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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
§ It was a stellar day for Indian equities as the Nifty rallied 2.75% in yesterday’s session. The index opened with a bullish gap and continued build on the gains throughout the day. A ‘bullish belthold’candlestick pattern has been formed after a bullish engulfing pattern the previous day indicating a short-term reversal. Trading volumes are at 5-day average and need to improve for a sustained upmove. Short-term momentum oscillators have rolled bullish, whereas medium term oscillators have turned sideways. Market breadth has reached an extreme in favour of the advances and is expected to moderate in the coming sessions. Nifty 50 stocks A/D was at a stellar 24:1. The pullback rally is approaching a strong resistance of 5510 (20-DMA and declining trend channel height) which will cap the immediate gains. In case of a close above 5510, an extended move towards the 200-DMA at 5625 is the next target. We reiterate the range for the month at 5200-5650.
§ After a long time all sectoral indices witnessed positive trend. Yesterdays rally was led by Cap Goods shares, followed by Auto and Metals shares. Banking stocks too remained in the hunt. Oil & Gas stocks grossly underperformed the benchmark yesterday.
Bullish Setups: Fortis Healthcare (FORH), PTC (PTCIN), Kotak Bank (KMB), L&T (LT), IVRCL Infra, (IVRC), RCOM
Bearish Setups: HUL (HUVR)
· Asian equities have rebounded smartly and look good for further gains as momentum rolls bullish for most indices. We maintain our cautious stance on USD and European equities that traded flat yesterday as momentum wanes near key resistance levels.
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