bullish |
| MACD | Bullish |
| Stochastic | Bullish (OB) |
| DMI & ADX | Bullish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " 52-week high close " (06-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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