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 �� ��
Indian markets ended a volatile day’s of trade with a loss of ~1% just holding above the 4700 mark. After opening marginally higher the index soon started to slip down breaking below the 21 and 50 hourly EMAs and briefly punctured the previous important swing low of 4690. The last hour saw the index swing between lows and highs to finally shut shop at 4705. Momentum oscillators on the hourly chart have rolled bearish with the MACD marginally entering the negative territory. Daily oscillators however continue to show bullish readings thus suggesting a volatile trade in the coming sessions as the market participants fight for control. Trading volumes continue to be on the lower side and the market breadth slipped in favour of declines with an A/D ratio of 1:2.We continue to maintain our stance that the Nifty is likely to remain volatile in the run up to the December series derivatives settlement as well as the quarterly and year end NAV management and should trade in a range of 4700 to 4800. However on sustenance below 4690 may trigger a round of selling down to the immediate support of 4630 and possible carry it down to the yearly low of 4530 over the coming sessions.
Markets were dragged lower by high beta Metals (-2%), Banking (-2%) and Oil & Gas (-1.63%) sectors, whereas only two sectors ended on the gainers list; Power (0.78%) and Cap Goods (0.32%) shares. Broader market indices marginally underperformed the frontline index with Mid-cap index and Small-cap index losing 1% and 1.12% respectively.
Bullish Setups: DRRD, PIHC, LT, SAIL
Bearish Setups: HCLT, LPC, RBXY, TTMT, AL
No comments:
Post a Comment