Can SBI be the dark horse? n Emkay

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Can SBI be the dark horse?

n     Chart in Focus: 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     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 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      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, initial targets can be pegged around 11500-11700 and support/reversal at 10800

n     Stocks with positive short term view

n     SBI (stop 1950 closing )TCS, Infosys, Renuka Sugar, IRB (stop 154), Reliance (stop closing below 734)

n     Stocks with negative short term view

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