INSUBCONTINENT EXCLUSIVE:
Much on the expected lines, the Nifty continued to consolidate in a capped range on Thursday
Though the broader market continued to remain under pressure, the Nifty ended the day losing just 23.35 points or 0.21 per cent
Though no deep losses were seen in the broader markets too, all sector indices except FMCG and PSU bank ended the day with some amount of
The Nifty presently continues to remain in a capped range in a congestion zone that it has created for itself.
Friday is expected to see a
quiet start and though some nominal downsides should not cause any surprise, the levels of 10,910 and 10,880 are expected to act as support
Resistance can be expected to come in at 10,990 and 11,035 zones.
Market should be approached cautiously for the day.The Relative Strength
Just like the previous days, this continues to remain neutral showing no divergence against the price
Daily MACD is bullish and it trades above its signal line
No significant formations were observed on Candles.
While having a look at pattern analysis, it appears that Nifty has presently created a
congestion zone for itself
In the coming days as well, we are likely to see the Nifty oscillating in a capped range before it prepares for a further upmove.
Overall,
However, no-confidence motion against government has further contributed to the already volatile environment in the market, though numbers
suggest that no major problem for the government would arise
But, with the market presently remaining structurally intact, we are left to just deal with the volatility that has remained ingrained in
We recommend making very select purchases while effectively tracking the leading and rotating sectors
Market should be approached cautiously for the day.
STOCKS TO WATCH: Fresh short positions were seen being built in stocks like Tata Steel,
NCC, Ashok Leyland, ICICI Bank, HCC, Hindalco, Jindal Steel, PTC, Granules, BEL, Infosys, DLF and Federal Bank.
(Milan Vaishnav, CMT, MSTA
is Consultant Technical Analyst at Gemstone Equity Research Advisory Services, Vadodara
He can be reached at milan.vaishnav@equityresearch.asia)
