Techcheck Daily - Nifty multiple positives in short term:: Emkay

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Techcheck Daily

Nifty multiple positives in short term

n     Charts of the Day: Nifty, ‘bears trapped’; multiple positives in the short term (daily bullish mean reversion, previous swing high support, bullish whipsaw and 61.8% supports), with the right placement on medium term/long term supports (i.e. near monthly middle Bollinger /mean)

n     Nifty Bollinger band mean reversion setups (first discussed on 7th Dec 2010) now look almost complete, with the mean currently around the 5300 mark, the risk rewards now favour bulls, our primary assumption being that we are in a primary bull market and healthy bull markets don’t break their monthly means i.e. 5300

n     Bank Nifty, bear exhaustion, holds 10373, holds 10400 now, expect a move 11000-11200, SBI and ICICI remain top picks

n     DXY breaks below 77.7, short term picture turns negative even though medium term bullish patterns still intact, expect 75 levels to get retested

n     Stocks with positive short term view

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