30 December 2010

Bank Nifty trades below a trend channel:: Emkay

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Techcheck Daily
Bank Nifty trades below a trend channel

n     Chart of the Day: Bank Nifty, still trades below the 52 week trend channel expected break is on the downside with targets close to 11000
n     Nifty expect a directional move in January, preferred view remains down with odds as high as 3:1, we hence recommend buying 5600-6400 strangle for Jan
n     Sensex quarterly cycles stretched, highly likely that turn windows emerge, keep a close watch on this quarters closing, it’s a touch and go setup
n     DXY bullish reversal patterns, targets at 85-88 once breakout happens
n     Stocks with positive short term view
n     ONGC, Exide, Maruti, Reliance Capital, L&T(stoploss1900), Infosys, TCS, ITC
n     Stocks with negative short term view
n     GAIL, Crompton Greaves, HLL, TISCO, Bank Nifty,  Axis, Bharat Forge, Titan, ACC, BHEL

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