After having reached lifetime highs last week, domestic equity benchmark indices may look to carry the momentum forward. S&P BSE Sensex currently sits at 52,474 points while the 50-stock NSE Nifty settled at 15,799. On Monday morning, ahead of the opening bell, SGX Nifty was sitting down in the negative territory. Weekly charts suggest that Nifty’s movement may still be dominated by bulls. “We observe four back to back positive candles on the weekly chart without any reasonable downward correction. This market action also points towards bullish ‘three advancing soldiers’ pattern, which is an uptrend continuation pattern,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Global cues: Wall Street equity indices ended in the green last Friday with NASDAQ jumping 0.35%. However, Asian peers were trading mixed on Monday morning. Nikkei 225, TOPIX, and KOSDAQ were in the green while KOSPI was trading with losses. Chinese stock markets were closed for trade on Monday. 

Technical take: On the daily chart, Nifty formed A small body of positive candle with minor upper and lower shadow on Friday, according to Nagaraj Shetti. “Technically, this pattern indicate a formation of doji type pattern at the new highs (not a classical one). Normally, a formation of doji after a reasonable decline or at the new highs signal caution for bulls at the highs,” he added. However, Shetti cautioned that a sustainable move above the high of doji (15,835) is likely to negate the negative implication and could bring bulls back into action.

Levels to watch for: On an immediate basis, Nifty has support near 15750-15700 zone, said Rohit Singre, Senior Technical Analyst at LKP Securities. He added that any break down below said levels can drag the index towards 15600-15500 zone. “… on the higher side 15840 emerged as immediate hurdle zone if sustain above said level then some extension towards 16k mark possible.”

FII and DII trades: On Friday, Foreign Institutional Investors (FII) were net buyers of domestic stocks. FIIs pumped in Rs 18.64 crore into domestic markets. Domestic Institutional Investors (DII) were also net buyers, purchasing stock worth Rs 666 crore. FIIs were net buyers on 3 out of 5 trading sessions.

Results today: Coal India, IDFC Ltd, IFB Industries, Indian OVerseas Bank, J B Chemicals & Pharmaceuticals, Kajaria Ceramics, and Responsive Industries are some of the firms that will announce their quarterly results today.