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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 climbed ~1% higher in yesterday’s session following the choppy trade the day before and managed to break three day high trade high. The up move came on the back of average volumes and a favorable market breadth (A/D ratio of 2:1). Volatility, tracked by the India VIX dipped marginally signaling an all-round bullish session. Momentum indicator RSI has rolled bullish, whereas the other daily oscillators are trading sideways suggesting a mixed momentum setup that could perhaps turns bullish in a session or two if the gains are held. With Global equities recovering smartly from their weekly lows, a move towards the upper boundary of the ‘falling wedge’ pattern at 5335 looks likely in the immediate near-term and a weekly close higher will suggest a bullish breakout of the month long consolidation phase for target of 5600. Immediate downside is protected at the 5190 and a move towards the lower boundary at 5110 is ruled out.
Barring the IT index (-1.15%), all other sectoral indices ended the day in the green. The biggest gains were seen in Metals (+2.20%), Banking (+1.62%) and FMCG (+1.50%) indices. Broader market Mid-cap and Small-cap indices outperformed their frontline peer with gains of 0.85% and 1.01% respectively.
Bullish Setups: CNXBANK, NTPC, HNDL, TTMT, CNBK, ARBP
Bearish Setups: BHEL, ACC, JUBL, TCS
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