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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 traded higher in the first session of FY 2012-13 following the large rally of Friday and ended with marginal gain of 0.42% above the 5300 mark. After a positive opening, Nifty climbed steadily higher towards an intraday high of 5331 where some profit taking was evident. However for the day the index traded in a narrow range of ~53 points coupled with low volumes but a strong market breadth a continued decline in volatility. A buy crossover of the 21 and 50 hourly EMAs of 5267 and 5256 respectively has been achieved that will act as immediate supports, along with the index climbing above the 21 and 50 daily EMAs putting the short-term bias on the upside. On the momentum front, oscillators have moved in positive territory on the hourly charts and RSI and Stochastics have rolled bullish on the daily chart. In the immediate near-term, we expect Nifty to test the resistance from the trend line falling off the February peak at 5380, beyond which the upside is open towards the recent high of 5630. Fresh trading longs can be initiated on a daily close above 5380 with a reversal pegged below the 50 hourly EMA. The intermediate uptrend is pivoted by the crucial 200 DMA at 5148.
Among the sectoral performances, the gains were led by Power (+1.89%), Cap Goods (+1.74%) and Realty (+1.59%) indices, whereas minor profit taking was witnessed in Oil & Gas (-0.28%), Metals (-0.27%) and Healthcare (-0.13%) indices. The broader markets outperformed the frontline benchmark with Mid-cap index gaining +1.08% and the Small-cap index rising by +1.68%.
Bullish Setups: BHARTI, ADE, NTPC, RIL, CNXBANK, LT, CAIR
Bearish Setups: BHEL, ACC
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