Indian markets perked up in yesterday's session after range-bound a activity a day earlier making it the best performer in the region. Weak overnight global cues led Nifty to open lower near the 20-day SMA support of 5336 from where it began a recovery process and rallied smartly throughout the day to close at the highs. The crucial 5400 mark (78.6% retracement) was nearly tested despite near-term momentum in an overbought state. Volumes were marginally higher as compared to the previous session, and the breadth was in favour of advances. Volatility is once again on the uptick despite bullish price action as participants take cover ahead of the key events to be announced globally and domestically in the coming session. We continue to maintain our neutral stance and would wait for key pivots of 5430 / 5449 to be taken out before initiating fresh long trades, or, a breach below 5300 to trigger shorts; and recommend trading decent stock specific opportunities.
Among the notable sectoral changes, gains were registered for stocks from Realty (+0.94%), IT (+0.88%) and Power (+0.81%) indices; whereas the Metal (-1.48%) index was the only loser on the street today. A mixed trend was seen in the broader market Mid-cap and Small-cap indices that ended with gains of 0.27% and 0.58% respectively.
Bullish Setups: TCS, RIL, DLF, HEXW, HPCL, BATA
Bearish Setups: LT, HDFC, TTMT, HUVR, HDFCB, TGBL
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