Please Share:: 
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 �� ��
§ The index opened on a positive note yesterday and remained so till the end. Importantly the index has managed to close the bearish gap of Monday and regain the 5500 mark. Additionally it has resumed the higher top higher bottom formation on the daily chart indicating an immediate near-term uptrend. Hourly MACD has turned from the zero line and given a buy crossover (a classic uptrend move), and the daily oscillators continue to point higher. Market breadth turned back in favour of advancing stocks. Nifty 50 stocks A/D ratio was at an adverse 3.5:1. Broadly the index has formed a trading range between 5400-5650 with an upward bias; hence one can look to look to initiate long trades at current levels.
§ Sectoral trend was positive in yesterday’s session as all the indices managed to close in the green. Technology, Metals and Banking shares gained the most, whereas FMCG, Cap Goods and Power underperformed. Yesterday’s strong move resulted in secular decline in sectoral indices. The recent bullish formation on the Bank Nifty remains valid till 10300 remains inviolate. CNXIT is on the verge of a bullish breakout above 6900 for a target of 7100. Bullish Setups: RPower (RPWR), REC (RECL), BHARTI, IFCI, SESA, Axis Bank (AXSB), Wipro (WPRO)Bearish Setups: Maruti (MSIL), LT, Tata Power (TPWR), Renuka Sugars (SHRS)
§ DXY has reacted higher from the trendline support of 76 and a sharp pullback is likely, which could trigger declines in risk assets across the globe. Gold & Crude Oil have retracted from yesterday’s highs, whereas Copper has clearly moved into a corrective phase.
No comments:
Post a Comment