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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 �� ��
On the penultimate day of trading for FY2011-12 and the March quarter, the markets traded within a narrow range and Nifty ended the session with a marginal loss of 0.30% at 5178. It was a quiet expiry with no wild swings in either direction, coupled with average volumes and a market breadth in favour of advances. Even the volatility index dipped marginally for the day. Technically the index has managed to test the 200 DMA and exhibit a pullback from there, along with a test of the ‘falling wedge’ pattern’s lower boundary which should eventually breakout higher. Stochastic has rolled bullish while in an oversold state, daily MACD and RSI continue to point lower. The hourly MACD has given a buy crossover and should be closely watch for any signs of reversal coming in. Today’s session marks the end of the March quarter that has given a positive close after four consecutive quarterly losses earlier and indicates a turn of events for the markets in the coming months. We maintain our intermediate term bullish bias on the back of the overall chart structure from the lows of 4530 in December 2011 and suggest taking an entry at current levels and pushing the reversal levels lower towards 5080 which is the 50% retracement mark of the two month rally.
Trend among the sectoral indices was mixed with gains coming in from Healthcare (+0.92%), Autos (+0.67%) and Metals (+0.39%) indexes, whereas on the losing side were Cap Goods (-1.61%), IT (-1.17%) and FMCG (-0.65%) indices. Broader markets managed to fare better as compared to the frontline index with Mid-cap index gaining 0.16% and the Small-cap index climbing 0.70%.
Bullish Setups: LPC, HUVR, ITC, BHARTI, ADE
Bearish Setups: MSIL, JUBI, TTAN
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