NIFTY BULLS claw back lost ground as BEARS fail to follow-up. 8800 once again in contention
* The NIFTY opened @ 8739.00, marginally UP by around 15 points over Wednesday. The first hour saw the NIFTY trade in a somber sleep as it moved around the parity. However as the day progressed the heavyweights who had had a welcome correction were back with a spring. This lead to rest of day being a secular uptrend with higher top & higher bottom formation. Closing on a strong note, the NIFTY shut shop @ 8778.00 UP by 53.30 points or 0.61%.
*The broader indices at the first instance of BULLISH tinge, pulled in and outperformed the NIFTY. While the NIFTY MID100 FREE closed UP by 1.65% to close @ 16095.70; the NIFTY SML100 FREE closed UP by 1.54% to close @ 6514.10. The advance decline, in line with the broader beefed up sentiment, stood, clearly favoring the BULLS @ 1261 advances to 416 declines. The INDIA VIX moved DOWN around 3.39% to close around the 13.73 mark.
*The sectoral & thematic indices were in their SIDEWAYS self. While the NIFTY METALS & NIFTY PHARMA moved up by more than 2% each; the NIFTY FMCG & NIFTY MEDIA closed in the RED.
* The dynamics are back to even stevens after having slightly moved in favor of the BEARS on Wednesday. The fact of the matter is, the markets still remain within the range of last 9 trading sessions. The NIFTY seems to be locked in a tussle spacing 8827-8715, that’s around a 115 points. Index may now look for an immediate technical trigger to break this deadlock. Some correction towards 8640-8580 levels may set in, if prices break the low @ 8715 mark. In the medium term, the SUPPORT zone now shifts upwards to 8537, the 3 week LOW; followed by 8330, that corresponds to 5 week’s LOW. On the other hand, If 8850 gets breached convincingly, upside to the July 2016 HIGH @ 8935 would be in contention.
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