9am with Emkay 31 January, 2011

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9am with Emkay

31 January, 2011

n        Technical Comments

Weekly Bearish Engulfing

After a weak start, market never looked back and continued breaking all later supports on its way down; during the course of the day. After a temporary whipsaw of the falling channel (in yellow), Nifty crawled back within that channel on close, to suggest some bit of a relief rally for the retest of 200-DSMA (5621) in the coming session. However, as we have witnessed a Bearish Engulfing candlestick pattern on weekly chart, the bounce if at all turns up, will be of a short-lived nature. So our outlook for the coming week is to stay cautious and to play in bits and pieces.

Bank Nifty:

Bank Nifty (currently at 10670) has formed a bullish Hammer at 78.6% retracement of the previous move from 10384-11261 and hence a bounce upto 50-DSMA (i.e. 11,400) looks hopeful hereafter.

n        Results Today

Andhra Bank	B P C L	Ballarpur Inds.	Canara Bank	Central Bank	Colgate-Palm.
D B Realty	Dabur India	DLF	Escorts	Everest Kanto	Guj Fluorochem
GVK Power Infra.	Hind.Oil Explor.	I D F C	Indian Hotels	Jindal Saw	JM Financial
K E C Intl.	Lak. Mach. Works	Madhucon Proj.	Mah. Seamless	Mahindra Holiday	Mcleod Russel
MMTC	Natl. Aluminium	Navneet Publicat	Novartis India	NTPC	Prestige Estates
Rolta India	Shriram Trans.	Sun Pharma.Inds.	Supreme Inds.	Tata Comm	Tinplate Co.