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9am with Emkay |
n Technical Comments
Long-legged Doji at the key support zone
On account of heavy selling in last hour of trade, Nifty saw a drop of 144 points from the day’s high, to register the low of 5698. But on account of massive short covering, Nifty saw a sharp bounce back in the last few minutes of trade to end on a flat note. Today’s price action in Nifty has formed a Long-legged Doji (Rickshaw Man) at the key support zone of 5721-5690. Also this bullish candlestick pattern is more promising because it is witnessed at the lower Bollinger Band. This narrow real body of the Rickshaw Man pattern is an unhealthy sign after a sharp decline. They point to an oversold condition. Also looking at the hourly momentum oscillators (viz: RSI and MACD), we feel that a bounce upto the daily moving averages cluster, which is virtually at 6000 level cannot be ruled out.
Bank Nifty:
Since, Bank Nifty (currently @ 10937) has formed a Bullish Harami pattern at the support of 200-DSMA, a bounce from current levels cannot be ruled out. Also, the hourly momentum indicators have turned over in the favour of the bulls. Hence, in the near term, this index can raise upto 11,400 level, which is the resistance of 20-DSMA.
n Results Today
Coromandel Inter |
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