Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Following the severe 2.73% cut on Monday, the Nifty staged a smart rally yesterday snapping the 4-session falling trend with a gain of 1.79% and climbing back above 5300. Tracing the positive global cues the index opened with a minor gap higher and consistently built on the gains and in the process has formed a ‘bullish harami’ candlestick pattern on the daily chart. As per the pattern the range of Monday is of prime importance as a breach higher (5449) is likely to trigger a sharp move in the market. Trading volumes improved as compared to the previous day, but remain below the 10-day average; and the market breadth jumped back in favour of advances with an A/D ratio of 5:1. Deep oversold oscillators on the hourly chart have staged a recovery to neutral territory; whereas the daily indicators maintain its bearish roll albeit in the bullish zone which could result in some further whipsaws before a settled trend emerges. Note the ‘Golden Cross’ i.e., the 50 day EMA crosses above 200 day EMA at 5184 to keep the intermediate term bulls intact. The positive close yesterday indicates the rebound is likely to extend towards 5405 / 5449 (38.2% and 50% retracement of the 4-session fall) levels. On the downside, cluster of supports between 5235 and 5175 will keep the uptrend from 4530 level in place.
The sectoral trend was dominated by High Beta sectors like Realty (+5.91%), Cap Goods (+4.02%), Banking (+3.93%) and Power (+3.57%). The losing sectors of the day were the defensive IT (-0.56%) and FMCG (-0.13%). The upmove was more pronounced in the broader market with the Mid-cap and Small-cap indexes climbing 3.40% and 2.78% respectively.
Bullish Setups: PWGR, HPCL, ACEM, CNXBANK, SHRS
Bearish Setups: SESA, MSIL, HCLT
No comments:
Post a Comment