Techcheck Daily DJIA crucial pivot ahead : Emkay

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Techcheck Daily

DJIA crucial pivot ahead

n     Chart of the Day: DJIA, prices nearing a short term resistance/pivot point at 12250, once cleared prices should head for medium targets pegged at 13000 levels

n     LIFFE Sugar looks very vulnerable, expect another 20-25% correction from current prices, expect negative rub of on sugar stocks

n     Crude chart too looks similar to sugar (from Sep 2010 onwards), even Egypt crisis could not push prices past our reversal levels of 93, view continues to remain negative, target 80-82

n     Nifty continues to trade around crucial supports (5379-5400), an ‘Inside day’ once again at lower Bollinger means that bulls have an upper hand

n     DXY short term picture slightly negative, though medium term bullish patterns still intact, expect range bound moves and 75 levels to get retested

n     Stocks with positive short term view

n     DLF, Praj Ind, Reliance (stop 864), Allahabad Bank, Coromandel, HCL Tech, Bank Nifty (stop 10369), SBI, ICICI

n     Stocks with negative short term view

n     Sugar stocks, TISCO, Hindalco, Hero Honda