INSUBCONTINENT EXCLUSIVE:
Though the domestic market had a lacklustre session on Tuesday, it remained technically important and was more-or-less on the expected lines
There was volatility, but the market moved in a defined and limited range.
At the end, the Nifty50 ended the day down 52.45 points or 0.51
The technically important thing was that Nifty faced resistance precisely in the 10,180-10,250 zone
important zone for Nifty and the market will have to move past this to avoid fresh weakness from creeping in
On Wednesday, Nifty is likely to see the 10,250 and 10,310 levels play out as immediate resistance
Supports should come in at 10,180 and 10,110 levels.
The Relative Strength Index or RSI stood at 38.3970 on the daily chart and it remains
neutral showing no divergence against the price
The daily MACD remained bullish as it traded above the signal line
its attempt to form a temporary base near the current lows
If this technical pullback is to continue, it would be imperative for Nifty to move past 10,250 level
Even if the market does not change its trend, a technical pullback which takes Nifty past the 10,380-10,400 zone cannot be ruled out
Caution is advised for the day ahead.
STOCKS TO WATCH:
Resilient technical setup was observed the counters of Just Dial, Jindal Steel, India
Cements, Usha Martin, Asian Paints, Dr
Technical Analyst at Gemstone Equity Research Advisory Services, Vadodara
He can be reached at
milan.vaishnav@equityresearch.asia)
