Techcheck Daily -Changing Realty :: Emkay

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Techcheck Daily

Changing Realty

n     Chart in Focus: BSE Realty Index, prices have corrected 80% of the 2009 bull market, pattern supports along with very decent monthly setups hint at resumption of the uptrend, initial targets are pegged at the 200 DEMA around 2850, which is a good 25% away from current levels. DLF, HDIL and IBREAL remain top picks

n     Nifty, monthly setups play out in copybook fashion, monthly mean reversions look complete and should have multi month positive impact, moreover the current breakout reminds us of March 2009

n     Our preferred long term wave markings suggest that 5348 is a high probability long term bottom and a fresh move up would target all time highs(2008) at 6357

n     Crude continues to struggle around the 61.8% ($104) of the 2008 bear market and looks vulnerable, psychological $100 mark critical support from hereon

n     Gold too looks vulnerable, crucial monthly, quarterly close ahead, $1419 remains the trend decider for next few months

n     Stocks with positive short term view

n     OMC’s, Infosys, PNB, BOB, DLF, HDIL, IBReal, Sesa Goa, BHEL, LIC Hsg (stop 216), Tech Mahindra

n     Stocks with negative short term view

n     ACC, Aurobindo Pharma