Key Points
As a result, weekly price action formed a small bear candle with shadows on either side, highlighting prolonged consolidation amid oversold conditions (as weekly stochastic is placed at 15)The index has been trading in a downward slanting channel over past four months, indicating corrective bias..
However, key point to highlight is that, past two weeks consolidation 17200-16800 helped index to form a base at lower band of the channel placed at 16800 while absorbing host of negative news globally.In the upcoming truncated week, holding September 2022 low of 16747 would keep pullback option open towards upper band of consolidation placed at 17200..
On sectoral front, BFSI, Capital goods & Infra, Consumption and PSU are in focusOn the stock front, we remain positive on Axis Bank, Hindustan Unilever, Siemens, Titan, Ultratech Cement, Hindustan PetroleumIndex has managed to hold the key support of 16800 despite elevated global volatility which would continue to act as key support as it is confluence of:..
The weekly price action formed a high wave candle which remained contained inside previous week range signalling consolidation with corrective biasIndex in the last two weeks is seen consolidating in the broad range of 40200-38600..
A slower pace of retracement signifies corrective nature of current declineThe index has key support at 38200-38600 levels being the confluence of (a) rising 52-week ema and (b) 80% retracement of June-December 2022 up move (37387-44151)The weekly stochastic remain in downtrend and is currently placed at a reading of 30 signalling continuation of the corrective consolidation in the coming weeks..
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