9am with Emkay 27 January, 2011

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9am with Emkay

27 January, 2011

n        Technical Comments

Reverse symmetric triangle

After a decent start, Nifty shed its gains in the second half; once it formed a long-legged doji on hourly chart at the upper Bollinger band tag. Moreover, a Bearish Engulfing pattern happened to be the case with Nifty on close. But since, the pattern has occurred in an oversold condition, its importance is quite negligible (opposed to the one which occurs in an overbought condition). On the contrary, if the next day witnessed a positive close, if will negate the pattern and will signify momentum shift in the favor of the bulls. Also, the higher top higher bottom formation on hourly chart is still not violated and Nifty is trading within a reverse symmetric triangle (which has not yet broken out on either side). So there is a fair amount of chance by means of which Nifty can find support at the lower trendline of the triangle (at 5635) and can again surge upto its upper trendline packed at 5825.

Bank Nifty:

Bank Nifty too witnessed heavy selling at the resistance of 20-DSMA and ultimately formed a Bearish Engulfing candlestick pattern on close. Now, the next support going forward is 10745 and if that is broken; probability that this index will slide lower upto 10500 will increase.

n        Results Today

Arvind Ltd	Bajaj Electrical	Blue Star	Carborundum Uni.	Dena Bank	eClerx Services
Emami	FDC	Financial Tech.	Gateway Distr.	H P C L	HDFC Bank
IBN18 Broadcast	IRB Infra.Devl.	Jain Irrigation	JK Lakshmi Cem.	JSW Steel	Kansai Nerolac
Lupin	Marico	Natl.Fertilizer	Netwrk.18 Media	Neyveli Lignite	NHPC Ltd
Phoenix Mills	S Kumars Nation	SpiceJet	Subex	Tata Chemicals	Tata Inv.Corpn.
Tata Tele. Mah.	Thermax	TV 18 India	UTV Software	V I P Inds.