Trading Today >(May 05, 2010) >From Our Technical Desk From The Dealing Desk >Finally, bears out of the hibernation > * The benchmark Nifty finally saw a downside breakout from the > triangular consolidation and did manage to close below the support 50-daily > exponential moving average (50-DEMA), which again boosted back the confidence > among the bears. Moreover, the break of 5160 has confirmed the Dow Theory’s > sell signal with lower top lower bottom formation in place. In addition, the > daily ADX has began to strengthen, after reversing from the oversold line, > signaling the end of a trading range and a development of new trend in the > downward direction. Hence the general picture is clearly a sell on rise > story. >BSE Metal > * BSE Metal continued its southbound journey and tested the mentioned > target of 16950 and finally closed at 16640 with a loss of -3.93%. Going > forward this index is still looking weak and now it will test 16513 which is > 61.80% retracement level of the recent rally from 15138 to 18736. >BSE Realty > * BSE Realty fell sharply and finally closed at 3357 with a loss of > -2.76%. This index had already retraced 61.80% of the recent rally from 3170 > to 3649, thus going forward this index is still not showing any strength, and > we maintain our downside target of 3170. >BSE Cap Good > * Selling was witnessed in BSE Cap Good and it broke the support of > 13750 and finally closed at 13625 with a loss of 1.69%. On the daily chart > this index had formed Lower Top and Lower Bottom, thus in the coming days we > will witness further downside in this index and it will test 13517 and below > 13284 levels. Crucial level of 5160 (Nifty) has broken, now from current > levels traders are advised to avoid bottom fishing for time being. Reduce > long position in derivative and maintain strict stop loss for all positions. >Investment Ideas > * M&M:CMP @ Rs517 (Target Rs633) >Statistical Data > * Derivatives Update > * Advance Decline Ratio > * Sector updates > * Exchange Volumes > * Implied Volatility for ATM Options > * Put Call Ratio for (Open Interest) > * FII - MF Activity > * World Markets > * Currency >Click here to read report: Trading Today >Emkay Retail Advisory | Emkay Global Financial Services Ltd.| >www.emkayglobal.com >ParagonCenter, H -13-16, 1st Floor, Opp. Century Mills, Pandurang Budhkar >Marg, Worli, Mumbai - 400 013 | Fax: +91< B>22-66610307 > > > > > > > > > > >------------------------------------------------------------------------ >Disclaimer: This communication may contain confidential, proprietary or >legally privileged information or subject to copyright. If you receive this >communication and are not the intended recipient, please delete it immediately >and notify the sender of having received it erroneously. The recipient >acknowledges that Emkay is unable to exercise control or ensure or guarantee >the integrity of the contents of the information contained in e-mail >transmission and further acknowledges that any views expressed in this >messages are those of the individual sender and does not bind Emkay unless the >sender does so expressly with due authority of Emkay. Before Opening any >attachment please check them for viruses and defects. >------------------------------------ ------------------------------------ ** >Message has been scanned by Emergic MailServ **
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