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Nifty Edges Higher After Roller Coaster Ride

Monday, March 02, 2015

NSE India : CNX Nifty — Daily Market Report for: Monday (March 2, 2015) By Dominic Rebello

Review of the Previous day:
The Nifty rose moderately on Saturday (February 28, 2015) a net 57.25 points (0.65%) and closed at the 8901 point level. The market opened up with a gap at the 8913 points level. It then turned into a range bound movement until 12.15 p.m. It then rose sharply and registered the day’s high at the 8941 points level at 12.32 p.m. The index then declined sharply, into the red and registered the day’s low at the 8751 points level at 1.24 p.m. It then bounced back into the green and turned into a range bound movement until closing at the day. The Nifty witnessed a volatile session and moved in a range of 190 points. Sentiment was bullish and amongst the 50 Nifty stocks 37 were gainers, 12 were losers and 1 remained unchanged. Substantial buying was witnessed in banking, healthcare and auto stocks, while substantial selling was witnessed in FMCG and consumer durables stocks.

Technical Analysis:
Volume (Qty shares) decreased 2.16%. This change is small and indicates a moderate participation by investors.

Market Breadth: Overall Market Breadth on the NSE was negative. Amongst all the traded stocks, 578 were gainers, 843 were losers and 80 remained unchanged.

Slow Stochastic Indicator: The Slow Stochastic Oscillator has risen in the neutral zone.
The Slow K line in the Stochastic Oscillator is above the slow D line (positive if it continues).

RSI Indicator: The RSI rose and crossed above the 60 level and is now rising (positive if it continues).

MACD Indicator: The MACD is above zero and is rising (positive if it continues). It is below its 9-day Average (negative).

ADX Indicator & DI Lines: The +DI line is above the –DI line and both lines are diverging (positive if it continues).
The ADX is rising while the Market Index is rising, which indicates that the present up trend is increasing in strength.

Moving Averages (Trend Indicators)
The index:
Is above its 5-day average (at 8791) Positive.
Is above its 15-day average (at 8757) Positive.
Is above its 25-day average (at 8777) Positive.
Is above its 200-day average (at 8028) Positive.

Overall Market Strength/Weakness: The indicators and oscillators discussed here are indicating a strong market but with a neutral bias.

Support Levels: For short-term traders the immediate main support is at the 8608 points level.
The next support is at the 8509 points level.

Resistance Levels: The immediate main resistance is at the 8989 points level.

Pivot Point Analysis: For intra-day traders the support and resistance levels are calculated according to the pivot point theory and are:
Pivot point = 8865 (This is the level where the trend is likely to change during intra-day).
Support (1) = 8788.        Support (2) = 8675.
Resistance (1) = 8978.   Resistance (2) = 9055.

Outlook for Today:
On Japanese candlestick patterns the index has formed a doji pattern. This indicates indecisiveness amongst investors. The next candle formation will confirm whether the bias is towards the buy or sell side of the market.

However, the index is above its 5, 15, 25 and 200 day moving averages and all the averages are rising. Further, the 5 day moving average is above the 15 day moving average. Moreover, the velocity parameters continue to indicate strength. All these indicate a positive bias and the possibility of a further up move unfolding. Investors are advised to hold long positions.

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