Techcheck Daily Monthly Bollinger mean holds ::Emkay

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Techcheck Daily

Monthly Bollinger mean holds

n     Chart in Focus: Nifty prices back above the monthly Bollinger mean (5470), we believe that the level remains a crucial long term support, but owing to the recent whipsaw we would want to look for more confirmation over the next few sessions

n     Bank Nifty needs to confirm the bullishness as prices still trade below its trend channel, 11300-11500 remain crucial hurdles

n     Dollar clarity emerges as alternates become clearer, decline towards 73 should complete what looks like a bullish wedge, DAX has a similar inverse formation, this makes us believe that a major turn window for asset prices is close by

n     Gold first impulsive move down, this happens after prices have completed long term channel targets, $1561 now remains the reversal/stop loss as fresh shorts can be initiated, initial targets can be pegged around $1400

n     Stocks with positive short term view

n     M&M, BHEL, DLF (stop 205)

n     Stocks with negative short term view

n     Maruti, Bharti, Hindalco, Cipla, Sun Pharma, Ranbaxy, Wipro, Asian Paints