Techcheck Daily - Next negative surprise USDINR :: Emkay

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Techcheck Daily

Next negative surprise USDINR

n     Chart in Focus: USDINR should be the next big negative surprise, prices break out of a triangular consolidation, initial targets 47-47.5

n     MSCI World’s RSI hits mega-oversold levels, damage done to long term setups; after a likely bounce expect the recent lows to get tested and possibly broken

n     WTI Crude prices too hit mega-oversold, expect a brief respite/pullback before downtrend resumes, even though $75 was tested yesterday we maintain targets at 72-75

n     Nifty a bounce should be short-lived and a pullback till 5250-5400 can be used to reinitiate shorts

n     Revisiting our monthly Bollinger distribution we believe that the lower bands at around 4770 should also get tested before meaningful reversals can set in

n     Gold price extensions continue, targets of 1800 in sight

n     Stocks with positive short term view

n     Reliance, SBI, Infosys, TCS, HCL Tech, REC

n     Stocks with negative short term view

n     Aurobindo Pharma, BOB, ITC