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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Aided by buying in the second half, Nifty managed to close the first session of the New Year on a mildly positive note with gains of 0.27%. The index slipped lower after a positive opening resulting in a breach of 4600 briefly but quickly pulled back above to rally towards the close. Trading volumes continued to be on the lower side and the market breadth ended marginally in favour of advances. Momentum oscillator MACD has turned flat, whereas Stochastic has moved into oversold territory warning of some upside risks. Nifty is likely to witness resistance at the 21 and 50 hourly EMAs at 4560 and 4580 respectively in the sessions ahead, whereas 4600 remains a key pivot for the bears. We continue to maintain bearish stance that on sustenance below 4600, expect Nifty to drop down towards 4530 and possibly break the low for a target of 4400. The short-term outlook will turn bullish only on a close above 4745 (21 DEMA).
Sectoral performance was mostly mixed with FMCG (-1.31%) index losing the most followed by Autos (-1.20%) and Power (-0.44%) stocks. On the gainers list were Oil & Gas (+1.31%), IT (-1.23%) and Metals (+0.64%) shares. Broader market indices too managed mix moves with Mid-cap and Small-cap indices closing at -0.07% and 0.11% respectively.
Bullish Setups: DRRD, PIHC, SAIL
Bearish Setups: LPC, RBXY, TTMT, AL, HUVR
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