Techcheck Daily DON'T sell in May and go away n Emkay

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Techcheck Daily

DON'T sell in May and go away

n     Chart in Focus: The May effect is back, cyclicality suggests that May 2011 should be positive month

n     Nifty 5650 continues to remain the crucial support, expect prices to reverse on the upside on or before it

n     JPY prices from a bullish outside day at crucial supports, expect upsides to resume and take prices back towards the 90 mark

n     JPY prices decisively reversing from the lower end of a decade long bearish trend channel

n     Commodities critically poised, CRB Commodity Index, next few sessions crucial as prices approach the crucial trend deciding 61.8% retracement levels, the wave setups looks copybook and hint at medium term downsides

n     Copper whipsaws 104 week long trendline supports, 4.07 on COMEX remains critical, monthly mean reversions suggest targets at 3.6

n     INR likely triple bottom in place, 44 remains crucial support going forward

n     Stocks with positive short term view

n     ICICI Bank, BHEL, Jaiprakash, Tata Motors (stop 1153), Maruti

n     Stocks with negative short term view

n     Hindalco, M&M, HDFC, Yes Bank (stop 336), Tata Steel