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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 ended the five session losing streak with a smart 3.28% rally yesterday on the back of strong trend in Global indices. The index opened with a large gap higher and consolidated in a narrow range before the final hour onslaught taking it past 4700 intraday. The upmove was coupled with average trading volumes and a robust market breadth of 1.8:1. Yesterday’s price action is typical of strong rebounds in an oversold condition and does not point to a larger move on the upside. On the momentum front, the oscillators have pulled back from oversold levels and are approaching neutral zone whilst remaining in bearish territory. The presence of strong supply at 4720 (earlier support, now resistance as well as the 10 DEMA) will keep a check on the price rise in the coming session and give an opportunity for traders to enter shorts. A breach of the said resistance can result in an extended move upto 4810 (21 DEMA) which should ideally be used as a reversal point.
All the sectors ended the day in the green led by strong gains in Banking (+4.92%), Oil & Gas (3.72%) and Metals (+2.65%) stocks. On the underperformers list were the defensive FMCG (+0.93%), and Healthcare (+1.08%) stocks. Mid-cap and Small-cap indices also closed in the green but managed to grossly underperform their frontline peers.
Bullish Setups: DRRD, PIHC, DITV, LT
Bearish Setups: HCLT, LPC, RBXY, TTMT, AL
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