Market outlook: Nifty may top all averages, show positive bias

We recommend remaining highly stock specific and protecting profits vigilantly at higher levels. NSEBSEWiproLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESV-GuardLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESTata GlobalLoading data…

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        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHindalcoLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESCESCLoading data…

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            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESCanara BankLoading data…

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              ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESBergerLoading data…

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                ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESAshok LeylandLoading data…

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                  ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHindalcoCESCCanara BankBergerAshok LeylandEXPAND TO VIEW ALL In Thursday’s note, we had projected the market to trade in a limited range with a positive bias. In line with this analysis, Thursday’s session saw the Nifty oscillate in a narrow range.

                  The market made no meaningful headway, but still remained resilient and ended the day with a minor gain of 13.70 points or 0.14 per cent. We expect a quiet opening once again on Friday, but the market should continue to trade with a positive bias. The Nifty50 is likely to maintain the short-term momentum and trade above all the averages.

                  The 9,965 and 10,030 levels will act as immediate resistance for the Nifty. Supports will come in at 9,850 and 9,810 levels.

                  The Relative Strength Index or RSI on the daily chart stood at 53.0796 and it continues to remain neutral showing no divergence; either bullish or bearish. The daily MACD has flattened its signal line and it is a bullish indication. No significant formations were observed on the candles.

                  Pattern analysis shows the Nifty continues to trade well within the rising channel as evident in the charts. However, it is currently tracking its 50-DMA, which has now almost become its proxy trend line.

                  The 20-DMA and 50-DMA levels remain in close vicinity. However, it also reveals that the Nifty50 has lost momentum of late but continues to trade above all of the averages. Going by the number of days, this is perhaps the highest number of days that the market has consolidated and traded in a defined congestion zone. Though we still have all the evidence on the charts that show that the underlying current still has an upward bias, we need to approach the market with some amount of caution. We recommend remaining highly stock specific and protecting profits vigilantly at higher levels.

                  STOCKS TO WATCH
                  HDIL, Nalco, Hindalco, Wipro, V-Guard, SBI, Canara Bank saw continuation of long buildup, while unwinding was notice on the counters of Ashok Leyland, Ujjivan, Bharat Financial, Tata Global, CESC and Berger Paint.

                  (Milan Vaishnav, CMT, is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. Contentions made in this article are mere observations. Investors should consult their financial advisers before taking any positions based on these remarks. Views expressed are the author’s own do not represent those of ETMarkets.com. The author can be reached at milan.vaishnav@equityresearch.asia)

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