INSUBCONTINENT EXCLUSIVE:
and 50-DMA which currently stands at 10,646
The market saw a positive start, but soon lost ground to slip into negative territory
Thereafter, market spent much of session oscillating within a defined range.
In last hour-and-a-half of trade, Nifty pulled back once again
to end near high point of day and settle 55.10 points, or 0.52 per cent, higher.
A positive start is expected on Monday
We are likely to see market continue with pullback witnessed in last hour of trade on Friday
The broader market had outperformed in previous session, and this has kept market breadth favourable
The 10,787 and 10,865 levels are likely to act as immediate resistance for Nifty while supports may come in at 10,680 and 10,630 levels.
The
Relative Strength Index (RSI) on daily chart stood at 48.4168
It remains neutral and shows no divergence against price
The daily MACD is bearish as it trades below its signal line
On candles, Nifty is seen holding on to its 50-DMA and to confluence area of two pattern supports.
The 50-pack did not do much to gain some
proxy trend line for index
However, with Nifty taking support at its 50-DMA, we can expect market to inch higher
Traders should avoid shorts but can make select purchases
Stock-specific out-performances can be expected from favourably rotating sectors like PSU banks, consumption, infrastructure and
realty.
(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research Advisory Services, Vadodara
He can be reached at milan.vaishnav@equityresearch.asia)
