Techcheck Daily Nifty looking for momentum confirmation n Emkay

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Techcheck Daily

Nifty looking for momentum confirmation

n     Chart in Focus: Nifty daily momentum slowing and turning up, just as prices take support at the falling trend channel, a fresh buy on daily KST if it happens would further support the bounce

n     Gold yesterdays session remains the first sign of weakness in an other wise strong uptrend, a failure to go past 1865 could open up downsides, we hence reiterate and maintain stop profits at 1824; we maintain targets at $2000 till that holds

n      BSE Healthcare index breaks below a bearish H&S, prices also below the 200 DEMA for sometime, expect 5400-5200 as the target range

n     DJIA bounce underway with yesterdays session 10600-10800 remains the support area from hereon, initial targets can be pegged around 11500-11700

n     USDINR breakout becomes more solid each passing day, we maintain initial targets at 47-47.5

n     Stocks with positive short term view

n     TCS, Infosys, Renuka Sugar, IRB (stop 154), Reliance (stop closing below 734)

n     Stocks with negative short term view

n     BSE Healthcare, M&M, PNB, LIC Housing, Aurobindo Pharma (stop 136), ITC