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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Despite a spirited recovery on Thursday, Indian equities slipped down 1% on Friday continuing the steep downtrend since the peak of 5400. Nifty has closed lower for the fourth week in a row and at its lowest levels in two years near 4700. Currently Nifty seems to be in a nervous state as any attempts to move higher are being faced by consistent selling pressure. It has been unable to trade consistently above the 21 hourly EMA which will help it move higher. Market internals indicate higher turnover and an improved market breadth which should eventually lead to the counter trend rally. In the near term the index can drop briefly towards the downward sloping trend channel support of 4615 and then move higher. On the other hand if it manages to climb up above 4780 then it is likely to test 4867 (10 DEMA) and 4930 (38.2% retracement level). ST momentum oscillators have rolled bullish, hence a higher probability of a counter rally to precede any decline.
Sectoral performances were mixed on a see-saw day with IT index (-2%) pulling the markets down, followed by losses in Metals (-1.65%) and Oil & Gas (-1.62%) indices. Among the gainers were Cap Goods (+2.64%), Realty (+1.32%) and Power (+0.37%) indices. The broader market indices smartly outperformed the frontline stocks, ending with gains of 0.38% for Mid-cap and 0.84% for Small-cap indices.
Bullish Setups: NTPC, HDFC, JETIN
Bearish Setups: HCLT, TTAN, MM, HDFCB
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