9am with Emkay 24 January, 2011

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

9am with Emkay

24 January, 2011

n        Technical Comments

Weekly positive close

In the midst of a fair amount of choppiness, Nifty ended the day with marginal losses. Same was the case for the week, where we witnessed alternate bouts of buying and selling among the market participants. However, here the only good news is that we have witnessed a weekly positive close after two weeks of constant selling. Moreover, during the course of the week, what we have witnessed, is that Nifty is respecting the support of 200-DSMA and demand seems to be inching in on every dip for the retest of the average. Hence a dead cat bounce or a relief rally upto 5800 or beyond that upto 5850 is possible.

Bank Nifty:

Bank Nifty has formed a bullish piercing pattern on weekly degree and have also closed above the resistance of 50-WSMA. So we still feel that a bounce upto the 20-DSMA packed at 11,167 is possible.

n        Results Today

3i Infotech	Amara Raja Batt.	Asian Paints	Bharat Bijlee	Birla Corpn.	C P C L
Century Textiles	D B Corp	EIH	Glodyne Techno.	Godrej Inds.	GTL
ICICI Bank	Idea Cellular	Indian Bank	Jaypee Infratec.	Jindal Steel	JK Tyre & Indust
Karnataka Bank	Manap.Gen.Fin.	Sesa Goa	Shoppers St.	SKS Microfinance	Sobha Developer.
Torrent Power	Union Bank (I)	Vijaya Bank	Welspun Corp