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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 �� ��
The benchmark equity index ended the penultimate day of trading of CY2011 on a bearish note losing 1.27%. Nifty opened on a weak note tracking global peers and traded in a narrow range for most part of the session, until the final hour that saw a sharp cut of 50 points finally ended the session at the lowest point of the day. As we open trade for the final session of CY 2011, the Nifty is down ~26%; its second worst year after 2008 and is poised for its fourth straight quarterly negative close. Coming back to the daily charts, the momentum oscillators have once again started to roll over along with the hourly oscillators that are already in sell mode. Trading volumes improved on the back of December series derivatives settlement and the market breadth continue to be weak with and A/D ratio of 1:1.8. The outlook for the final session of year is that of mildly positive as the Nifty trades close to its support cluster of 4640 / 4630 from where a minor bounce upto 4715 (50 hourly EMA) is likely. On the whole the outlook continues to remain bearish and rallies upto 4700 / 4800 should be sold into for an eventual break of the lows into the coming New Year.
Among the key sectoral movers, most of the indices ended the day in the red with the exception of Metals (0.23%) and Healthcare (0.19%). The biggest knock was taken by Oil & Gas (-2.62%), Cap Goods (-2.39%) and Realty (-1.66%) shares. Mid-cap and Small-cap indices ended the day at -0.35% and -0.74% respectively, managing to outperform their heavyweight peer.
Bullish Setups: DRRD, PIHC, LT, SAIL
Bearish Setups: HCLT, LPC, RBXY, TTMT, AL
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