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§ Nifty closed marginally in the red in a choppy session that saw the Nifty drop nearly to 5400 before short-covering and bargain buying led it higher to trade above 5500. Nifty has resisted at the lower end of the decline channel (refer chart) that was broken down in the previous week. Daily RSI has reached oversold (30) territory and hence the pullback rally can sustain for a few sessions. By the end of the day the market breadth had improve but was in favour declining stocks; and the Nifty 50 stocks A/D ratio nearly neutral. At this juncture we consider the upmove as only a pullback of previous week’s decline which should hit a wall at 5600 / 5650, from where shorts are likely to get active once again.
§ Trend among sectoral indices was mixed that resulted in the volatile session. The completely beaten down Cap Goods shares cooled off with ~3% gains, followed by Power and Oil & Gas stocks. Weakness persisted in Realty shares (-2.2%), and in FMCG and Telecom shares. Bank Nifty is showing resilience above the 10370 swing low with the potential to rally back upto the 200-SDMA at 10900. Bullish Setups:SESA, FORH, LT, UT, LANCI Bearish Setups: HH, ONGC, ACEM, RIL, JETIN
§ US and European equity indices traded in the marginally in the green, but the short-term corrective move looks still in place. Crude is back above the $92 mark after a strong rally in the past two session indicating a reversal from $85 with buy triggers in short-term oscillators.
§ Interesting chart setups: PLNG, DIVI, HH, ACEM, ONGC
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