9am with Emkay 4 February, 2011

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9am with Emkay

4 February, 2011

n        Technical Comments

Inside bar reversal

Backed by decent buying across the board, Nifty ended with a gain of more than 1 percent on close. Moreover, with the Thursday’s close we saw a perfect inside bar reversal, which was witnessed at the lower Bollinger band tag. Moreover, Nifty has completed at 61.8% retracement of the previous wave, which makes us believe that the intermediate term corrective wave structure is complete and a fresh impulsive wave of an intermediate degree has just begun. Again to you notice, the momentum indicator RSI has given positive crossover, after kissing the oversold region. Hence, from hereon the first key pivot to watch out for will be 5801, which is the high of the previous 3 wave decline. Above all the barrier of 200-DSMA may put a temporary pressure on the market, but we don’t really feel that if will affect the medium term upmove.

n        Results Today

Ackruti City	Balrampur Chini	Cipla	Divi's Lab.	Finolex Inds.	Future Capital
Godawari Power	Graphite India	Hind.Copper	Nag. Constructn.	Oracle Fin.Serv.	Suzlon Energy
Titagarh Wagons