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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 slipped over 1% for a third consecutive session, continuing the weakness from the last two days of the previous week and dropped below the 5300 mark. Yesterday’s fall resulted in the closure of the bullish gap of 09th March between 5244 and 5291 and has even tested the 50 DMA support of 5241. It is now trading perilously close to the trend channel retest at 5191 and the 200 DMA at 5161. Volatility dropped once again as volumes too declined and the breadth remained in favor of falling stocks. Momentum oscillators on the daily chart are pointing bearishness, whereas the oversold readings on hourly oscillators are pointing towards a pullback rally.We maintain our ST neutral stance and continue to expect a range trade of 5200 to 5350 in the near term. Our intermediate term outlook remains bullish on the back of the crucial ‘Golden Crossover’, thus suggesting an overall buy on declines strategy.
Among the sectoral indices, barring the defensive buying in FMCG (+1.09%) and Healthcare (+0.03%), all other sectoral indices ended the day in negative. Large cuts were seen in Realty (-2.56%), Power (-2.23%) and Cap Goods (-2.14%) indices. Among the broader markets, the Mid-cap and Small-cap indexes ended lower by 0.96% and 1.08% respectively.
Bullish Setups: LT, COAL, HUVR, ITC, BHARTI
Bearish Setups: MSIL, TPWR, JSAW
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