NIFTY continued its non-trending move with a narrow range. Intraday moves showed shrinking of the range pattern. Though previous low was breached, there was not much strength to drift down; it pulled up to close positive.
A down side breakout and a bullish divergence is needed for any bullishness to return on the index. A move past previous week's low of 4985 would turn the weekly into bearish trend. As of now only the weekly charts shows trendiness. 5200 would act as strong resistance on any move up from here.
On reaching 5200 hourly charts would retrace bearish divergence and resume the bear move from there.
While most of the Sectors closed positive today, TELECOM took to a large amount of weakness. The Index has lost more than 2% today, followed by INDUSTRIALS closing marginally weak. Telecom Services Industry took a larger plunge with an above 6% loss on its index value. Index leader BHARTI has given a new low today. IDEA also has closed largely weak today; both these front runners have lost more than 8% to their previous closing price.
CONSUMER SERVICES Sector topped the gainers today, Media and Hotels Industry groups shined in a lack luster trading day. INDHOTELS is doing strong runs from the recommended 108.50 long entry.
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