9am with Emkay 8 February, 2011

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9am with Emkay

8 February, 2011

n        Technical Comments

Nifty

After a choppy session, the final closing of Nifty was totally flat with a mere gain of ¼ points. Today’s price action has produced a “Harami pattern” after an extended downtrend, which is an alert that power of the bears’ has diminished and a trend change can occur. Also, the positive divergence between the price chart of Nifty and the momentum oscillator MACD says the same story that downside momentum is losing its pace and hence the possibility of a contra move does not get discounted. However, for confirmation one should wait for the breach of 20-HSMA packed at 5463. Moreover, the clearance of 5556 on closing will be an additional booster for the dormant bulls, as that will disrupt the series of falling peaks. And this will transport Nifty back to 5900, which is the upper tag of the daily Bollinger band.

n        Results Today

Adani Power	Ansal Properties	BEML Ltd	Everonn Educat.	Finolex Cables	JMD Telefilms
Koutons Retail	M R P L	Monnet Ispat	Pidilite Inds.	Power Grid Corpn	PTC India
Vascon Engineers