22 December 2010

Emkay -22.12.10- DXY ready to breakout

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Techcheck Daily
DXY ready to breakout

n     Chart of the Day: DXY, a bullish reversal H&S almost complete, a complete contrast to Sensex, a breakout should take us past the 200 DMA at 82
n     Medium term bias turns negative after a gap of 4 months, 200 Day average cluster around 5535-5585 should get tested on the Nifty, increase in cash levels advised
n     BSE Mid Cap, BSE Small Cap and BSE Consumer Durables break below bearish H&S formations
n     Gold, prices near the top end of a decade long bullish channel, quarterly RSI readings at 92 are historically over stretched
n     Stocks with positive short term view
n     Sesa Goa, Infosys, TCS, ITC
n     Stocks with negative short term view
n     Bank Nifty,  Axis, Bharat Forge, Titan, ACC, BHEL, M&M
  

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