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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 �� ��
Indian equities ended lower by 1% on a volatile Tuesday after being unable to build on the gains of Monday. Nifty opened flat and soon slipped down on smart selling that took it down to 4800. Bulls quickly made a comeback to recoup the losses and register a marginally higher high to give the bears another opportunity to hammer down the markets. In the final couple of hours the index went down to break below 4800 briefly but managed to close just higher. Yesterday’s price action has formed a ‘piercing line’ candlestick pattern closing below the half of prior session’s body suggesting further weakness in the coming session. Trading volumes marginally improved and the breadth was down to 1:1.5. ST oscillators continue to favour some upside however one needs to be very cautious as the index is in a strong downtrend. For bulls to take the index higher will have to keep the index trade above 4820 pivot, whereas a break of 4724 support will get the bears back into action. We maintain our expectation of the index testing 4900 / 4930 albeit with a cautious approach.
Barring the defensive FMCG (+0.45%), Healthcare (+0.32%) and Autos (+0.02%) indices, all other sectoral indices ended the day in the red. High beta Realty (-2.32%) took the biggest knock followed by Banking (-1.91%) and Oil & Gas (-1.84%) indices. Broader markets stocks too came under the selling spree but managed to outperform the frontline peers. Mid-cap and Small-p indices ended the day with minor losses of -0.56% and -0.18% respectively.
Bullish Setups: NTPC, MM, JETIN, DRRD
Bearish Setups: HCLT, TTAN, HDFCB, LICHF
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