Techcheck Daily Gold last flourish:: Emkay

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Techcheck Daily

Gold last flourish

n     Chart in Focus: Gold chances of a last flicker before the rally gets snuffed out, prices wanting to attempt the upper end of the decade long bullish trend channel, $1450 remains crucial support and targets at 1530-50

n     Nifty, weekly setups slightly weak, prices fail to close past the 61.8% (5900) reversal levels, 5950-5980 remains two crucial trendline resistances, daily momentum indicators seem stretched, expect a brief cool off before the rally resumes upward momentum

n     Crude oil price setups suggest that possible extensions could now be on the cards, $104-107 remain supports, target range consensus around the $130 mark

n     Nifty, BSE 500, Midcap and Small-caps confirm each others trend channels, thus giving us the likely roadmap for the next few months

n     Bank Nifty prices have regained bullish channel supports, the sector remains among our top picks and should outperform in subsequent rallies

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     Stocks with positive short term view

n     Suzlon, Infosys, TCS, Tech Mahindra, BHEL, PNB, BOB, Apollo Tyres, Maruti

n     Stocks with negative short term view