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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 yet volatile another session on a dead flat note after a steep rally on Tuesday. After opening on a mildly positive, the index attempted to move higher but faced rejection at the previous day’s swing high if 4782 and got into a mini sell-off towards the 21 hourly EMA at 4738. Yesterday’s session was an ‘doji’ / ‘inside bar’pattern suggesting indecision among market participants after a strong rally which should eventually lead to a strong directional move once the narrow range of 4783 / 4728 is decisively broken. There has been a bullish crossover of 21 and 50 hourly EMAs as well as a mechanical buy signal of the 5 and 13 daily EMAs, all pointing towards an upward bias. Oscillators in the daily chart continue to trade with bullish crossover, with the exception of hourly oscillators that have rolled bearish. Trading volumes too remained unchanged and the market breadth moderated as compared to the previous session. Important support for the coming session is at 4720 (50 hourly EMA) followed by 4700, whereas 4782 poses as a stiff resistance. We continue to maintain our bullish stance and look for a break of the trading range for a test of 4850 (50 DEMA)
Among the prominent sectoral moves were in Autos (+1.21%), Cap Goods (+0.95%), Banking (0.46%) and Oil & Gas (-1.68%), Realty (-1.65%) & Metals (-0.74%). Broader market indices marginally outperformed the frontline index with Mid-cap index at -0.01% and Small-cap index at 0.21%.
Bullish Setups: IRB, COAL, PIHC, HDFC
Bearish Setups: DLF, SESA, UTCEM, GAIL
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