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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 �� ��
Markets have recouped some of the losses of Wednesday with a sharp 1% rally in yesterday’s session. After opening flat the index slipped lower to briefly make a new intraday low of 4639 but started recovering soon after. The final hour saw the Nifty rally 93 points as it managed to take out the stiff resistance of 4717. The daily candlestick pattern shows a long lower shadow which suggests good demand at lower levels or the second consecutive day. Nifty has managed to take support of the lower boundary of the one-year declining trend channel and moved higher. Volumes in yesterday’s session were high on the back of expiry and the market breadth ended in favour of advances after a long time. Nifty breadth was robust at 40:10. As per the technical evidence it is likely that Nifty is in retracement mode of the straight decline from 5326 to 4639 and a minimumretracement level of 38.2% comes in at 4900 which also coincides with the 10 DEMA. Stochastic Oscillator (ST momentum indicator) has rolled bullish from oversold territory signaling a recovery in prices. On the weekly charts the MACD is setup right at the signal line, and a positive session today will keep the bullish crossover intact.
Among the sectoral performances, all the indices ended the day in the green. Yesterday’s up move was led by Auto stocks that rallied 2.45%, followed by good gains in Cap Goods and Healthcare stocks. FMCG and Metals counters underperformed the market with minor gains of 0.08% and 0.17% respectively. Performance of the broader markets was encouraging with Mid-cap and Small-cap indices registering 1.40% and 0.38% gains respectively.
Bullish Setups: HH, HDFC,
Bearish Setups: HCLT, LPC, TTAN, MM, HDFCB
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