Techcheck Daily Nifty; 4700-4800 remains crucial support for a bounce ::Emkay

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Techcheck Daily

Nifty; 4700-4800 remains crucial support for a bounce

n     Chart in Focus: Nifty medium term setups critically poised around 4700-4800 support range, multiple long term setups have converged which could result in a bounce, the quality of the bounce would give us further cues, the overall setups though look weak and expect selling to intensify once again around 5000-5150 levels

n     Bank Nifty headed for lower channel targets, looks weakest among sectors and prices should target 8600-8800 before supports emerge.

n     USDINR breakout becomes more solid each passing day, we maintain initial targets at 47-47.5, similar setups developing on the S. Korean Won (1100 remains the breakout level)

n     DXY short term setups look weak, should target 71.7-72 were it should complete a bullish wedge, the pattern remains a very important medium term trend decider.

n     Stocks with positive short term view

n     Renuka Sugar, IRB (stop 131), Reliance (stop closing below 699)

n     Stocks with negative short term view

n     M&M, PNB, Yes bank, Axis Bank, Bank Nifty, LIC Housing, Aurobindo Pharma (stop 146), ITC