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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 stretched gains for the fifth consecutive day ending with gains of 0.67% and nearly tested the October 2011 high of 5399. The index opened on an optimistic note but was not able to hold on to the gains and gradually gave up on the opening bullish gap, however the bulls managed to keep it in the green with last hour buying. The index is facing exhaustion at higher levels but is managing to hold the gains as it approaches two important resistances of 5400 and 5435 (50% retracement of the fall from November 2010 to December 2011). Trading volumes are substantial and the market breadth was encouraging with an A/D of 2:1. Momentum oscillators continues to show overbought readings on the daily chart, but the trend takes a precedence over momentum and until a reversal is apparent, it is prudent to stick with the uptrend. We maintain our stance of the index testing the 5400 mark and breaking higher towards 5435 (50% retracement). The immediate downside is protected by 5235 (50 hourly EMA).
Barring the Healthcare index (-0.12%), all other sectoral indices ended the day in the green. The gains were led by Realty (+3.96%), Cap Goods (+2%) and Metals (+1.63%) stocks. Among the broader indices, Mid-cap gained 1.26% and Small-cap index gained 1.43%; strongly outperforming their frontline peers.
Bullish Setups: PFC, STLT, MM, ONGC, IBREL, ACEM, GAIL
Bearish Setups: HUVR
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