Techcheck Daily - Will Bank Nifty rescue Nifty? : Emkay

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Techcheck Daily

Will Bank Nifty rescue Nifty?

n     Charts of the Day: Bank Nifty, bear exhaustion, holds 10373, expect a move 11000-11200, SBI and ICICI remain top picks

n     Gold a bearish engulfing monthly close, reinforces over view that a decade long bull market looks complete, expect more price correction over the next few months

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, our primary assumption remains that we are in a bull market and healthy bull markets don’t break their monthly means

n     Crude, trading noise to continue till the Egypt crisis resolves, broad view remains negative as long as we trade below 93 levels

n     DXY breaks below 79, setups vary from what we earlier expected, 77.7 now remains crucial for bullish alternates to hold

n     Stocks with positive short term view

n     Allahabad Bank, Coromandel, HCL Tech, Bank Nifty (stop 10369), SBI, ICICI

n     Stocks with negative short term view