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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 �� ��
After a strong rally on Tuesday, the index went through a session on consolidation yesterday as it traded in an extremely narrow range of 36 points. Nifty closed with marginal gains of 11 points forming a ‘doji’ candlestickwhich is a sign of indecision. The breakout of the falling trend line from the peak of 5400 as well as a break of the minor triangle pattern on hourly charts continues to remain valid however one cannot ignore the formation of a ‘doji’ at the upper boundary of a parallel trend channel off the lows which can lead to some profit taking.Turnover improved substantially and the market breadth too remained strongly in favor of advances. Momentum oscillators on the hourly chart have turned overbought but not alarming of a turndown; whereas the daily oscillator setup continues to remain bullish. For the coming session we are cautiously optimistic on the Nifty; as long as it manages to trade above the pivotal 4800, the rally has potential to stretch towards the ‘bearish gap’ of 4921.
The trend among sectoral indices was mostly positive with the exception of defensive IT (-1.42%) and FMCG (-0.68%) indices that witnessed profit taking. Among the top gaining sectors of the day were Realty (+4.64%), Metals (+2.26%) and Banking (+1.12%). The broader market indices continued to put up a good show gaining 1% for Mid-cap and 1.32% for the Small-cap index.
Bullish Setups: IRB, COAL, PIHC, HDFCB, DLF, RIL
Bearish Setups: UTCEM, WPRO, INFY, PWGR
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