Techcheck Daily Gold the Moment of Truth Arrives! n Emkay

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Techcheck Daily

Gold the Moment of Truth Arrives!

n     Chart in Focus: Gold, the moment of truth arrives, prices complete a decade long bullish channel, crucial trend deciding weeks ahead, 1480-1500 crucial supports

n     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     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     Bharti, ICICI Bank, M&M, Maruti

n     Stocks with negative short term view

n     DLF, HUL, Hindalco, Tata Steel