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Weakness Persists

Monday, August 05, 2013

NSE India : CNX Nifty — Daily Market Report for: Monday (August 5, 2013) By Dominic Rebello

Review of the Previous day:
The Nifty fell moderately on Friday (August 02, 2013) a net 49.95 points (0.87%) and closed at the 5677 point level. The market opened up with a gap at the 5750 points level. It then rose further and registered the day’s high at the 5761 points level at 9.16 a.m. The index then declined and turned into a range bound movement until 11.30 a.m. It then declined sharply into the red and registered the day’s low at the 5649 points level at 2.47 p.m. The index then rose and turned into a range bound movement until closing at the day. The Nifty witnessed a choppy session, moved in a range of 113 points and closed below the psychologically important 5700 points level. Sentiment was bearish and amongst the 50 Nifty stocks 35 were losers, while 15 were gainers. Some buying was witnessed in IT, technology and oil & gas stocks, while substantial selling was witnessed in realty, power and metal stocks.

Technical Analysis:
Volume (Qty shares) decreased 5.40%. 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, 392 were gainers, 937 were losers and 62 remained unchanged.

Slow Stochastic Indicator: The Slow Stochastic Oscillator has risen in the over-sold zone.
The Slow K line in the Stochastic Oscillator has risen above the slow D line (positive and a buy signal).

RSI Indicator: The RSI is above the 30 level but is now declining (negative if it continues).

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

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

Moving Averages (Trend Indicators)
The index:
Is below its 5-day average (at 5746) Negative.
Is below its 15-day average (at 5910) Negative.
Is below its 25-day average (at 5892) Negative.
Is below its 200-day average (at 5854) Negative.

Overall Market Strength/Weakness: The indicators and oscillators discussed here are indicating a weak market with a negative bias.

Support Levels: For short-term traders the immediate main support is at the 5636 points level.
The next support is at the 5578 points level.

Resistance Levels: The immediate main resistance is at the 5951 points level.
The next resistance is at the 6108 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 = 5696 (This is the level where the trend is likely to change during intra-day).
Support (1) = 5631.
Support (2) = 5583.
Resistance (1) = 5744.
Resistance (2) = 5809.

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