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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 �� ��
Following upto the severe decline day before, Nifty exhibited a relief rally yesterday as the bulls managed to defend the 5200 mark on a closing basis. After the early session weakness, the bulls warmed up to the clarification from the Finance Ministry on GAAR leading to a smart rally in the final couple of hours. For the day though, Nifty has formed a ‘doji’ candlestick (i.e. open and close are nearly same) indicating uncertainty.Yesterday’s move was backed by higher volumes, poord breadth (A/D ratio of 1:1.4) and a drop in volatility.Momentum oscillator setups are bearish on the daily chart but are suggesting a continuation of yesterday’s rebound rally with buy signal on hourly charts. Incase the bulls manage to defend the 5200 levels once again, and the Nifty clears the 5310 resistance, it will confirm a ‘double bottom’ reversal from 5175. From an intermediate-term perspective however one needs to watch for the strong cluster of supports from the 200 DMA and the falling trnedline at 5170 / 5152.
Barring the weakness in the Power index (-0.07%), all other sectoral indices ended the day in the green. The gains were led by FMCG (+1.69%), Realty (+1.56%) and Metals (+1.22%) indexes. Unlike the frontline index, the broader market Mid-cap and Small-cap indices strongly underperformed with loss of -0.07% and -0.17% respectively.
Bullish Setups: LPC, HUVR, ITC, BHARTI, JPA
Bearish Setups: MSIL, HNDL, JUBI, TTAN
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