Emkay: Techcheck Daily Surprise a wave 4 characteristic

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄

Techcheck Daily

Surprise a wave 4 characteristic

n     Chart of the Week: DXY symmetrical triangle looks complete with an ‘outside day’, positive divergence, on daily momentum indicators, upsides till 85-87 visible as long as it says above 75.5

n     Nifty surprising Friday, a characteristic wave 4 feeling, outside week hints at weakness, 6057-6036 remains crucial below which the correction could deepen

n     Nifty the medium term uptrend though remains intact, target 6500

n     INR initial targets met, double bottom at 44.05, expect a bounce back till 45-45.5

n     Stocks with positive short term view:

n     Infosys, HUL, Andhra Bank

n     Stocks with negative short term view:

n     TISCO, Axis Bank, Sesa Goa