Nifty ended a rather choppy session with marginal gain to keep its head above 8100 but continues to close underneath its 200 DMA. Following global cues, the index opened higher at 8200 but soon saw selling pressure to retest the 200 DMA followed by a recovery. However sustained selling from the 13 hourly EMA kept a lid on the market and resulted in another round of selling in the final hour. Trading volumes have clocked at higher than average levels and market breadth ended at 2:3 in favor of decliners. Volatility (India VIX) subsided down to 19.5% from 20.15% but has further headroom to test 22% levels in the near-term. Momentum indicators continue to remain in bearish and trending mode but readings in oversold zone suggest possible rebound risk coupled with Put-Call ratio at 0.69 levels indicating an oversold condition. Nifty is expected to oscillate between 8050-8400 in the near-term as long as 8050 is held on a closing basis.
A mixed trend was seen among sectoral indices led by gains in IT (+1.75%), Autos (+1%) and Telecom (+0.5%); whereas losses were posted in shares from Healthcare (-1.3%), Metals (-1%) and Banking (-0.1%) indexes. Broader market Mid-cap and Small-cap indices have relatively outperformed their frontline peer with marginal gains of +0.6% and +0.05% respectively.
Bullish Setups: PNB, MSIL, DITV, WPRO
Bearish Setups: BHEL, CAIR, HNDL, DRRD, BPCL
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8111 |
| Resistance 1 | 8165 |
| Resistance 2 | 8210 |
| Support 1 | 8070 |
| Support 2 | 8000 |
| Nifty 20 SDMA | 8525 |
| Nifty 50 SDMA | 8658 |
| Nifty 200 SDMA | 8130 |
| Adv : Dec [NSE] | 682 : 942 |
| Turnover Rs Crs. BSE+NSE cash | 30,435 |
| Oscillators | Comments |
| RSI | Bearish (OS) |
| MACD | Bearish |
| Stochastic | Bearish |
| DMI & ADX | Bearish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " RSI in oversold zone " (17-Nov-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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