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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 continue to extend the rally as the Nifty climbs another 0.77% to close above the 5600 mark and at a 7-month high. The rally off the low of 4530 has been one of the strongest in recent times that has managed to ease past important resistances on the way up indicating that the markets have entered a bullish phase. Yesterday, the index opened on a flat note and gradually built on the gains and closed near the high of the day suggesting underline bullish strength. The bulls have managed to hold ground despite an indecisive previous session (spinning top candlestick) which suggests there is further ground to cover before any meaningful consolidation/correction. Trading volumes were relatively lower and the market breadth was mildly in favour of advances. The concern emanated from the momentum oscillators on the hourly chart that are showing clear signs of negative divergence and daily oscillators that are trading in extreme overbought conditions warranting utmost caution and profit taking risk. With couple of days to the February derivatives settlement, expect Nifty to hold ground above 5460 (10 DEMA) and even manage to test the 61.8% retracement level of 5650.
Barring the IT index (-0.16%), all other sectoral indices ended the day in the green. The prominent gainers of the day were Realty (+4.34%), Oil & Gas (+2.29%) and Power (+0.97%) stocks. Mid-cap and Small-cap indices closed with gains of 0.91% and 1.20% respectively.
Bullish Setups: TPWR, ONGC, BHEL, INFY, PWGR
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