Indian Indices close in negative territory - Angel Broking

The opening session of the week started off marginally higher in-line with positive sentiments across all major Asian bourses. During the first half indices maintained their positive stance and Nifty managed to move beyond the 6200 mark. However, post midsession indices came off day's high and profit booking ultimately led to a close in the negative territory. For the day Auto and IT stocks were among the major gainers, whereas Health Care and Consumer Durables ended in the red. The advance to decline ratio was in favor of declining counters. (A=1120 D = 1304) (Source-www.bseindia.com)

- The '20-week EMA' and the '20-day EMA' are placed at 19381/ 5880 and 19773/ 6009 levels, respectively.

- The '89-day EMA' and the '200-day SMA' are placed at 19300/ 5851 and 18912 / 5740, respectively.

- The weekly 'RSI-Smoothened' oscillator remains positively poised.

As expected, indices opened in the positive territory and immediately made an attempt to move towards the next resistance level of 20750 / 6280. However half way through, indices faced tremendous selling pressure on the back some profit booking by market participants. At this juncture the undertone remains bullish. However, a sustainable move below Friday's low of 20155 / 6146 may lead to some more correction in our market. In this scenario, indices may slide towards 20048 - 19955 / 6100 - 6070 levels. On the flipside, yesterday's high of 20444 / 6230 would act as an immediate resistance for the market. Any move beyond this level would certainly push indices towards the 20750 / 6280 level.

Yesterday, Bank Nifty opened on a positive note in line with our benchmark indices and traded in a 100 point range during the major part of the session. However, during the last couple of hours strong selling pressure lead the index to close at the hourly '20 - EMA'. We reiterate our view that the ongoing momentum in the index is likely to hold as long as the index trades above the 13100 level. A breach of this level would lead to further profit booking and the index may drift lower towards 12965 - 12859 levels. On the upside 13332 - 13354 levels are likely to act as resistance for the day.

Source : Equity Bulls

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