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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 the large down day on Friday, Nifty gained a minor 0.36% ahead of the crucial RBI policy meet today. The index opened lower tracing the weak trend across the Asian peers but soon started to make amends as it gradually climbed above 5200 and closed near the highs of the day. However, the short-term trend still remains dicey with Nifty trading below the hourly 21 and 50 EMAs at 5237 and 5251 respectively and the hourly momentum oscillators below the zero line in negative territory. Volumes were extremely weak and the market breadth wa s in favor of advances. Daily momentum oscillators continue to trade in a sideways manner whipsawing around indicative of the lackluster price action in the past few sessions. The outlook for today’s session is likely to be a choppy one with large swings in either direction owing to the importance of the event. Trading range as per the wedge pattern is between 5325 and 5110, and getting tighter each day.
Most of the sectoral indices ended the day in the green led by gains in Auto (+1.31%), Banking (+1.22%) and Cap Goods (+1.10%) indexes. The losing sectors were IT (-0.49%) and Oil & Gas (-0.27%) indexes. The Mid-cap and Small-cap indices managed to outperform the frontline benchmark index with gains of 0.80% and 0.56% respectively.
Bullish Setups: CNXBANK, NTPC, TTMT, ARBP, GNP, COAL , JSTL
Bearish Setups: ACC, BHARTI, ACEM, IDEA
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