Techcheck Daily Approaching monthy middle Bollinger Bands: Emkay

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Techcheck Daily

Approaching monthy middle Bollinger Bands

n     Charts of the Day: Nifty, 5550 broken, confirming the entire Sep 2010-Nov 2010 move as a false breakout, it also means that the damage control would now take time

n     Nifty Bollinger band mean reversion setups (first discussed on 7th Dec 2010) now look almost complete with the mean currently around the 5300 mark, our primary assumption remains that we are in a bull market and healthy bull markets don’t break their monthly means

n     Bank Nifty remains the silver lining, as long as the low at 10373 is held expect a pullback

n     Crude, trading noise to continue till the Egypt crisis resolves, broad view remains negative as long as we trade below 93 levels

n     DXY breaks below 79, setups vary from what we earlier expected, 77.7 now remains crucial for bullish alternates to hold

n     Stocks with positive short term view

n     Bank Nifty (stop 10369), SBI, ICICI

n     Stocks with negative short term view

n     Hindalco, Hero Honda, Axis, Sesa Goa, ACC