Edelweiss Technical Reflection (ETR) : 21 March: Edelweiss

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Edelweiss Technical Reflection (ETR)

Nifty took a breather yesterday as the three day losing streak was halted by a minor gain of 0.34%. The index has once again managed to close above its 50 DMA at 5252; however the immediate near-term still looks vulnerable to another dip towards 5200-5185. Although volumes increased marginally, the volatility dipped once again and the market breadth turned marginally in favor of declining stocks. The momentum oscillator MACD has neared the zero line, whereas the hourly indicator is on the verge of triggering a buy crossover, thus suggesting an improvement in the technical structure is imminent. On the whole the outlook for the short-term remains neutral with an expected range trade of 5185 / 5350, whereas the intermediate-term outlook is constructive on the on the back of the crucial ‘Golden Crossover’, and the bullish setup of weekly oscillators.

Barring the loss in Auto index (-1.50%), all other sectoral indices ended on a positive note. Among the prominent gainers were Realty (+1.44%), FMCG (+1.04%) and Healthcare (+1.01%) indices. Broader markets witnessed a mixed trend as the Mid-cap index gained 0.56% and the Small-cap index lost 0.03%.

Bullish Setups: LPC, HUVR, ITC, BHARTI

Bearish Setups: MSIL, JSAW, TTMT