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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 �� ��
§ The Nifty finally managed to show some strength and clawed back above 5500 level. The index opened with an upside gap and built up on the gains. Daily candlestick chart depicted a Bullish Belthold candle which was also a Bullish Engulfing candle. Daily RSI and Stochastic continue to depict extension of the technical pullback which started today. Market breadth improved substantially in favor of advances; the Nifty 50 stocks A/D ratio was at 22:3. The market has short-term upside risk that can last up to the 200-SDMA at 5626 from where fresh selling is likely to occur.
§ Sectoral trends were mixed on the back of relief rallies across various counters. The badly battered Realty sector witnessed further covering after previous day move. DLF was the stock of the day which reversed on a very high volume. Cap Goods shares led by Larsen also depicted good show of strength. Bullish Setups: HNDL, FORH, SHRS, TATA, TCS Bearish Setups: JETIN, RPWR
§ Trend among western equity indices is weakening on loss of momentum. EUR has rallied above 1.38 mark and looks good to test the three year declining trendline resistance at 1.44. USD-INR faces resistance at the two year declining trend channel at 46 that can drag it below 44.50 in the near-term.
§ Interesting chart setups: TATA, SHRS
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