Visit http://indiaer.blogspot.com/ for complete details �� ��
§ The benchmark equity index opened on a huge gap up, scaled above the 6100 mark and maintained the gains throughout the day. The index has scaled up 100 points in just one trading session and importantly closed above the 6100 mark, a psychological advantage. The momentum oscillators have triggered a buy on the daily chart from oversold levels, whereas the hourly oscillators are comfortably trading in the positive. A bullish crossover of the 21 and hourly EMAs has been achieved which will keep the index supported. Market wide breadth has improved significantly in favor of advances. Nifty stocks’ breadth was impressive at 7:1. Since the index has rallied strongly in yesterday’s session, sharp downside risk is ruled out, however until 6150 is conquered on a closing basis, the index can correct in the immediate short-term towards hourly support of 6060, or can spend some time trading sideways.
§ Yesterday’s tear away rally was led by Consumer Durables, Banking and Realty counters. Oil & Gas, FMCG and IT shares remained underperformers. Bank Nifty is on the verge of breaking above the 52 week high on the back of a strong rally in large and mid-cap bank stocks. It is likely to test 13,500. Bullish Setups: RIL, CIPLA, ESOIL, BHARTI, LT. Bearish Setups:SESA, HH, SAIL.
§ Asian markets have closed on a strong note, with the exception of the Nikkei 225. Shanghai Composite has closed above 3000 mark for the second time, sealing a bottom at 2956 achieved last week. European indices and US indices are off the highs of the day as they await important economic and political events in the week. SPX is facing stiff pressure near 1200. A break and close above it will trigger a rally in US stocks that can take the index 1300 by the end of the year. DXY has reversed the loss, and vice versa for the USD-EUR that is making a triangle pattern, which indicates indecision among traders on the direction of the market.
§ Interesting chart setups: RIL, LT, CIPLA, SESA, HH
§ On Monday, Benchmark indices staged a strong performance on the first day of November, led by banks, telecom, realty and capital goods, and ahead of credit policy meet.The Sensex added more than 300 points and the Nifty successfully settled above the 6100 mark. The rally was mainly led by financials post strong numbers declared by ICICI Bank and ahead of the RBI policy meet on November 02.
§ The Sensex closed at 20355, up 323 points and the Nifty at 6117, up 100 points.
§ Gainers were ICICI Bank (6.56%), Mahindra & Mahindra (4.97%), Jaiprakash Associates (3.62%), DLF (3.26%), Housing Development Finance Corporation (3.20%), and Larsen & Toubro (3.20%).
§ Losers were Maruti Suzuki India (2.90%), Hero Honda Motors (1.26%), NTPC (1.18%), Reliance Industries (0.52%), and Hindustan Unilever (0.29%).
§ The Consumer Durables index was up 4.18%. Major gainers were Titan Industries (7.22%), Rajesh Exports (6.66%), Gitanjali Gems (2.59%), Whirlpool Of India (0.4%) and Blue Star (0.19%).
§ The Bankex was up 3.49%. Major gainers were Federal Bank (4.28%), HDFC Bank (3.16%), Canara Bank (3.16%), Bank Of India (3.14%) and Bank of Baroda (0.89%).
§ The Realty index was up 2.89%. Major gainers were Ackruti City (4.17%), Indiabulls Real Estate (4.12%), DLF (3.26%), Anant Raj Industries (2.81%) and DB Realty (2.33%).
§ The Capital Goods index was up 2.17%. Major gainers were Crompton Greaves (2.55%), ABB (2.31%), Bharat Electronics (0.84%), Bharat Heavy Electricals (0.83%) and Areva T&D India (0.43%).
§ Globally, Asian indices ended firm, while Europe was trading in the green.
No comments:
Post a Comment