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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
§ After two days of consolidation Nifty gave a breakout above 5500 with force closing and closed near the high of the day. With that it has breached the 20-DMA calling for a short-term bullish outlook. Although the volumes were on the lower side market internals continue to remain robust. Hourly MACD that had rolled bearish has whipsawed back to buy mode. Daily oscillators too are in favour of an upmove. Market breadth was strongly in favour of the advances; and the Nifty 50 stocks A/D turned robust at 2:1. Nifty has managed to break past the hurdle quite comfortably and is now set to test the 200-DMA at 5620 which also coincides with 38.2% retracement of the three month decline since November. In the short-term Nifty will be well supported by the hourly moving averages. A weekly close above 5620 will lead to an extension of the current upmove towards 5750 / 5900 (key retracement levels).
§ Bullish activity was witnessed in majority of the sectoral indices except Realty that witnessed selling activity. Cap Goods, Banking and Auto shares were among the major gainers in yesterday’s session. CNXBANK has managed a close above 11000 confirming a bullish breakout with target in the 11270 / 11660.
Bullish Setups: Reliance (RIL), SBI, BHARTI, Tata Steel (TATA), Patel Eng (PEC)
Bearish Setups: Sintex (SINT), Sterlite (STLT), HCL Tech (HCLT), ONGC
§ US stocks are extending the gains of the past three months as they approach a crucial resistance on DJIA at 12550 (78.6% retracement of 2007-09 bear market). Short-term momentum has rolled bullish for major Asian indices and they are set to extend the gains into the coming week as well.
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