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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 ended marginally higher in a volatile session that opened on a positive note, but gave up most of the gains by the end of the day. Following the bullish trend across Asian indices, the index opened higher with a gap and managed to break past Monday’s high triggering a ‘bullish harami’ breakout confirmation, however as the day progressed, consistent selling at 5450 (50% retracement of the 4-seesion fall) led the index lower wiping out majority if the gains and even close below 5400. Volumes were relatively higher and the market breadth was marginally in favour of advances. Trend among the momentum oscillators is mixed on various time frames; hence expect the volatile moves to continue. The index could possibly trade in a range of 5300-5530 to form a triangle consolidation pattern. For the intermediate term though Nifty has strong support at 5235 and 5170 (200 DMA).
Among the sectoral performances, the top gainers of the day were Oil & Gas (+2.53%), Metals (+1.45%) and Realty (+1.10%); and the top losing sectors were Cap Goods (-1.59%), FMCG (-0.72%) and Banking (-0.59%) indices. The broader markets fared better than the frontline index as the Mid-cap index gained 1.10% and the Small-cap index gained +0.62%.
Bullish Setups: PWGR, HPCL, ACEM, CNXBANK, SHRS
Bearish Setups: SESA, MSIL, HCLT
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