In a lack luster move today, though NIFTY managed to close positive, there seems to be not much strength in it to maneuver further on the bullish side. Daily short trades gets closed with a stop trigger and has lost 108 points. Daily chart of NIFTY has turned trendless, this means price will keep moving within the range that has been formed now 5500-5350, maybe it can extent a little on the higher side. But every move up will attract selling pressure.
Hourly chart is trending bullish, has retraced bearish divergence on the histogram, while MACD is rising. This show that there is some more steam left before any weakness could set in.
Sectors today:
Mirroring the index moves, none of the sectors had any good move; the best among the movers today was Financials with a gain of 0.98% on its index value. Housing finance industry lead the rally with a 1.40% gain on its index followed closely by Private sector Banks and Term lending institutions. IOB recorded 7.01% gains and topped the financial sector gainers.
Telecom was the weakest today losing 0.71% on its index value. Telecom Cables industry gave back 3.86%, losses from Sterlite Tech of 5.11% on its value was a big drag on this index and that was followed by weakness in the Telecom Services Industry losing 0.82%. The leader Bharthi giving back 1.05% of its gains were followed by minor weakness on the frontline telecom services stocks.