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NSE-NIFTY begun week on a flat note, where index managed to breach prior daily downtrend with the minor gain - Reliance Sec

Investment Guru India 2017-12-05 11:28:53

Technical Research


* Yesterday, NSE-NIFTY visited prior swing low post a firm opening on back of sharp decline in the initial trade, where index slipped from 10,179 to 10,096 levels. Later, NIFTY oscillated from 10,160 to 10,110 range for rest of the day and finally, closed the session at 10,128 mark, with the gain of 6 points.

* NSE Cash segment reported turnover of Rs24,737 crore as compared to Rs28,450 crore earlier.

* Overall market breadth remained negative, where 562 stocks advanced against 946 declined stocks.

* Mixed trend was observed across all the sectoral indices during the day, where IT emerged as a top gainer with the increase of 1.2%. However, on the other hand none of the sectoral indices had reported loss of more than 1%.




* NSE-NIFTY begun week on a flat note, where index managed to breach prior daily downtrend with the minor gain. Though oversold technical indicators are signaling near-term turnaround in the index, fall in cash segment volume (to one-month low) and negative market breadth are still not in confirming the same. We believe that index will remain sideways ahead of RBI’s policy announcement, where in case of decline index will find support around its psychological level-10,000. However on the higher side, 10,300 level will restrict the rise, as any stable move above that level will bring positivity back in trade.

* As for the day, support is placed at around 10,060 and then at 10,000 levels, while resistance is observed at 10,200 and then at 10,270 levels.

Intraday Picks

HINDUNILVR (PREVIOUS CLOSE: 1269) BUY For today’s trade, long position can be initiated at around Rs1260- 1255 for the target of Rs1285-1300 with a strict stop loss of Rs1240.

ACC (PREVIOUS CLOSE: 1694) BUY For today’s trade, long position can be initiated at around Rs1685- 1675 for the target of Rs1720-1740 with a strict stop loss of Rs1660.


Derivatives Snapshot

* Nifty opened higher on back of global cues but failed to build momentum and closed flat for the day. Nifty closed up by 6 points at 10,128 levels. Among the nifty stocks 28 stocks advanced and 20 declined during the day.

* Sectorally, it was a mixed bag with IT and PSU Banks to gain by 1.3% and 0.4% respectively while Realty, Pharma and Auto declined by 0.4%, 0.3% and 0.3% respectively.

* Broader market indices remained flat with NIFTY 100,200 and 500 to close up by 0.1% average while midcap indices indices gained by 0.3% and small cap declined by 0.7% respectively.

*  Nifty December futures ends with 31 point premium at 10,159 mark, while on other hand, Bank Nifty December futures ended with the premium of 111 points at 25,186 mark.

* Nifty has ended flat after a sharp fall in the last two days, the credit policy will provide some cues from the current range, on the downside there is strong support at 10,050 which is the 100 day average. Nifty 10,000 PE has the highest OI of 80 lakhs shares while on the higher side 10,500 CE has 61 lakhs shares.

Sectoral Activity: Amongst sectoral index, IT and Consumer remained in focus with positive momentum.

Stock Activity: Mindtree and United Spirits observed build up in long position.


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