9am with Emkay 1 February, 2011

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9am with Emkay

1 February, 2011

n        Technical Comments

Looking for a short-term bounce

After a soft start, Nifty never looked back and continued scaling fresh intraday highs during the course of the day. In doing so, Nifty finally closed above the psychological barrier of 5500-mark. Also on hourly chart, the down move which started from the high of 5801 has also been disturbed on account of the bullish price crossover above 10-HSMA and the bullish crossover of the hourly MACD cycle. Hence, we are looking for a short term bounce, initially upto 61.8% retracement area of the entire downfall from 5801, which is at 5655 level.

Bank Nifty:

Positive candlestick formation and the bullish crossover of the hourly MACD cycle indicates that Bank Nifty (currently at 10660) has formed a short term bottom and hence in the coming session this index can see a surge upto 11,000-level.

n        Results Today

Gati	Glenmark Pharma.	HEG	NMDC
Syndicate Bank	SPARC	Radico Khaitan