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Market Commentary
Nifty forms a small bear candle with either side shadows - AXISDIRECT
Posted On : 2013-02-17 23:19:33( TIMEZONE : IST )
In previous week the benchmark index has opened on a flat note and witnessed some pullback action till 5969 level however selling pressure at higher levels dragged index lower in later half. Nifty ended the week marginally lower at 5887 with loss of 0.27%. Nifty on the weekly chart has extended its correction for the third consecutive week losing almost 260 points from the recent Top of 6111 level. Nifty has formed a small bear candle with either side shadows which resembles to 'Doji' candlestick pattern. This suggests slowdown or reduced downward momentum. With current close Nifty is placed around its earlier support zone of 5850 level which also closer to 100 day SMA (5830) levels. Hence these 5850-5830 levels would act as a crucial downward support area. However a decisive close below 5850-5830 levels would trigger a further selling pressure which would lead index towards 5800-5750. On the upside 5950 and 5980 levels would remain resistance and any sustainable close above this would signal shift of the short term trend. We reiterate the near term as well as short term trend is still bearish and a selling pressure to remain on any pullback actions. During the week index is likely to trade with mixed bias within 5950-5750 levels.
The daily as well as weekly strength indicator RSI is in bearish mode placed below its reference line indicating bearish bias. The daily and weekly Stochastic is also bearish mode supports downward momentum ahead.
The trend deciding level for the day is 5880, If NIFTY trades above this level then we may witness a further rally up to 5905-5925-5955 levels. However, if NIFTY trades below 5880 levels then we may see some profit booking initiating in the market, which may correct up to 5860-5835-5815 levels.
Stocks to focus for intraday Long: ACC, Adani Ent., ALBK, Andhra Bk., Apollo Tyre, Auro Pharma, BharatForge, Dena Bk, Gail.
Stocks to focus for intraday Short: Dr. Reddy, DHFL, HPCL, Ind.Hotel.
