India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
§ Nifty closed above 6000 on Friday after a strong session throughout the day. It has made a ‘bullish belt hold’ candlestick pattern on the daily chart which suggests a bullish price action in the coming sessions. Momentum oscillator MACD triggered a fresh buy signal on hourly chart from the zero line beginning an up cycle. The same on the daily chart continues to favour on the upside. Market breadth was in favour of advances. Volumes have been on the lower side owing to the year end holidays. Nifty needs to break past and close above the 50DMA (6018) for the bulls to take control of the market. Until then, it is likely to consolidate in a range of 5855-6030.
§ Metals, FMCG and Pharma stocks rallied ~1.5%, whereas Banking and IT shares underperformed the market on Friday. The Autos space remains in distribution mode while the banks are now getting confined within a trading range. Bullish Setups: BRCH, SHRS, PLNG, SESA, STLT, BHARTI Bearish Setups: BJAUT, KMBH, DRRD, MSIL
§ US & European equity indices ended on a strong note an entering the final week of the calendar with positive trend. We maintain our SPX target of 1310. Sugar is expected to stretch gains towards 37.50 cents in the coming weeks.
No comments:
Post a Comment