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The main indices finished marginally higher after swinging both ways last week. The Sensex ended 0.60% or 110.38 points higher, and the Nifty 0.74% up. The CNX Midcap Index was stronger, with a gain of 1.49%.Reliance Communications was the biggest winner among index stocks with a 9.9% gain.
Other index stocks that rose included Hindustan Unilever, Larsen & Toubro, Bajaj Auto and DLF with gains between 5.2% and 3.7%. Tata Motors was the biggest loser among index stocks with a 5.8% loss.
The other index stocks to go down included Mahindra & Mahindra, Hindalco, Tata Steel and ICICI Bank with losses falling between 5.0% and 1.9%. Sabero Organics Gujarat was the biggest winner among the more heavily traded non-index stocks with a 53.6% gain.
Other non-index stocks that gained included Shalimar Paints, Fineotex Chemical , ARSS Infrastructure Projects, Kwality Dairy India, Satyam Computers,Innoventive Industries and Aanjaneya Lifecare with gains between 26.9% and 14.1%.
Sanghvi Forging And Engineering was the biggest loser among the more heavily traded non-index stocks with a 45.5% loss. Other non-index stocks that went down included Sun TV Network, Paramount Printpackaging, Lanco Infratech, Educomp Solutions, Camlin, Cairn India and Orchid Chemicals with losses falling between 27.0% and 2.9%.
INTERMEDIATE TREND
The market entered an intermediate uptrend last week, with the Sensex getting past 18,450, the Nifty past 5,525 and the CNX Midcap past 7,925. The uptrend can now be said to have started from the Sensex's May 25 bottom, when the Sensex bottomed out at 17,786. Stocks went into a decline shortly after the uptrend was confirmed, but the damage so far has not been heavy enough to threaten the uptrend.
The Sensex would fall into an intermediate downtrend should it breach its May 25 low of 17,786. The equivalent for the Nifty is 5,328, and that for the CNX Midcap is 7,745. A few Asian markets also started intermediate uptrends last week. However, several markets including the US and Europe were down to five-six week lows after Wednesday's global sell-off.
LONG-TERM TREND
The newly established intermediate uptrend just about keeps the overall picture of a bull market here intact, as the indices managed to remain above their last intermediate bottoms during the previous intermediate downtrend. They still have to climb back over their 200-day moving averages, though.
The Sensex's 200-day average stands at 19,181. The bull market was signalled after the Sensex bottomed out at 17,296 on February 11. The highest level it reached after that has been 19,811 on April 6. A move past that level would remove any ambiguity about the bull market.
TRADING & INVESTING STRATEGIES
Existing portfolios should be held on to as we are probably still in a relatively new bull market. Stocks which fell to their lowest in three months or more should be swapped for those which are at least 20% above their 2011 lows. Further investments can be made now, but stocks which fell to their lowest levels in 2011 should be avoided. Quite a few banks belong to that list.
GLOBAL PERSPECTIVE
Global markets are in mixed intermediate downtrends. A few of the Asian markets besides ours are in uptrends, while the downtrends in Europe and the US have been gathering some momentum. The Dow will have to climb past its last minor top of 12,612 to end its downtrend.
(The author is an independent technical analyst)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
The main indices finished marginally higher after swinging both ways last week. The Sensex ended 0.60% or 110.38 points higher, and the Nifty 0.74% up. The CNX Midcap Index was stronger, with a gain of 1.49%.Reliance Communications was the biggest winner among index stocks with a 9.9% gain.
Other index stocks that rose included Hindustan Unilever, Larsen & Toubro, Bajaj Auto and DLF with gains between 5.2% and 3.7%. Tata Motors was the biggest loser among index stocks with a 5.8% loss.
The other index stocks to go down included Mahindra & Mahindra, Hindalco, Tata Steel and ICICI Bank with losses falling between 5.0% and 1.9%. Sabero Organics Gujarat was the biggest winner among the more heavily traded non-index stocks with a 53.6% gain.
Other non-index stocks that gained included Shalimar Paints, Fineotex Chemical , ARSS Infrastructure Projects, Kwality Dairy India, Satyam Computers,Innoventive Industries and Aanjaneya Lifecare with gains between 26.9% and 14.1%.
Sanghvi Forging And Engineering was the biggest loser among the more heavily traded non-index stocks with a 45.5% loss. Other non-index stocks that went down included Sun TV Network, Paramount Printpackaging, Lanco Infratech, Educomp Solutions, Camlin, Cairn India and Orchid Chemicals with losses falling between 27.0% and 2.9%.
INTERMEDIATE TREND
The market entered an intermediate uptrend last week, with the Sensex getting past 18,450, the Nifty past 5,525 and the CNX Midcap past 7,925. The uptrend can now be said to have started from the Sensex's May 25 bottom, when the Sensex bottomed out at 17,786. Stocks went into a decline shortly after the uptrend was confirmed, but the damage so far has not been heavy enough to threaten the uptrend.
The Sensex would fall into an intermediate downtrend should it breach its May 25 low of 17,786. The equivalent for the Nifty is 5,328, and that for the CNX Midcap is 7,745. A few Asian markets also started intermediate uptrends last week. However, several markets including the US and Europe were down to five-six week lows after Wednesday's global sell-off.
LONG-TERM TREND
The newly established intermediate uptrend just about keeps the overall picture of a bull market here intact, as the indices managed to remain above their last intermediate bottoms during the previous intermediate downtrend. They still have to climb back over their 200-day moving averages, though.
The Sensex's 200-day average stands at 19,181. The bull market was signalled after the Sensex bottomed out at 17,296 on February 11. The highest level it reached after that has been 19,811 on April 6. A move past that level would remove any ambiguity about the bull market.
TRADING & INVESTING STRATEGIES
Existing portfolios should be held on to as we are probably still in a relatively new bull market. Stocks which fell to their lowest in three months or more should be swapped for those which are at least 20% above their 2011 lows. Further investments can be made now, but stocks which fell to their lowest levels in 2011 should be avoided. Quite a few banks belong to that list.
GLOBAL PERSPECTIVE
Global markets are in mixed intermediate downtrends. A few of the Asian markets besides ours are in uptrends, while the downtrends in Europe and the US have been gathering some momentum. The Dow will have to climb past its last minor top of 12,612 to end its downtrend.
(The author is an independent technical analyst)
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