Published on 12/01/2018 9:51:20 AM | Source: GEPLCapital Ltd

NIFTY creates new HIGHS but just about maintains levels on closing - GEPL

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Key Highlights:

NIFTY creates new HIGHS but just about maintains levels on closing. Markets still hold the breakout of 10550 …. ·

* The NIFTY opened @ 10637.05, a minor UP-Tick of 5 points over Wednesday and quiet DULL to begin with, as global peers were having RED ticks. The first half saw NIFTY trading a shade short of PAR. The second half saw NIFTY creating a new HIGH around 10665. The last hour saw a topsy-turvy movement as NIFTY touched PAR before a late recovery saw NIFTY closing @ 10651.20 UP by 19 points or 0.18%. ·

* The broader indices were back to their relative outperformance vis-à-vis the NIFTY. While the NIFTY MID100 FREE closed UP by 0.26% to close @ 21719.20; the NIFTY SML100 FREE closed UP by 0.38% to close @ 9565.85. The broader move stood in favor of the BULLS, with 1092 advances to 745 declines. The INDIA VIX maintains status quo, with a marginal DOWN-TICK of 0.16% @ 14.0125.

* The sectoral & thematic indices largely traded in the GREEN with a few exceptions. The BULLS were ably lead once again by NIFTY IT & NIFTY REALTY, which saw a muted move. On the other hand, NIFTY PSE & NIFTY ENERGY were the indices to close in the RED with a minor correction in place.

* The dynamics of the market remain little changed. Despite the lethargic moves of the current week, Nifty was able to inch higher which suggests the presence of uptrend. At the same time, the narrow range bodies on the daily charts depict that the participants are also getting cautious at higher levels due to lack of enough triggers to move forward. The same is seen in the heightened INDIAVIX as we see higher levels. Going ahead with the current bullish momentum Index can extend rally towards 10750 levels with immediate resistance placed around the current levels @ 10630 levels which at golden ratio (161.8% reciprocal retracement of recent down move). On the flip side, 10400 levels should be kept as a stop loss for the long positions .

Technical Snapshot

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