Techcheck Daily Gold risky ground, quarterly RSI at 92:: Emkay

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Techcheck Daily

Gold risky ground, quarterly RSI at 92

n     Chart of the Day: Gold; the precious metal has had a dream run, but cracks begin to appear, moreover quarterly RSI readings are close to 92 meaning that headroom left is just 8 points, whereas a journey back to even an equilibrium at fifty is 42 points down

n     Nifty 6170 remains the level for the day, a close above it would mean that the index should head higher; a failure on the other hand would reinforce our view that 6050 should get tested.

n     Nifty the medium term uptrend remains intact, target 6500, hence short term dips if any can be used for buying

n     Stocks with positive short term view:

n     Cipla, ACC, Biocon, TNPL, IIFL, ICICI Bank, Infosys

n     Stocks with negative short term view:

n     Reliance, Tata Chemical, Yes Bank, BOB