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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 �� ��
Under pressure from a sell-off in Asian indices and appreciating dollar led to the Nifty opening with a large gap down and trade below 4850 levels for large part of the day. The index has been making lower highs and lower lows for ten session indicative of the strong downtrend that it is currently in despite momentum falling down to oversold levels. Trading volumes were relatively higher and the market breadth fell back substantially in favour of declines. Even the India VIX jumped to one-month high of 23.71. On the momentum front, daily oscillators continue to trade in an oversold state whereas the hourly indicators are trading with positive divergence. The near-term setup does warn of a technical rebound, the rallies are likely to be capped between 4960/5000, whereas the overall setup points to a test of lower levels of 4767 and 4530 with immediate support at 4805.
It was a strong bearish day with all the sectoral indices ending in the red. The top losers were from Metals (-2.68%), Auto (-2.59%) and Cap Goods (-1.69%) sectors, whereas the outperformers were from Oil & Gas (-0.49%) and Healthcare (-0.65%) sectors. Interestingly, the broader markets though lower managed to outperform the frontline index. Mid-cap and Small-cap indices ended the day with losses of 0.78% and 1.11% respectively.
Bullish Setups: LT, BPCL, HMCL, SESA
Bearish Setups: DRRD, GAIL, AL, COAL, LICHF
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