On the Daily Charts, NIFTY has made a White Candlestick. A muted opening was witnessed with almost 20-25 points in the positive territory. With the Asian Markets trading in the Green, NIFTY too turned positive for the day, with METALS, SUGAR and IT Stocks being the Star Performer for the day. A very Choppy Session was witnessed for the day. The whole day NIFTY tried to touch the levels of 6000 by crossing all the important Intraday Resistances. For the day, NIFTY made a high of 6007.45, while a low of 5960.05. Profit Booking was witnessed in the AUTO and FERTILIZER Stocks. Finally, NIFTY ended at 6000.65 for the day.
Net Selling of Rs. 34.79 Crore in Cash Segment while Net Buying of Rs. 773.61 Crore in F&O Segment by FIIs was witnessed on Tuesday's Trading Session.
In F&O Segment Net Buying of Rs. 701.78 Crore and of Rs. 348.70 Crore was witnessed in Index Futures and Stock Futures, respectively, while, Net Selling was witnessed in Index Options and Stock Options of Rs. 701.78 Crore and Rs. 8.33 Crore, respectively.
NIFTY DEC FUTURE ended with the premium of 14 points to the Spot NIFTY.
Technically, NIFTY bounced back, but with lack of buying interest and very sluggish volumes. Yesterday, NIFTY crossed its 20-days EMA (Exponential Moving Average) of 5944.24 made a high of 6007.45 by crossing all the important intraday resistances of the day and closed at the level of 6000. Now the next resistances for NIFTY come at 6080 and 6100 levels, whereas the level of 5850 is acting as a Good Support Level.
On the Economic Front, in UK, BoE (Bank of England) will be coming out with its Minutes and at the same time, UK will be announcing its Current Account, Gross Domestic Product and Total Business Investment for Third Quarter. MBA Mortgage Applications, Q3 Gross Domestic Product, Gross Domestic Purchases Price Index and Q3 Real Personal Consumption Expenditures, Existing Home Sales for the month of November and Housing Price Index for the month of October will be announced in US.
NIFTY crossed its 20-Days EMA (Exponential Moving Average) of 5944.24 by making a high of 6007.45 for the day. Now the next resistance for NIFTY comes at its 50-Days SMA (Simple Moving Average) of 6028.47. Both the Moving Averages are indicating a negative crossover, with short term moving average crossing the long term moving average from upside.
MACD (Moving Average Convergence Divergence) has entered into negative territory now. But at the same time, RSI (Relative Strength Index) reverted from the overbought zone. Brutal selling in BANKING stocks, which maintained the markets to life time high, indicates a very cautious approach to be followed while trading in the markets at this stage. Investors are also suggested to avoid making fresh investments at this stage.
For the day, intraday resistance for NIFTY comes at 6020 / 6050 / 6080 levels. At the same time, 5960 / 5920 / 5880 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 53.16 and 48.41, respectively, showing a negative crossover.
- MACD (26 Days & 12 Days): Their Values are -19.10 and -36.24, respectively. a negative crossover is indicated by both the Moving Averages.
- +DI: 19.00, -DI: 23.81, ADX: 24.46: 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 6028.47 and 5944.24. Both the Moving Averages are showing Negative Crossover.
Pre - Market Calls:
SESAGOA Buy only if it trades above 304-305 for the Targets of 316 & 320, with the strict Stop Loss of 300.
On the Daily Charts, SESAGOA has made a Long White Candlestick, with a good spurt in volume. The stock had a positive movement for whole of the trading session. The Stock has been beaten down much since last 9-10 months. It is facing a Strong Resistance at the levels of 304, which if crossed will invite buying in the next trading session too. The stock’s 50-Days SMA (Simple Moving Average) and 20-Days EMA (Exponential Moving Average) are quoting at 327.37 and 306.09, respectively. The stock closed made a high of 302.50 and also closed high to high at 301.15 for the day. The 14-Days RSI (Relative Strength Index) is quoting at 44.10 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal). The Positive Directional Index (10.75) is still below the Negative Directional Index (24.49), ADX (Average Directional Index) has gained strength on the Intraday Charts and is quoting at 37.12 on the Daily Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy SESAGOA only if it trades above 304-305 for the Targets of 316 & 320, with the strict Stop Loss of 300.
IDBI Buy only if it trades above 168 for the Targets of 171 & 172.50, with the strict Stop Loss of 166.30.
On the Daily Charts, IDBI has made a Short White Candlestick or say a White Opening Marubozu Candlestick, with a slight spurt in volume. The stock maintained its upside of the day for whole of the trading session very firmly. The prices are facing strong resistance at the levels of 168, which if crossed will invite buying in the next trading session too. For the day, the stock moved above its 20-Days EMA (Exponential Moving Average) of 164.46 by making a high of 167.20 and closed at 166.15. The stock’s 50-Days SMA (Simple Moving Average) is quoting at 171.76. The 14-Days RSI (Relative Strength Index) is quoting at 50.31 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal). The Positive Directional Index (19.42) is still below the Negative Directional Index (29.08), ADX (Average Directional Index) has gained strength and is quoting at 30.96 on the Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy IDBI only if it trades above 168 for the Targets of 171 & 172.50, with the strict Stop Loss of 166.30.
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