Techcheck Daily INR likely triple bottom n Emkay

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Techcheck Daily

INR likely triple bottom

n     Chart in Focus: 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     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     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     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     Infosys, TCS, Tech Mahindra, ICICI Bank, DLF, Suzlon, Jaiprakash, BHEL, PNB, BOB, Apollo Tyres, Maruti

n     Stocks with negative short term view

n     ONGC, Hindalco, ITC, HLL