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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 rallied by 1.71% quite surprisingly in yesterday’s session after a minor recovery day before supported by high volumes and an extremely favorable market breadth. Helped by the close above its 50 day MA the index surged throughout the day since the opening bell and managed to close near the high of the day. It has even surpassed the upper end of our expected trading range of 5350, opening up 100 points headroom in the near-term. Volatility continues to see a decline indicating the range bound scenario is likely to continue for some more sessions. Daily MACD is turning its trajectory higher from the zero line, whereas other ST oscillators have already rolled bullish. We expect the range bound trade (between 5450 and 5200) to continue for few more session thus maintain a neutral stance, while keeping our intermediate-term outlook constructive on the on the back of the crucial ‘Golden Crossover’, and the bullish setup of weekly oscillators.
Not surprisingly, all the secotral indices ended the day in the green led by gains in Cap Goods (+3.59%), Realty (+3.54%) and Banking (+2.44%) indexes. Among the notable underperformers of the day were Oil & Gas (+0.64%) and FMCG (+0.71%) shares. The broader market indices had a field day as the Mid-cap and Small-cap benchmarks ended the day with gains of 1.95% and 1.23% respectively.
Bullish Setups: LPC, HUVR, ITC, BHARTI
Bearish Setups: MSIL, HNDL
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