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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indian markets traded higher for the fourth consecutive session as the Nifty ended with gains 0.61% in a narrow range session. After a positive start the index dipped below 5300 briefly and immediately pulled back higher to close near the high of the day. With that it has confirmed a breakout above the ‘falling wedge’ pattern after a re-test of the breakout level. Trading volumes were low and the market breadth was neutral, however volatility declined further, tracked by the India VIX. The consolidation structure of the past two months has resolved higher and the index should exhibit a rally towards the start of the pattern i.e. at 5630. Short-term momentum oscillators have rolled bullish and are in sync with the bullish intermediate oscillator setups. The index is expected to close the week on a positive note and will form a ‘bullish outside bar’ following previous weeks’ negative trend. On the downside 5200/5180 has emerged an important support with the index exhibiting rallies thereof. Traders can look to initiate longs with stop below 5180, for a target of 5630 and can even add positions on a close above 5340.
Among the key sectoral movers for the day were Autos (+2.05%), Healthcare (+1.18%) and FMCG (+0.96%) on the gainers list. The prominent losers of the day were Cap Goods (-0.89%), Power (-0.78%) and Oil & Gas (-0.59%). The broader market indices were underperformers with Mid-cap index and Small-cap index gaining 0.25% and 0.27% respectively.
Bullish Setups: CNXBANK, GNP, COAL, JSTL, PWGR
Bearish Setups: DLF, IDEA, BHEL, BPCL
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