17 January 2011

Nifty critical supports at 5600-5650:: Emkay

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Techcheck Daily
Nifty critical supports at 5600-5650

n     Charts of the Day: Nifty, bounce does not materialize, neckline halts the pullback, lower supports to now get tested, 200 day averages (5650-5600) should offer some respite
n     Bank Nifty too breaks crucial pattern supports, next few sessions critical as heavy weights like SBI and HDFC Bank trade near crucial supports
n     DXY minor whipsaw yet medium term view remains intact, target 85-88.
n     Crude price extensions within a bearish setup, stance remains negative as long as prices don’t breakout of the pattern
n     Stocks with positive short term view
n     OMC’s, SBI (stop 2474), HDFC Bank (stop 1999), Apollo Hospital
n     Stocks with negative short term view
n     Hindalco, Axis, Ambuja, Sesa Goa, BOI, ACC, BHEL
  

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