Yesterday, NIFTY made a Long Black Candlestick. A good amount of Profit Booking was witnessed all over the counters. Majority of the Index Constituents and trading stocks lost 2-3%, with NIFTY losing almost 80-90 points in a day. A quiet opening with the positive bias of 15-20 points was witnessed. Stocks dipped from day’s High to day’s Low. At the time of opening only NIFTY made a high of 6296.55, but after kissing the day’s high, Profit Booking crept into the market and NIFTY dipped to the day’s low of 6179.50. RPOWER was the only big winner in NIFTY, with the gain of almost 12%. Till now, the level of 6180 was acting as an important support level, which was breached by NIFTY by making a low of 6179.50 for the day. Finally, for the day the session ended at 6194.25.
Net Selling of Rs. 62.42 Crore in Cash Segment and of Rs. 540.96 Crore in F&O Segment by FIIs was witnessed on Thursday's Trading Session.
In F&O Segment Net Selling of Rs. 407.73 Crore in Index Futures, Rs. 305.14 Crore in Stock Futures and Rs. 44.61 Crore in Stock Options was witnessed, whereas Net Buying of Rs. 216.53 Crore was witnessed in Index Options.
NIFTY NOV FUTURE ended at a premium of 42.75 points on Thursday.
Purely Stock Specific and Sector Specific actions will be witnessed now as the Results Season has begun. BEML, EDUCOMP, GAMMONIND, HPCL, INDIACEM, ISPATIND, OILINDIA, PARSVNATH, RELINFRA, RPOWER, STERLINBIO, TATAPOWER, TATASTEEL and WOCKHARDT will be announcing their results today. On the Global Front, ROYAL BANK OF SCOTLAND and Rolls-Royce Group will be announcing their Quarterly Results in UK.
Nationwide Consumer Confidence for the month of October will be announced in UK. Q3 Gross Domestic Product will be announced in Germany and in European Monetary Union. Other than this Industrial Production for the month of September will be announced by European Monetary Union. US will be coming out with the Reuters/Michigan Consumer Sentiment Index for the month of November. Besides, all this G-20 Summit is going to start from today in Seoul; the decisions taken in the summit will also impact the move of the markets all over the globe.
NIFTY is now again trading above its 20-Days EMA (Exponential Moving Average) of 6157.82 and the 50-Days SMA (Simple Moving Average) of 6012.47. Both the moving averages are still supporting the recent positive move. NIFTY is not able to maintain above the levels of 6300 very well, which creates some doubtful situation in its further upside move, whereas the next support level lies at 5960.
MACD (Moving Average Convergence Divergence) has also maintained the positive trend. But at the same time, RSI (Relative Strength Index) reverted from the overbought zone. Traders are suggested to trade cautiously in the markets, as markets have surpassed all the major resistances and have entered in the Over Bought Zone.
For the day, intraday resistance for NIFTY comes at 6220 / 6260 / 6285 levels. At the same time, 6150 / 6110 / 6080 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 55.56 and 60.62, respectively, showing a negative crossover.
- MACD (26 Days & 12 Days): Their Values are 71.33 and 58.06, respectively. a negative crossover is indicated by both the Moving Averages.
- +DI: 28.48, -DI: 25.49, ADX: 23.56: The Positive Directional Index has gained strength over the Negative Directional Index and also the Average Directional Index is above 20, indicating the development of strength in the current trend.
- SMA (50 Days) & EMA (20 Days): The values of these two indicators are 6012.47 and 6157.82.
Pre - Market Calls:
STRTECH Buy only if it trades above 92 for the Targets of 94 & 95, with the strict Stop Loss of 91.
DLF Sell only if it trades below 345 for the Targets of 338 & 335, with the strict Stop Loss of 352.
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