Stock of the day (Monday) : Escorts (buy)
Submitted by deepak on 20 May 2013 - 9:35am
 |
Escorts finished strong, and could make further gains unless the market falls heavily today. It is a buy recommendation with a stop loss below 65.50. It would be best bought below 67.
|
Outlook (Monday) : More gains likely today
Submitted by deepak on 20 May 2013 - 9:34amEuropean markets rallied on Friday and posted moderate gains. The US indices also went up, with smarter gains. Asian markets are strong this morning, and a global rally is on, and appears to be gaining some momentum now.
Our market posted moderate gains on Friday, and should continue improving today with a global rally on, and a bit of extra momentum in the Indian market.
Intermediate Trend : uptrend still on
Submitted by deepak on 20 May 2013 - 8:47am
 |
The chart on the left shows the nifty between Jan 1 and May 17. The points marked "T" are intermediate tops, while those marked "B" are intermediate bottoms. The dashed line in the centre of the chart is the 200-day moving average of the nifty. |
The sensex is still in the intermediate uptrend that began on April 10 when the index made a bottom at 18,144
Long-term Trend : sideways
Submitted by deepak on 20 May 2013 - 8:46am
 |
The chart on the left shows the sensex between Jan 1 and May 17. The points marked "T" are intermediate tops, while those marked "B" are intermediate bottoms. The dashed line in the centre of the chart is the 200-day moving average of the sensex. |
The sensex and nifty’s long-term trend is best seen as sideways, as they do not have a clear sequence of rising or falling intermediate tops and bottoms. The last two intermediate tops are roughly the same for the sensex and nifty, while the broader CNX Midcap Index and the BSE SmallCap have much lower tops. The BSE SmallCap index has been below its 200-dma for over three months now. The CNX Midcap index has been crossing its longer term moving average both ways for some time now. Both are in major downtrends.
