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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 �� ��
Nifty has managed to continue the uptrend with a strong session that helped the index close above the psychological 5000 mark. The milestone has been regained after a month where the market has exhibited Strong price action and market breadth. After opening the day with another gap up, the index traded mostly sideways only to end with a minor helping close near the high of the day. Such sessions are indicative of strong bullish undercurrent and an extension of the trend. The corrective move day before was misread as an end to the rally thus calling for booking profits, however the momentum oscillators on the daily chart are bullishly positioned and are gaining strength. The hourly indicators have started to show signs of fatigue with initial negative divergence signals hence one has to be nimble while trading the markets now. Market breadth returned in favour of advances along with high turnover. For the week Nifty is closing in the green and consolidating its bullish short-term stance. Expect the rally to stretch towards the December high of 5100 with intermediate resistance at 5070. Immediate downside support is pegged at 4900.
Most of the sectoral indices ended the day in the green barring minor losses in IT (-0.32%) and FMCG (-0.02%) sectors. Gains for the day were led by Realty (+3.54%), Metals (+2.81%), and Power (+2.43%) sectors. Broader market Mid-cap and Small-cap indices outperformed the frontline benchmark with gains of 1.43% and 1.24% respectively.
Bullish Setups: RIL, HMCL, DRRD, HDFCB, JUBI
Bearish Setups: INFY, IGL, BJAUT
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