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§ After the previous days’ smart advance, Nifty was unable to build on to the gains yesterday. The index opened lower and continued to lose ground on throughout the day. Nifty has managed to make a higher low suggesting that the technical rebound is likely to continue. Hourly MACD continues to trade with a bullish crossover, and the short-term daily oscillator Stochastic has rolled bullish from oversold territory. Other daily oscillators are pointing lower, thus leading to a sideways trend in the near term. Market breadth turned back in favor of declining stocks. Nifty 50 stocks A/D ratio was turned inverse at 1:6. The Nifty rebound is likely to continue in the immediate near term as long as 5690 remains inviolate. The upside is likely to be restricted to 5940 (50% retracement of the previous decline) where a cluster of swing resistances will challenge the bullish strength. On the other hand the overall price and momentum setup has turned in favour of bears that have an eye on the 200 SDMA at 5600.
§ Yesterday’s decline was led by Financial, Technology and Consumer Durable stocks. Realty shares that have been beaten down managed to scrape through unscathed. FMCG and Autos shares ended with marginal loss outperforming the market. India VIX is back on the uptrend after a minor pause. The daily oscillator has turned positive. We reiterate our target of 25.35. CNX IT index has declined sharply, closing below the 50-DEMA with a shot at 6800 (21-WEMA) Bullish Setups: HZ, IH, BHARTI, CAIR, GRASIM Bearish Setups:HPCL, TTSL, BJAUT, HPCL, INFY
§ EUR has rebounded strongly with gains of~1.5% in yesterday’s session, and on a close above 1.341 will trigger a breakout for 1.37 price objective. Alternatively DXY has reacted sharply lower from the 200 SDMA and a break below 78.78 will trigger a downside to 77.85.
§ Interesting chart setups: HZ, BHARTI, CAIR, MSIL, TTSL, BJAUT
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