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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 �� ��
Indices ended flat in a session that witnessed some wild swings in the last hour of trade due to the fears of a tsunami following the earthquake in Indonesia. Nifty climbed higher towards the hourly moving average of 5260 after a weak opening and a brief trade below 5200. The final hour sell-off and the subsequent recovery led the Nifty to close 16 points lower at 5226. Volumes are on the rise, and the breadth continued to remain weak with and A/D ratio of 1:1.5. Nifty continues to make lower lows in the immediate near-term indicating weakness; however the momentum oscillators have turned sideways indicating a lackluster corrective phase. The pattern on the daily chart is a ‘falling wedge’ having bullish implications once the upper boundary is taken out while the ongoing down move is expected to test the lower boundary at 5110. Look to buy the decline towards 5150/5110 for a recovery towards the upper boundary of 5300 and beyond.
Sectorally, prominent indices on the losing side were Metals (-1.34%), Oil & Gas (-1.05%) and Cap Goods (-0.83%); whereas the top gaining indices were Healthcare (+0.58%), Banking (+0.19%) and IT (+0.19%). Among the broader markets the underperformance continued for yet another session with Mid-cap index falling 0.63% and the Small-cap index losing 0.23%.
Bullish Setups: ADE, NTPC, RBXY, TTMT
Bearish Setups: BHEL, ACC, MSIL, RCAPT
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