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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 �� ��
After the sharp fall on Monday, the markets experience a minor rebound with Nifty ending 0.42% higher at 5222. For the entire day, the index traded in a narrow range of 52 point, declining in the earlier part and recovering gradually thereafter. Interestingly, Nifty has taken support around 5180 for the fourth time making it a critical support level. Volumes jumped yesterday and the breadth continued to be tilt in favour of declines. Volatility, tracked by the India VIX dived down to 19.25 due to the range bound nature of trade. On the momentum front, oscillators have again whipsawed into sell, however the trajectory remains sideways, hence unable to provide any cues on market direction. On the whole, Nifty is expected to trade within the contracting range of 5180 and 5330 for the next few sessions. One has to be mindful of the pivot point of the 200 DMA of 5135 for the intermediate term.
Most of the sectoral indices ended the day in the green and were led by gains in IT (+4.93%), Power (+0.53%) and Metals (+0.52%) shares. On the losing side were Cap Goods (-1.29%), Healthcare (-0.35%) and Banking (-0.26%) indexes. Mid-cap and Small-cap indices underperformed the frontline index with minor losses of 0.13% and 0.07% respectively.
Bullish Setups: MSIL, TTMT, GNP, COAL, RIL
Bearish Setups: DLF, IDEA, BHEL, BPCL, RCOM, JPA
Regards,
Edelweiss Research
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