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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 �� ��
It was a day of consolidation for the Indian stock markets as the benchmark index traded in a narrow range of 50 points with traders looking to lock in profits. However for the second session in a row, Nifty managed to close above the psychological 5500 mark and is poised to climb higher towards 5650 (61.8% retracement level) in the coming sessions, after breaking out of the seven day trading range. Trading turnover was high and the market breadth was favorable with an A/D ratio of 1.3:1. Momentum oscillators are giving mixed signals with the hourly charts indicating a sell crossover and the daily charts continuing in bullish territory, which is likely to lead to a rise in volatility. It is advisable to stay with trend on the long side and keep a strict trailing stop-loss of 5428 for the above mentioned target of 5650.
Trend among the sectoral indices was mixed with the high beta Metals losing 1.63% followed by Oil & Gas (-1.53%) and FMCG (-0.02%) indices. The top gaining sectors were Realty (+1.53%), Power (+1.37%) and Cap Goods (+0.65%). Broader market indices continued to outperform their frontline peer with gains of 1.04% for the Mid-cap index and 0.96% for the Small-cap index.
Bullish Setups: STLT, ONGC, BHEL, DABUR, PWGR
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