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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 �� ��
Nifty rallied steadily yesterday to close with gains of 1.38% at 4779 devoid of any global cues. It has made higher tops and bottoms for the fourth consecutive session suggestive of the strong nature of the rally. Even on the momentum oscillator front, the readings on most oscillators have turned bullish warning of higher prices in the coming sessions. Trading volumes were at multi-month lows and the market breadth was in favour of advances at 2:1. Nifty has moved comfortable above the hourly 21 and 50 EMAs at 4730 and 4716 respectively that will act as a support pivot. We continue to maintain the stance that the index can continue its ascent towards the 4800 / 4810 levels where the presence of 20 DMA will likely keep the lid for this pullback rally. Only in case of break and close higher will the index stretch gains towards 4920 (bearish gap / falling trend line) area. A break and close below 4690 will signal a return to the downtrend for target of 4500 / 4400.
Barring the Healthcare (-0.04%) index, all other sectoral indices gained on the bourses. The top performers of the day were IT (+2.4%), Realty (+1.6%), and Metals (+1.4%) indices. Broader market Mid-cap and Small-cap indices ended the day with gains of 0.83% and 0.98% respectively.
Bullish Setups: DRRD, PIHC, AXSB, LT, SAIL
Bearish Setups: HCLT, LPC, RBXY, TTMT, AL
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