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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 �� ��
The index opened with yet another large gap up above 5400 and managed to hold out the gains by trading in a narrow range for the entire day. For the third session in a row, the index has made a higher high and higher low, clearly indicating a short-term uptrend. The up move is supported by robust volumes and a strong market breadth. There has been a bullish crossover of the 21 and 50 hourly EMAs that offer good support in the immediate near-term at 5375 and 5350 respectively. Momentum oscillators had turned in favor of the bulls and are likely to lead the index higher in the coming sessions. Above the immediate resistance of 5455, the index is most likely to test 5530 and possibly extend the move towards the recent high of 5630. It is advisable to ride the trend by trailing stop-loss regularly; this time at 5350.
All sectoral indices ended the day on a positive note. The gains for the day were led by Metals (+3.01%), Oil & Gas (+2.60%) and Realty (+2.11%) indices. The laggards for the day were Autos (+0.11%), Banking (+0.57%) and Healthcare (+0.60%) shares. Broader markets underperformed their frontline peers with Mid-cap and Small-cap indices ending with 1.21% and 1.03% respectively.
Bullish Setups: LT, CNXBANK, SHRS, HNDL, RIL, COAL
Bearish Setups: ADE, BPCL, MSIL
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