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Edelweiss Technical Reflection (ETR)
§ The index dropped substantially yet again after a brief relief rally reinforcing the short-term downtrend. Nifty has managed to hold on to the crucial 5937 support which will act as pivot for future market direction. Immediate short-term oscillators are oversold on the daily chart, and hence call for a sustainable pullback from support levels. Market breadth on Tuesday was strongly in favor of declines and Nifty 50 stocks breadth too was weak at 1:24. Going forward, as long as the 5937-5900 support is held, we expect the index to snap back towards short-term resistance of 6040 / 6085. The short-term trend will reverse only on a close above 6130 (21 DEMA). Incase of a break below the supports the declines in index could get deeper towards the 5850-5750 levels.
§ All the sectoral indices closed in the negative. Realty, Metals and Cap Goods stocks contributed to the sharp fall; Pharma pack was the only outperformer in the market. Bullish Setups: ITC, TTCH, RPWR, HDFCBK, WLCO. Bearish Setups: JSP, BHEL, IVRC
§ Global equities extended the fall on Tuesday and took support near the 50 DMAs to halt the one week carnage. A rising USD scenario has put the risk assets in a spot and vulnerable to sharp declines in the near term. DXY has closed above the 50 DMA (medium term trend pivot), and is expected to gain towards 80.15 in the coming sessions. Commodities have taken a knock, especially industrial metals which recorded a drop of ~10% in the past two trading sessions.
§ Interesting chart setups: TATA, LT, ITC, CIPLA, JSP, IVRC
Stocks in News
§ Axis wins Enam, buys its best for Rs2067cr (ET)
§ Bharti Airtel set to roll out 3G services (Dna)
§ Shipping Corp follow-on offer by early Dec (Dna)
§ IOC hires six banks for $4.3bn share sale(Dna)
§ Dabur overseas plans (Dna)
§ 6-7 firms likely to bid for Power Grid tower infra (Dna)
§ Cairn needs govt nod for stake sale(Mint)
§ JSSL to invest Rs300cr to expand its Bellary unit (BS)
Sales Traders Commentary
§ On Tuesday,Heavy sell-off in Shanghai Composite Index on renewed talk of further rate tightening spooked the markets Indian Benchmark indices dragging down the Nifty below 6000 level . All sectoral indices closed in red
§ Sensex closed at 19865, down 444 points While Nifty fell 133 points to 5988.
§ Only gainer in the 30-share index was Bharti Airtel (1.16%).
§ On the other hand, Sterlite Industries (India) (5.40%), Hindalco Industries (5.21%), Jaiprakash Associates (4.57%), Reliance Communications (3.72%), Tata Motors (3.65%), and Larsen & Toubro (3.53%) were the major losers in the Sensex
§ The Realty index was down 3.65%. Major losers were Indiabulls Real Estate (5.2%), Anant Raj Industries (4.53%), D L F (2.76%), Ackruti City (0.9%) and D B Realty (0.4%).
§ The Metal index was down by 2.95%.Major losers were Hindalco Industries (5.43%), JSW Steel (4.86%), Hindustan Zinc (2.67%), National Aluminium Company (2.27%) and Jindal Steel & Power (1.27%).
§ The Capital Goods index was down by 2.86%. Major losers were Bharat Heavy Electricals (2.84%), A B B (2.61%), Crompton Greaves (1.78%), Bharat Electronics (0.49%) and BEML (0.44%).
§ The Consumer Durables index was down by 2.57%.Major losers were Gitanjali Gems (5.39%), Rajesh Exports (5.37%), Titan Industries (3.31%), Videocon Industries (2.97%) and Bajaj Electricals (2.57%).
§ Globally, Asian markets ended on weak note While Europe was trading flat.
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