Nifty 4crucial long term supports @4700-4800 n Emkay

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Nifty 4crucial long term supports @4700-4800

n     Chart in Focus: Nifty opening should be close to our medium target range, bounce did not materialize, the way it did in global indices (negative divergence, sign of weakness), 4700-4800 remains crucial support range, we are keeping a close watch

n     Bank Nifty headed for lower channel targets, 8600-8800 opens up

n     Nifty the monthly Bollinger setup now remains a cause of concern, lower band starts to fall for the first time in the past 52 weeks, thus hinting at longer term weakness

n     USDINR breakout holds for the second week running, we maintain initial targets at 47-47.5, similar setups on the S. Korean Won (1100 remains the breakout level)

n     DXY short term setups look weak, should target 71.7-72 were it should complete a bullish wedge, the pattern remains a very important medium term trend decider.

n     US 10yr prices have broken out (despite the downgrade); 125-127 remains a good support area and a launch pad for targets in the region of 135-136

n     Stocks with negative short term view

n     PNB, Yes bank, Axis Bank, Bank Nifty, LIC Housing, Hero Honda, Aurobindo Pharma (stop 155), ITC