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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 ended 0.50% higher in yesterday’s another range bound session, but this time with a close above the crucial 5400 mark. After a flat opening the index slowly climbed higher with a minor hiccup in the afternoon but managed to close near the high of the day. While it continues to be restricted to the range of 5430-5320, the likelihood of an upside breakout has improved after yesterday’s close. Hourly MACD has managed to roll bullish from the zero line, whereas the daily RSI continues to trade in the overbought territory indicating a final thrust higher before the market cools off. Market breadth improved marginally in favour of advances and the turnover moderated a bit. We maintain our bullish stance and expect Nifty to break the range (5430-5320) higher for a test of 5500, with a minor resistance to negotiate at 5450 before prices begin to roll down on profit taking. The 14-month trend channel above at 5260 remains the important pivot point for the uptrend that began from the start of the year.
Among the sectoral movers, Healthcare (-0.57%) and Oil & Gas (-0.21%) indices were the only two on the losing side. Among the top gainers were Cap Goods (+2.30%), Realty (+2.29%) and Auto (+2.14%) shares. The Mid-cap and Small-cap indices gained 1.15% and 0.83% respectively to outperform the frontline benchmark once again.
Bullish Setups: STLT, ONGC, BHEL, DABUR, PWGR, CRG
Bearish Setups: CIPLA, ADE
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