Techcheck Daily Nifty hurdles at 5950-5980 :: EMkay

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Techcheck Daily

Nifty hurdles at 5950-5980

n     Chart in Focus: Nifty, prices struggle below trendline resistances over the last few days, 5950-5980 remain 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     JPY, last month’s exhaustion bar, gets good follow thru in the first week this month, the 28 month positive divergence on monthly RSI should now bear fruits, maintain initial targets at 89-90 and 100 thereafter

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

n     Stocks with negative short term view