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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 �� ��
Indian markets continued the consolidation phase into the sixth day as the Nifty traded in a tight range of 70 points and ended the day near the close with minor gain of 0.16%. The index opened on a flat note, devoid of any cues globally and witnessed some selling in the morning, however by afternoon the losses were recouped to form an intraday high of 5421 which was again unsustainable. After the steep rally in January, the markets have lost momentum to carry the Nifty sustainably above 5400 thus getting into a sideways consolidation, putting traders into quandary about the next move. Trading volumes were relatively lower and the market breadth was absolutely neutral indicating a tough tussle between bulls and bears. Short-term momentum oscillators too have started to roll bearish warning of profit taking activity. The 200 DMA at 5176 and the break of the 14-month trend channel above at 5260 remain the important pivot points for the uptrend that began from the start of the year. We continue to maintain our stance and expect Nifty to break the range (5430-5320) higher for a test of 5500, before prices begin to roll down on profit taking.
Sectoral trend were mixed with gains coming from Metals (+1.01%), Auto (+0.84%) and Banking (+0.36%). On the losing side were Cap Goods (-0.75%), IT (-0.26%) and FMCG (-0.05%) shares. The Mid-cap and Small-cap indices too closed in the positive with gains of 0.46% and 0.18% respectively.
Bullish Setups: STLT, ONGC, ACEM, DABUR, PWGR, CRG
Bearish Setups: BHEL
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