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§ Unlike Monday, the Nifty opened on a flat note yesterday and traded in a tight range throughout the day. The index has closed with a ‘doji’ candlestick pattern signifying the indecisiveness among market participants. It has managed to hold on to the breakaway gap which is a bullish sign in the short-term. Additionally, most momentum oscillators have turned bullish on the daily chart, whereas on the hourly charts the momentum picture has improved significantly. Nifty has managed to hold above the key daily moving averages that will act as good supports. Market wide breadth turned unfavorable against the advances. Nifty stocks’ breadth was neutral at 1:1. Nifty needs to break above the 6151 barrier to get into a sustained rally mode. Until then it is likely to vacillate between the short-term range of 6150-6060.
§ Consumer Durables, Cap Goods and IT stocks kept the bulls active, whereas selling activity was seen in the interest rate sensitive Realty shares, followed by Oil & Gas and Auto shares. Cement shares witnessed a secular upside move yesterday signaling a bullish bias in the sector. Bullish Setups: RIL, CIPLA, ESOIL, TATA, LT, ACC. Bearish Setups: SESA, HH, SAIL, DABUR
§ The European markets ended the day on a strong note, trading just a shade below the previous weeks’ highs. Momentum oscillators are on the verge of triggering a buy signal that will propel the stock into a year-end rally. US markets too are trading on strong footing; esp. the SPX just a few points of the crucial 1200 mark. A daily close above it will trigger a year-end rally towards 1300. Crude Oil has broken above $84 triggering a breakout of the consolidation range. Measured target of this breakout is in the range $90-95.
§ Interesting chart setups: TATA, LT, ACC, SESA, HH
§ On Tuesday, Benchmark indices remained muted following the RBI policy announcement, as the rate hike was very much on expected lines. RBI, in its second quarterly policy review, raised key lending rate by 25bps, the sixth such hike since March 2010, as it looks to achieve its end-March 2011 projection of headline inflation at 6%.
§ The index ended at 20,322, down 34 points.
§ The Nifty ended with a loss of five points at 6,113.
§ Gainers were ACC (4.04%), Larsen & Toubro (1.77%), HDFC Bank (1.22%), NTPC (1.04%), State Bank of India (0.98%), and Hero Honda Motors (0.75%).
§ Losers were DLF (1.65%), Jindal Steel & Power (1.49%), Tata Motors (1.40%), Sterlite Industries (India) (1.23%), Reliance Industries (1.17%), and Bharti Airtel (1.09%).
§ The consumer durables was at 6,877.75, up 97.05 points or 1.43%. Major gainers were Bajaj Electricals (4.24%), Rajesh Exports (3.13%), Blue Star (1.47%), Whirlpool of India (0.41%), and Gitanjali Gems (0.18%).
§ The Capital Goods index was up 1.04%. Major gainers were AIA Engineering (6.86%), Jyoti Structures (1.7%), Bharat Electronics (1.42%), ABB (0.46%), and Crompton Greaves (0.14%).
§ The HealthCare index was up 0.47%. Major gainers were Glenmark Pharmaceutical (3.62%), Glaxo SmithKline Pharmaceuticals (1.83%), Dr Reddy`S Laboratories (1.06%), Apollo Hospitals Enterprise (0.52%) and Divis Laboratories (0.22%).
§ The Realty index was down 1.78%. Major losers were DLF (1.65%), Indiabulls Real Estate (1.35%), Anant Raj Industries (1.01%), DB Realty (0.95%) and Ackruti City (0.54%).
§ Globally, Asian indices ended lower, while Europe was trading flat.
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