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Market Commentary
Sensex closes at 19949, Nifty closes at 5973 - Angel Broking
Posted On : 2013-07-17 20:59:45( TIMEZONE : IST )
Yesterday, our benchmark indices opened marginally higher in-line with quiet global cues. Indices then moved within the narrow range throughout the first half and eventually slipped nearly a percent lower immediately post midsession. However, buying in defensive counters pulled indices higher from the negative territory. Undoubtedly the session was dominated by FMCG counters, HUL and ITC. The Consumer Durables and IT counters too supported the Index; whereas the Banking, Metal and Auto sectors were continued to show significant weakness. The Advance to Decline ratio was in favor of declining counters. (A=992 D=1322) (Source-www.bseindia.com )
- The '89-day EMA' and the '89-week EMA' are placed at 19391 / 5863 and 18564 / 5615 levels respectively.
The '20-day EMA' and the '20-week EMA' are placed at 19519 / 5878 and 19443 / 5876, respectively.
The weekly 'RSI' and 'Stochastic' oscillators are positively poised.
The 61.8% and 78.60% Fibonacci retracement levels of the fall from 20444 / 6229 to 18467/ 5566 are placed at 19689 / 5976 and 20021 / 6088, respectively.
The daily chart depicts a 'Bullish Pennant' pattern breakout.
Yesterday's price action can be perfectly described as a 'Tugof-War' between the bulls and the bears. Indices recovered smartly after posting a low of 19778 / 5927. Going forward, we continue to mention the trading range of 20073 / 6038 to 19640 / 5904. Yesterday's high of 19983 / 5990 would act as an immediate intraday resistance for our market. For any higher targets, indices need to break recent high of 20063 / 6038 which would push indices towards the near term target of 20200 / 6088. On the flipside, 19640 - 19505 / 5904 - 5879 remains to be a strong support band for our market. A fall below these levels would mean that all long positions should be squared off as further lower levels may be eventually tested. We reiterate that traders should stick to individual stocks movement and avoid taking undue risks.
