PINC Fresh â€" Daily Technical Report
On the way
Nifty (5124 â€" up 35 points): The market had a rather dull but nevertheless a positive day of trading. Nifty has been trading within a range for the last few days but that is in line with our expectations. A sideways consolidation at this juncture is a healthy sign for the ongoing trend.
Technically, the index continues to trade in positive zones and is holding out well at its higher perch. The medium term momentum indicators have not only turned up but the MACD (see chart) has also moved up into its positive zone. This is decidedly a bullish signal and suggests that the ongoing uptrend is very likely to sustain over time. Shorter term indicators have reached overbought levels and that is causing the uptrend to slow down a bit at these levels. But the overall structure of the trend is tending to the positive.
The Midcap index too had a dull day. It now seems to have steadied at the higher level. Medium term indicators in this index too have turned positive. Our only concern is volumes. These are very low and may catch up with the trend as sentiment revives.
Short Term Bias: Positive
Medium Term Bias: Neutral / Positive
STOCK ALERT
Nag Const (NJCC IS) - CMP Rs163 Key comment: Bouncing from 200 DMA. Price can recover to Rs180.
MEDIUM TERM VIEW
ABB (ABB IS) - CMP Rs846 Medium-term trend: Positive; Target price: Rs1000 (1 - 3 months)
Detailed report attached.
Thanks & Regards,
Research Desk
PINC Wealth Management
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Happy Trading,
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