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Edelweiss Technical Reflection (ETR)Nifty traded volatile in a narrow range yesterday and managed to end with minor loss of 11 points. After a large rally day before and with the index trading close to the multiple resistance cluster of 4980 / 5000, profit taking was on the cards, which was witnessed yesterday. Expect some consolidation to continue for couple of sessions before a resumption of the rally. Trading volumes continue to remain high, however the market breadth dropped sharply in favour of declines suggesting a cooling off in the broader markets. Even the Nifty breadth dropped down to 1:2. Momentum oscillators on the hourly chart have rolled bearish, whereas the same on the daily chart are strengthening, resulting in indecisive price action. Nifty is likely to trade in a choppy range of 5000 to 4880 in the immediate near term with overall breadth continuing to be weak. Barring the Oil & Gas (+3.12%) and Realty (+0.61%) index all other sectoral indices managed to end the day in the red. The top draggers for the day were Autos (-2.19%), IT (-2.16%) and Cap Goods (-2.04%) indices. The broader markets took most of the brunt of selling as the Mid-cap and Small-cap indices were down 1.16% and 1% respectively.
Bullish Setups: RIL, IDEA, HDFCB, JUBI
Bearish Setups: INFY, IGL, BJAUT
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Edelweiss Technical Reflection (ETR)Nifty traded volatile in a narrow range yesterday and managed to end with minor loss of 11 points. After a large rally day before and with the index trading close to the multiple resistance cluster of 4980 / 5000, profit taking was on the cards, which was witnessed yesterday. Expect some consolidation to continue for couple of sessions before a resumption of the rally. Trading volumes continue to remain high, however the market breadth dropped sharply in favour of declines suggesting a cooling off in the broader markets. Even the Nifty breadth dropped down to 1:2. Momentum oscillators on the hourly chart have rolled bearish, whereas the same on the daily chart are strengthening, resulting in indecisive price action. Nifty is likely to trade in a choppy range of 5000 to 4880 in the immediate near term with overall breadth continuing to be weak. Barring the Oil & Gas (+3.12%) and Realty (+0.61%) index all other sectoral indices managed to end the day in the red. The top draggers for the day were Autos (-2.19%), IT (-2.16%) and Cap Goods (-2.04%) indices. The broader markets took most of the brunt of selling as the Mid-cap and Small-cap indices were down 1.16% and 1% respectively.
Bullish Setups: RIL, IDEA, HDFCB, JUBI
Bearish Setups: INFY, IGL, BJAUT
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