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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 �� ��
Weakness below 5000 continued for another day as bullish attempts failed after a smart rally in the first half yesterday. The index opened in the green and rallied towards 5039 helped by the RBI’s measures on keeping a lid on the appreciating dollar, however the index was unable to trade above the 21 hourly EMA and resulted in a sharp down to test the 4950 mark. Trading volumes were lower and the market breadth remained in faovur of declines. A minor dip was seen in volatility tracked by the India VIX. Momentum oscillators in the immediate term are showing a deep oversold reading, suggesting a sharp pullback is expected in a session or two as Nifty approaches its cluster of support between 4950 and 4900. On the weekly chart, the index is set for its third consecutive decline. On the upside, the 200 DMA at 5106 remains the key resistance in the near-term.
Most of the sectoral indices ended the day in red. The biggest knock was taken by stocks from Metal (-1.02%), Auto (-0.89%) and Power (-0.75%) sectors. The only sector to end up on the gaining side was Oil & Gas (+0.62%) index. Broader market Mid-cap and Small-cap indices managed to marginally outperform the benchmark index with 0.06% and -0.24% respectively.
Bullish Setups: GNP, LT, BPCL
Bearish Setups: DLF, BHEL, JSP, CAIR, AL, COAL
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