13 October 2010

Emkay: Techcheck Daily: MSCI World Index looks ripe for a small correction

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Techcheck Daily
MSCI World Index looks ripe for a small correction

n     Chart of the Day: MSCI World Index, daily momentum rolls over with clear divergences, expect a correction till 295-290.
n     Nifty channel break looks convincing, downside target 5950-6000
n     Nifty the medium term picture continues to look healthy and breakout targets on the upper channel remain pending
n     INR initial targets met, double bottom at 44.05, expect a bounce back till 45-45.5 before lower channel targets at 42 are met
n     Stocks with positive short term bias
n     Sterlite Ind, Apollo Tyres, Aptech Ltd, Andhra Bank, Infosys
n     Stocks with negative short term bias
n     TISCO, Sesa Goa, Bank Nifty

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