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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 delivered the much needed pullback in yesterday’s session with gains of 0.71% bucking the five session losing trend. The index opened lower on weak overseas cues but soon started to recover and gradually built on the gains to climb towards the highest point of the day in the final hour. On the daily chart, a ‘bullish engulfing’ candlestick pattern has formed, which is a bullish reversal pattern, but requires a follow up bullish move to validate the pattern. Volumes were below the 10-day average and the market breadth came back marginally in favour of advances after many sessions of weakness. Volatility dropped mildly towards 22.28 on the India VIX. Hourly momentum oscillators that had been indicating a possible rebound, have rolled bullish and are trending towards the neutral. Daily indicators on the other hand have moved out from the oversold levels but remain in the sell zone. While the overall setup has turned lower, the rebound rally will be a choppy one and could stretch towards 5040.
All the sectoral indices closed the day in the green with the exception of FMCG index that lost 0.64% on profit taking. Among the top gainers of the day were Cap Goods (+3%), Metals (+2.2%) and IT (+1.5%) indexes. Gaines spilled over to the broader markets that witnessed a much needed relief as the Mid-cap and Small-cap indices gained 0.63% and 0.33% respectively.
Bullish Setups: TTMT, LT, BPCL, HMCL, SESA
Bearish Setups: DRRD, GAIL, AL, COAL, LICHF
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