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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 �� ��
Bulls cemented their domination of the past on month as they took the index above the critical trend line resistance of 5290 with aplomb, paving the way for higher prices in the coming sessions. Markets opened on a flat note on Friday and continued to trade in a tight range, holding above the 5250 level, and as the closing hours neared, the bulls decided to take over the proceedings and managed to break above the 5290-5300 barrier and even maintain a close higher. This has helped the Nifty to its fifth consecutive weekly positive close, the best performance in many months. The indecision of the ‘doji’ candlestick pattern has been negated. Volumes were lower as compared to previous day and market breadth continues to moderate at 1.5:1. Despite Momentum oscillators are trading with initial negative divergence signals in the overbought territory, indicating the market will continue to be vulnerable to strong volatility; Nifty is likely to stretch gains towards 5350 / 5400. The 200 day MA at 5190 will be the key pivot for the ongoing uptrend.
Barring the high beta Metals index (-1.09%), all other sectoral indices ended the day in the green. The biggest gaining indices of the day were Realty (+2.15%), Healthcare (+1.69%), Power (+1.49%) and FMCG (+1.44%). The broader market Mid-cap and Small-cap indices ended the day with gains of 1.28% and 1.17% respectively, strongly outperforming the frontline benchmark.
Bullish Setups: JUBI, SESA, PFC, STLT, MM, ONGC
Bearish Setups:
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