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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 �� ��
Markets traded in an extremely volatile manner on Friday as the Nifty opened on a bearish note and slipped below the 4700 mark creating some sort of a panic; however it pulled back strongly from thereon to register a 100 point advance from the low. However by the end of the day the index managed to Nifty cool down to close with marginal gains. The intraday volatility was extremely high as the two day narrow range was breached on both the sides. Nifty continues to maintain its short-term, bullish setup with a buy crossover on the 5 and 13 daily EMAs, as well as bullish readings on momentum oscillators. Important support for the coming session is at 4720 (50 hourly EMA) followed by 4700, whereas 4800 poses as a stiff resistance. We maintain our bullish stance and look for a break of the trading range for a test of 4850
Sectorally, the Oil & Gas (+1.06%), FMCG (+0.87%) and Banking (+0.49%) indices were among the top gainers of the day; whereas Power (-1%), Realty (-0.87%) and Cap Goods (-0.69%) indices belonged to the top losers category. 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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