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Another New High

Friday, January 23, 2015

NSE India: CNX Nifty — Daily Market Report for: Friday (January 23, 2015)  
(Based on the activity of the previous trading day) by Dominic Rebello

Review of the Previous day:
The Nifty rose for the sixth consecutive session on Thursday (January 22, 2015) by gaining 31.90 points (0.37%) and closing at the 8761 point level. The market opened up with a gap at the 8745 points level. It then turned into a range bound movement until 1.35 p.m. The index then declined into the red and registered the day’s low at the 8727 points level at 2.16 p.m. It then bounced back into the green and registered the day’s high at the 8774 points level at 3.22 p.m. and then into a range bound movement until closing at the day. The Nifty witnessed a volatile session and moved in a range of 47 points. Sentiment was bullish and amongst the 50 Nifty stocks 31 were gainers, 18 were losers and 1 remained unchanged. Substantial buying was witnessed in healthcare and capital goods stocks.

Technical Analysis:
Volume:

Volume (Qty shares) increased 11.03%. This change is substantial and indicates a wide participation by investors.

Market Breadth:
Overall Market Breadth on the NSE was negative. Amongst all the traded stocks, 574 were gainers, 810 were losers and 50 remained unchanged.

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

RSI Indicator:
The RSI is 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 above its 9-day Average (positive).

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 8650) Positive.
Is above its 15-day average (at 8411) Positive.
Is above its 25-day average (at 8343) Positive.
Is above its 200-day average (at 7773) Positive.
All the four averages are positively trended. 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 8509 points level. The next support is at the 8431 points level.

Resistance Levels
The immediate main resistance is at the 8789 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 = 8754 (This is the level where the trend is likely to change during intra-day).
Support (1) = 8734.
Support (2) = 8707.
Resistance (1) = 8781.
Resistance (2) = 8801.

Outlook for Today:
On Japanese candlestick patterns the index has formed a second consecutive doji pattern. This indicates that the indecisiveness amongst investors continues. 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 days moving averages and all the four averages are rising and also positively trended. Further, the
velocity parameters too indicate strength. Both these indicate a positive bias and the possibility of a further upmove unfolding. Investors are advised to hold long positions.
 

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