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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 �� ��
Nifty gained 3% in a stellar rally on the first day of the week on the back of positive trend across global markets. The index opened up on a gap and gradually built on the gains throughout the day to end at the highest point of the session. The daily candlestick depicts a large bodied bullish candle with no shadows (a marubozu) indicating potential for further gains. Price action of the past few days has been that of a counter-trend move of the recent price decline and hence is likely to be a limited one. Trading volumes were on the lower side; however the breadth was strong at 3:1. Nifty has moved above the key 21 and 50 hourly EMAs that will act as intraday supports. Momentum oscillators RSI and Stochastic have rolled bullish from oversold zone depicting the upward corrective nature of the recent price action. We maintain our stance of the pullback rally extending towards 4900 / 4930 (38.2% retracement) where it is likely to fizzle out and attract renewed selling pressure.
All the sectoral indices ended the day in the green. Metals (+4.87%), Oil & Gas (+3.45%) and Banking (+3.43%) stocks led the market rally. On the underperforming side were Autos (+1.29%) and defensive Healthcare (+1.54%) and IT (+1.87%) indices. The broader markets were unable the replicate the frontline enthusiasm as they substantially lagged behind. Mid-cap and Small-cap indices ended the day with gains of 1.50% and 1.72% respectively.
Bullish Setups: NTPC, HDFC, JETIN
Bearish Setups: HCLT, TTAN, MM, HDFCB
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