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Market Commentary
Sensex, Nifty close down again - Angel Broking
Posted On : 2013-06-13 21:14:13( TIMEZONE : IST )
Yesterday, our benchmark indices opened significantly lower on the back of strong pessimism across the globe and continued to slide further during the initial hour of the session. However, the fall got arrested as the indices approached the support level of 18673 / 5669 and then traded within a narrow trading range to eventually close with significant losses. During the session, the Consumer Durables counters corrected heavily along with the Metal and IT stocks; whereas the Health Care and Oil & Gas sectors defended the market. The advance to decline ratio was in favor of declining counters. (A=967 D=1398) (Source-www.bseindia.com)
Formation
- The '20-week EMA' and the '20-day EMA' are placed at 19325/ 5858 and 19534/ 5919 levels, respectively.
- The '89-day EMA' and the '200-day SMA' are placed at 19422/ 5887 and 19120 / 5797, respectively.
- The weekly 'RSI' and 'Stochastic' momentum oscillators are still negatively poised.
- The weekly 'Bearish Engulfing' and the monthly 'Shooting Star' Japanese candlestick patterns are still intact.
Trading strategy:
Yesterday, our market opened with a downside gap and remained under pressure during the first half. In the process, indices posted a low of 18765 / 5683 and immediately managed to bounce off the lows. The daily chart now depicts yet another 'Narrow Range' body formation. The gap area (18969 / 5738 - 18914 / 5729) formed in yesterday's session is now a significant resistance zone for the indices. The momentum oscillators on the daily chart are extremely oversold and thus although the primary trend remain down, there is a possibility of an intermediate bounce. Going forward, a sustainable move beyond the gap area of 18969 / 5738 would attract some buying interest. In this scenario, indices may bounce towards 19143 / 5793. On the flipside, if indices sustain below 18765 / 5683 then selling may intensify further and indices may slide towards the 78.6% Fibonacci retracement level of 18636 / 5638.
