Wkly Tech Analysis: Nifty losing momentum on daily charts

Among the Sensex 30 stocks, SBI and Hindalco soared around 6.5% each to Rs 2,311 and Rs 124, respectively

The exhibited this week as it edged to fresh 19-month highs. The moved in a narrow band of 375-odd points, wherein the benchmark index recorded an intra-week high of 19,561, and finally ended with a marginal gain of 84 points at 19,424.

Among the 30 stocks, and soared around 6.5 per cent each to Rs 2,311 and Rs 124, respectively. surged over five per cent to Rs 834. BHEL, Sterlite Industries, and Tata Motors were the other major gainers. On the other hand, Infosys plunged nearly five per cent to Rs 2,320. Bharti Airtel too, tumbled over four per cent to Rs 323. TCS and Wipro were the other significant losers.

According to the monthly Fibonacci charts, the so far has not given any clear indication. The two pivot points to watch out for are 19,585 on the upside, above which a buy call can be triggered and 19,100 on the downside, below which the can weaken.

The quarterly charts too, indicate a crucial hurdle, as explained last week, at around 19,630. Unless the index sustains above 19,630, profit-taking from current levels cannot be ruled out. The near support level, according to the quarterly charts, is 19,260 - below which we can witness considerable selling pressure.

The NSE moved in a range of 110 points, the index after a steady first half of the week, slipped to a low of 5,839, and then bounced back sharply to register a high of 5,950. The finally finished off the week with a gain of 27 points at 5,907.

Last week, we had said the monthly charts indicate resistance for the at around 5,950. So far, it seems like the hurdle remains intact. Give or take another 30 odd points, the NSE is likely to face considerable resistance at around 5,980-odd levels. One should watch these levels very closely.

Select momentum oscillators on the daily charts - like the 14-day relative strength index (RSI) and the stochastic slow have already given negative divergence. Hence, any upside from current levels in the short term would be difficult to sustain.

According to the daily charts, the has near support around 5,835, below which the index can drop to the next crucial support at around 5,730. Failure to sustain above 5,730 can lead to severe unwinding.

The medium-term trend, based on the weekly price-to-moving averages action seems to remain in favour of the bulls. However, in the short term, the index needs to sustain above 5,880 for further gains. Or else, we could see a correction to 5,700-odd levels.

To sum up, the is likely to face considerable resistance at around 5,950-5,980. And 5,880 seems to be the pivot point for now. Sustained trade below 5,880 can see the index slip to 5,835, or deeper down to 5,730-odd levels.

image
Business Standard
177 22
Business Standard

Wkly Tech Analysis: Nifty losing momentum on daily charts

Among the Sensex 30 stocks, SBI and Hindalco soared around 6.5% each to Rs 2,311 and Rs 124, respectively

Rex Cano  |  Mumbai 



The exhibited this week as it edged to fresh 19-month highs. The moved in a narrow band of 375-odd points, wherein the benchmark index recorded an intra-week high of 19,561, and finally ended with a marginal gain of 84 points at 19,424.

Among the 30 stocks, and soared around 6.5 per cent each to Rs 2,311 and Rs 124, respectively. surged over five per cent to Rs 834. BHEL, Sterlite Industries, and Tata Motors were the other major gainers. On the other hand, Infosys plunged nearly five per cent to Rs 2,320. Bharti Airtel too, tumbled over four per cent to Rs 323. TCS and Wipro were the other significant losers.

According to the monthly Fibonacci charts, the so far has not given any clear indication. The two pivot points to watch out for are 19,585 on the upside, above which a buy call can be triggered and 19,100 on the downside, below which the can weaken.

The quarterly charts too, indicate a crucial hurdle, as explained last week, at around 19,630. Unless the index sustains above 19,630, profit-taking from current levels cannot be ruled out. The near support level, according to the quarterly charts, is 19,260 - below which we can witness considerable selling pressure.

The NSE moved in a range of 110 points, the index after a steady first half of the week, slipped to a low of 5,839, and then bounced back sharply to register a high of 5,950. The finally finished off the week with a gain of 27 points at 5,907.

Last week, we had said the monthly charts indicate resistance for the at around 5,950. So far, it seems like the hurdle remains intact. Give or take another 30 odd points, the NSE is likely to face considerable resistance at around 5,980-odd levels. One should watch these levels very closely.

Select momentum oscillators on the daily charts - like the 14-day relative strength index (RSI) and the stochastic slow have already given negative divergence. Hence, any upside from current levels in the short term would be difficult to sustain.

According to the daily charts, the has near support around 5,835, below which the index can drop to the next crucial support at around 5,730. Failure to sustain above 5,730 can lead to severe unwinding.

The medium-term trend, based on the weekly price-to-moving averages action seems to remain in favour of the bulls. However, in the short term, the index needs to sustain above 5,880 for further gains. Or else, we could see a correction to 5,700-odd levels.

To sum up, the is likely to face considerable resistance at around 5,950-5,980. And 5,880 seems to be the pivot point for now. Sustained trade below 5,880 can see the index slip to 5,835, or deeper down to 5,730-odd levels.

RECOMMENDED FOR YOU

Wkly Tech Analysis: Nifty losing momentum on daily charts

Among the Sensex 30 stocks, SBI and Hindalco soared around 6.5% each to Rs 2,311 and Rs 124, respectively

The markets exhibited range-bound movements this week as it edged to fresh 19-month highs.

The exhibited this week as it edged to fresh 19-month highs. The moved in a narrow band of 375-odd points, wherein the benchmark index recorded an intra-week high of 19,561, and finally ended with a marginal gain of 84 points at 19,424.

Among the 30 stocks, and soared around 6.5 per cent each to Rs 2,311 and Rs 124, respectively. surged over five per cent to Rs 834. BHEL, Sterlite Industries, and Tata Motors were the other major gainers. On the other hand, Infosys plunged nearly five per cent to Rs 2,320. Bharti Airtel too, tumbled over four per cent to Rs 323. TCS and Wipro were the other significant losers.

According to the monthly Fibonacci charts, the so far has not given any clear indication. The two pivot points to watch out for are 19,585 on the upside, above which a buy call can be triggered and 19,100 on the downside, below which the can weaken.

The quarterly charts too, indicate a crucial hurdle, as explained last week, at around 19,630. Unless the index sustains above 19,630, profit-taking from current levels cannot be ruled out. The near support level, according to the quarterly charts, is 19,260 - below which we can witness considerable selling pressure.

The NSE moved in a range of 110 points, the index after a steady first half of the week, slipped to a low of 5,839, and then bounced back sharply to register a high of 5,950. The finally finished off the week with a gain of 27 points at 5,907.

Last week, we had said the monthly charts indicate resistance for the at around 5,950. So far, it seems like the hurdle remains intact. Give or take another 30 odd points, the NSE is likely to face considerable resistance at around 5,980-odd levels. One should watch these levels very closely.

Select momentum oscillators on the daily charts - like the 14-day relative strength index (RSI) and the stochastic slow have already given negative divergence. Hence, any upside from current levels in the short term would be difficult to sustain.

According to the daily charts, the has near support around 5,835, below which the index can drop to the next crucial support at around 5,730. Failure to sustain above 5,730 can lead to severe unwinding.

The medium-term trend, based on the weekly price-to-moving averages action seems to remain in favour of the bulls. However, in the short term, the index needs to sustain above 5,880 for further gains. Or else, we could see a correction to 5,700-odd levels.

To sum up, the is likely to face considerable resistance at around 5,950-5,980. And 5,880 seems to be the pivot point for now. Sustained trade below 5,880 can see the index slip to 5,835, or deeper down to 5,730-odd levels.

image
Business Standard
177 22

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

More News

  • Gold bowls, spoons replace jewellery as importers seek to beat high duties Gold bowls, spoons replace jewellery as importers seek to beat high duties
  • Image via Shutterstock Oil prices dip on stronger dollar; rise in US crude stocks data

STOCK WATCH

Company Price() Chg(%)
Dr Lal Pathlabs 1067.20 6.29
Uflex 247.80 5.76
Hind.Construct. 24.25 5.66
Orient Cement 198.05 5.15
M T N L 21.70 5.08
> More on BSE Gainers
Company Price() Chg(%)
H T Media 87.45 5.94
Uflex 248.05 5.85
Orient Cement 198.35 5.67
Hind.Construct. 24.25 5.66
M T N L 21.65 4.59
> More on NSE Gainers
Company Price() Chg(%)
Yamini Invest 37.35 -5.92
Delta Corp 157.20 -3.26
Trident 54.35 -2.95
Cox & Kings 187.80 -2.85
VST Inds. 2300.95 -2.65
> More on BSE Gainers
Company Price() Chg(%)
Delta Corp 157.20 -3.56
Trident 54.20 -3.04
Cox & Kings 187.80 -2.90
Rain Industries 45.50 -2.78
Gulf Oil Lubric. 710.10 -2.67
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard