India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
§ After three successive days of decline, Nifty collapsed on Friday breaking key short / medium term supports. On an intraday basis Nifty dipped below the 5900 mark, but managed a close marginally above it. For the week Nifty has dropped by 3.75%, the most in seven weeks, and similar to the November mid-week fall. On the weekly chart, Nifty has made a ‘bearish engulfing’ pattern eclipsing two weeks’ gains. Daily and weekly oscillators have comfortably triggered sell signal. Market breadth ended strongly in favor of declining stocks. Nifty 50 stocks A/D ratio was awful at 1:49. Since the 6082 support has been breached convincingly, Nifty is most likely to test the 5820 support and possibly drop lower towards the 5700 mark. While in the immediate short-term, the hourly chart depicts highly oversold conditions, hence a pullback towards 6015 is expected.
§ All the sectoral indices closed in the red by in the range of 1.4% – 4%. The most hit were the Metals and Auto stocks. Banking and Oil & Gas relatively outperformed the market. India VIX has closed above the 50-DEMA at 20.82 triggering a buy signal for an immediate target of 22.75. Bullish Setups: TPWR, PWGR, GAIL, IH, BOI, RIL Bearish Setups: BJAUT, MM, MSIL, ACEM, UT, VJYBK
§ Asian indices like SHCOMP, HSI and NKY closed the week with gains, with NKY triggering a breakout for a target of 11,330. European and US indices too ended in the green, and are now approaching resistances. DJIA faces headwinds at 11,850. Commodities too face near-term headwinds as the benchmark CCI index declines from previous all-time high of 634. Gold has declined from multiple tops at $1425, and a decline below $1350 will trigger a sell-off towards $1265.
§ Interesting chart setups: GAIL, RIL, MSIL, TTMT, ACEM
No comments:
Post a Comment