Techcheck Daily Case for a small bounce n Emkay

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Techcheck Daily

Case for a small bounce

n     Chart in Focus: Case for a bounce, MSCI world index finds some feet around the 290-300 mark, daily momentum indicators exit oversold region hinting at a possible pullback/bounce

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     USDINR continues its advance without any hue or cry, should add to the negativity once reality sets in, expect initial targets around 47-47.5 mark

n     Gold $1800 done with, we revisit the current setup and upgrade targets to 1830-1870 levels, stop profits though should be trailed to 1714 levels

n     Nifty short term setups too hint at a bounce, a move till 5250-5400 can be used to reinitiate shorts

n     Stocks with positive short term view

n     Reliance Infra, Maruti, Reliance, SBI, Infosys, TCS, HCL Tech

n     Stocks with negative short term view

n     Hero Honda, Aurobindo Pharma (stop 161), BOB, ITC