Techcheck Daily Infosys opportunity in adversity n Emkay

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Techcheck Daily

Infosys opportunity in adversity

n     Chart in Focus: Infosys, this decline could be good buying opportunity for the next 12-15 months, prices still trade above long term supports and bullish reversal patterns around 3000

n     INR, multiple bottoms around the 61.8% (44) retracement levels over the last 52 weeks, for the 2008-09 move from 39-52, prices seem to be forming a bullish triangular setup

n     BSE Cap Good, one among the first to go past recent swing highs, prices breakout of resistance, expect momentum to build up further once 200 DEMA around 14050 is broken out of. L&T and BHEL remain top picks

n     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 stop-loss for targets of 1530-50

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     Stocks with positive short term view

n     Infosys, TCS, ICICI Bank, L&T, BHEL, DLF, Suzlon, Jaiprakash, PNB, BOB, Apollo Tyres, Maruti

n     Stocks with negative short term view

n     Sterlite Ind