Nifty continues to consolidate for a second day as it ended with a marginal gain of 0.39% in after a range-bound trading session. The index opened on a higher note following overnight global cues but immediate witnessed selling pressure dragging down to an intraday low of 7973 followed by a gradual recovery throughout the day. It has remained within Monday's large down day range of 7916-8102 and can remain sideways until the range is breached on either side. Trading volumes were weak ahead of today's derivatives expiry but market breadth bounced back to 4:1 in favor of advancers. Volatility (India VIX) reads at 18% and we expect it to swing between 17-21% in the short-term. With multiple points of support near 7900, it is likely that Nifty attempt a retest of 8145 (200 DMA) to 8200 in the coming few sessions following which renewed selling pressure should emerge.
Trend among sectoral indices was largely positive led by gains in Realty (+3.4%), Metals (+2.3%) and Healthcare (+2.2%); whereas underperformance was seen in Telecom (-0.01%) index. Broader market Mid-cap and Small-cap indices outperformed their frontline peer with gains of +1.2% and +1.5% respectively.
Bullish Setups: AXSB, OINL, IDEA, TCOM, TECHM
Bearish Setups: GAIL, BHEL, JUBI
| Nifty Index |
|
| Bloomberg Code | NIFTY Index |
| Spot Price | 8033 |
| Resistance 1 | 8064 |
| Resistance 2 | 8093 |
| Support 1 | 8000 |
| Support 2 | 7973 |
| Nifty 20 SDMA | 8359 |
| Nifty 50 SDMA | 8572 |
| Nifty 200 SDMA | 8144 |
| Adv : Dec [NSE] | 1259 : 358 |
| Turnover Rs Crs. BSE+NSE cash | 21,092 |
| Oscillators | Comments |
| RSI | Bearish |
| MACD | Bearish |
| Stochastic | Bullish |
| DMI & ADX | Bearish & Trending |
* OB: Over Bought
OS: Over Sold
Edelweiss Technical Reflection (ETR): " Range-bound expiry " (24-Nov-16-EDEL)s
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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