Visit http://indiaer.blogspot.com/ for complete details § Nifty opened on a strong note crossing above the initial 6125 barrier, and slipped from the day’s high of 6151 towards the end of session. It has managed to stay above the short-term moving average of 21 daily EMA keeping the bullish scenario as the preferred one. The short-term momentum oscillator Stochastics has rolled bullish from oversold levels. Market breadth was broadly in favour of advances. Nifty stocks’ breadth was robust at 3.5:1. We reiterate that broadly Nifty is trading within a range of 6165-5965, and only a break of this range will lead to directional move. The short-term and hourly oscillators are pointing higher, whereas the daily oscillators are giving mixed signals. Hence it is advisable to stay on the sidelines and trade individual stock trends.
§ The market was buoyed by buying activity in Consumer Durables, Autos and Metals shares. IT, FMCG and Telecom shares were putting downward pressure on the markets. Cement stocks are trending up in the short term and offer good upside potential for traders. Shipping and logistics counters are on the bullish radar. Top picks include ABG Shipyard, GE Shipping and MLL. Bullish Setups: GAIL, IBREL, RIL, UNTP, ACC, CIPLA, ABGS. Bearish Setups:SESA, GMRI.
§ World equity indices have ended yesterday’s session on flat note with a positive bias. Except the Shanghai Composite index that has closed sharply higher and importantly above the psychological 3000 mark. This marks the breakout of the 14 months consolidation range, and a new cycle on the upside. Industrial metals prices are trading at yearly highs and offer further upside potential. Copper and Zinc are the strongest picks among them.
§ Interesting chart setups: RIL, BHARTI, CIPLA, SESA
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