9am with Emkay 21 January, 2011

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9am with Emkay

21 January, 2011

n        Technical Comments

Above 5700

Nifty closed with moderate gains after showing a smart recovery in last couple of hours of trade to close above 5700-mark. Since Nifty has cleared a compressed range depicted on hourly chart and has also closed above its 20-HSMA, this ongoing relief rally can continue for another 50 to 100 odd points. Also, the hourly MACD is supporting this view, with its bullish crossover. Hence, the next key pivot to watch out for is the 61.8% retracement area of the last down leg, which is placed at 5780.

Bank Nifty:

As the daily RSI for Bank Nifty has given a positive crossover, after the presence of positive divergence in the previous sessions; this index can see some more bounce upto the 20-DSMA packed at 11,167.

n        Results Today

Akzo Nobel	B H E L	Bank of India	Bank of Maha	Corporation Bank	Dewan Housing
Dhanlaxmi Bank	Dish TV	Edelweiss Cap.	Greaves Cotton	Hind.Construct.	IFCI
Indiabulls Fin.	ITC	M & M Financial	NIIT	Orient Paper	Polaris Soft.
Praj Inds.	Punjab Natl.Bank	Raymond	Reliance Inds.	Tech Mahindra	Wipro
Zuari Inds.