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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 �� ��
The final session of the March quarter witnessed a big rally on the bourses with Nifty climbing 2.25% to close a shade below 5300. The day began with a gap up despite marginally positive global cues and the index continued to climb higher throughout the day, and even managed to breach above 5300 briefly before some minor profit taking. The breakout of the falling wedge pattern has materialized resulting in the substantial rally witnessed Friday and is likely to continue in the coming sessions as well. The rally was supported by average volumes, an extremely strong market breadth and a drop in volatility. Momentum oscillators have turned bullish for RSI and Stochastic, with the exception of MACD on the daily chart. Hourly oscillators had given an early signal of an impending advance, and the hourly MACD has now moved above the zero line indicating further gains. For the week, Nifty has given a positive close after five weeks of drop and has even formed a ‘bullish hammer’ candle pattern indicating an end to the corrective move from 5630 top. We prefer to maintain our bullish intermediate-term outlook with key pivot at the 200 DMA (5149) and targets of 5445 and 5630.
All the 13 sectoral indices ended the day in the green. The top gainers of the day were Oil & Gas (+2.82%), Realty (+2.61%) and Metals (+2.58%) indexes. FMCG (+1.12%) and Power (+1.73%) were the underperforming sectors of the day. The broader market Mid-cap and Small-cap managed to outperform the benchmark index with gains of 2.35% and 2.04% respectively.
Bullish Setups: LPC, HUVR, ITC, BHARTI, ADE
Bearish Setups: MSIL, JUBI, TTAN
Regards,
Edelweiss Research
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