Techcheck Daily - Nifty daily momentum triggers BUY n Emkay

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Techcheck Daily

Nifty daily momentum triggers BUY

n     Chart in Focus: Nifty daily momentum triggers fresh buy on the signal line, moreover an extremely important weekly close today, a decent bounce on Indian bourses still missing; a weekly positive close would add a stronger evidence in favour of a bounce till 5100-5200

n     SBI remains a critical cog in the wheel, the stock is near good medium/long term supports, we hence believe that a decent pullback on the markets can happen if the stock holds on to the 1950 levels on closing basis

n     Bank Nifty too, close to completing downside targets (already done on Nifty), 8900-9000 levels remain critical supports

n     Gold long trades unwound, channel throw-over now looks more solid, short term view now remains sell on rise, medium to long term bullish setups though still intact

n     Stocks with positive short term view

n     Maruti, SBI (stop 1944 hourly closing) TCS, Renuka Sugar, Reliance (stop closing below 734)

n     Stocks with negative short term view

n     Hindalco, Jaiprakash, Hero Motocop, BSE Healthcare, M&M, Aurobindo Pharma (stop 136), ITC