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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 �� ��
It was a flat start to the new week as the index closed 7.90 points higher after a weak opening. Nifty oscillated in a range of ~60 points for the day and managed to close near the high on the back of consistent buying support after the early weakness. The 21 hourly EMA has acted as an important intraday pivot helping keep the uptrend intact. Yesterday’s candlestick formation is an ‘engulfing bull’ as it encompasses the small body of the previous day. However one needs to wait for a follow through buying to confirm the bullish pattern. Trading volumes declined as compared to previous few sessions whereas the overall breadth slipped in favour of declines. Momentum oscillators on the daily chart maintain their upward bias although the immediate short-term oscillators have rolled bearish resulting in the sideways price action. We maintain our upward stance and look for a test of the resistance cluster between 4920 / 4950 with the bullish pivot being at 4780 (21 DEMA and trend line support).
Sectorally, yesterday’s move was led by gains in Cap Goods (+2.07%), IT (+1.80%) and Auto (+0.78%) stocks; whereas among the draggers were Oil & Gas (-1.71%), Healthcare (-0.62%) and Realty (0.52%) shares. Broader markets ended the day with mixed performance; Mid-cap index was marginally down by 0.03% and the Small-cap index gained 0.33%.
Bullish Setups: COAL, PIHC, IDEA, DITV
Bearish Setups: INFY, IGL
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