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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 drifted lower by 0.80% on the first day of March continuing its weak trend since the past two weeks. The index opened on a softer note following the weak Global cues and gradually slid lower to briefly break below the 5300 mark. The pullback thereafter was pretty strong in the final hour where it once again failed to hold on to the gains and managed a close at 5339. Price action of the past few days suggests the index is poised to get restricted into a trading range of 5300-5550. Trading volumes were relatively lower and the market breadth was marginally in favour of declines. Momentum oscillators continue to paint a mixed picture due to the choppy price action and hence intraday volatility is likely to be the order of the day. With the bulls attempting to defend the 5300 mark, the index in all likelihood might recover towards 5400 in today’s final session of the week. For the short-term though crucial support and resistance for the index is pegged at 5200 and 5450.
Barring the Healthcare index (+0.25%), all other sectoral indices ended the day in the red. The prominent losers of the day were Realty (-3.29%), Cap Goods (-1.62%) and Banking (-1.20%) indices. Broader market Mid-cap and Small-cap indexes fared marginally better than their frontline peers ending the day with loss of -0.53% and -0.38% respectively.
Bullish Setups: PWGR, HPCL, ACEM, CNXBANK, SHRS
Bearish Setups: ITC, BHEL, LT DLF, TATA, ONGC
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