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§ The index bounced back in yesterday’s session from last weeks’ low of 5690. It has retraced 23.6% of the fall from 6338 – 5690. A close above the 21-hourly EMA has been achieved; however it faces stiff resistance in the range of 5885-5935. The hourly momentum oscillators have triggered a buy signal supporting yesterday’s up move. Market breadth turned back in favour of advances after few sessions, and only a consistent positive market breadth would indicate a sustainable market recovery. Nifty 50 stocks A/D ratio was favourable at 3:1. Although the Nifty has halted the slide and displayed a positive trend yesterday, the outlook remains cautious with a negative bias, as the technical parameters have gradually shifted in favour of bears. A bearish crossover of the 20 and 50 DMA has been achieved that will prevent large gains in the short-term. We expect Nifty to trade within the 5690-5935 range.
§ Contrary to previous few sessions, all sectoral indices closed in the green. Strength was provided by Oil & Gas, Banking and Consumer Durables shares over the day. Power and FMCG shares remained the laggards in yesterday’s session. Bullish Setups: BHARTI, DRRD, GAIL, HH, APTY, SAIL Bearish Setups: IOC, RELI, RCOM, HDFCBK
§ Among global equities, European indices are trading with a cut of ~2% and closed at the lows of the day. FTSE has closed below a rising trend line support as well as an important swing support at 5573, signaling a deeper retracement of the up move from 4790-5902. USD-EUR has retraced 50% of the rise from 1.18–1.42, and is likely to find good support in the range of 1.29-1.28. Crude Oil is rallying on strong momentum in the short-term, but the rally is likely to fizzle out near $88 resistance.
§ Interesting chart setups: BHARTI, GAIL, CIPLA, IOC, RELI
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