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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 �� ��
Indian equities ended lower for the second straight session to end the May series derivatives expiry at 4924. Following the weak cues across Asian peers, the index opened with a large gap down, breaching the 4900 mark but started recovering from mid-session and rallied substantially in the final hour to climb back above 4900. Volumes were extremely high due to the expiry day and the breadth turned down in favour of declines. The momentum indicators are giving mixed signal with the hourly oscillators in sell mode and the daily oscillators maintaining their bullish crossover. Yesterday’s session marked the end of the month of May that saw the biggest loss of the CY 2012 of 6.17% indicating further downside risk in the coming months. For the short-term though we expect Nifty to trade in a range of 5070 to 4800 with a negative bias.
Trend among the sectoral indices was mixed with gains coming from Realty (+1%), IT (+0.35%) and Power (+0.21%); whereas losses were registered in Auto (-1.96%), Banking (-0.87%) and Cap Goods (-0.70%) indexes. Broader markets too ended were a mixed bag as the Mid-cap index gained 0.36% and the Small-cap index shed 0.57%.
Bullish Setups: ICICIBC, COAL, MSIL, DLF
Bearish Setups: DRRD, LICHF, BHEL, APNT, CAIR
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