Techcheck Daily USDINR continues to remain a concern n Emkay

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Techcheck Daily

USDINR continues to remain a concern

n     Chart in Focus: USDINR breakout holds for the second week running, we maintain initial targets at 47-47.5, similar setups on the S. Korean Won (1100 remains the breakout level)

n     Nifty the monthly Bollinger setup now remains a cause of concern, lower band starts to fall for the first time in the past 52 weeks, thus hinting at longer term weakness

n     Bank Nifty initial targets met prices take support. 9920 remains a good short term support/pivot point, expect a bounce till 10700-10850 (61.8% pullback)

n     Nifty similar short term setups, expect a likely bounce till 5250-5350, sell side risk rewards would than become compelling

n     US 10yr prices have broken out (despite the downgrade); 125-127 remains a good support area and a launch pad for targets in the region of 135-136

n     Stocks with positive short term view

n     Reliance, SBI, Infosys, TCS, HCL Tech

n     Stocks with negative short term view

n     LIC Housing, Hero Honda, Aurobindo Pharma (stop 161), BOB, ITC