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Thursday, March 04, 2010

[sharetrading] PINC Fresh [1 Attachment]

 
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PINC Fresh â€" Daily Technical Report

Rest day

Nifty (5080 â€" down 8 points): Just as we had expected in our previous report, the Nifty took a short halt today and closed almost flat. While the Nifty was meandering through the day the overall market kept up the positive sentiment with advances outpacing declines.

Technically, the index has moved in line with its momentum indicators. The halt which the index has taken today is likely to strengthen the trend further over the coming sessions. This is because the medium term indicators are now beginning to look positive. The index has moved above its medium /long term average again (curr value = 4970). This also prompts us to move our medium term from neutral to neutral / positive. Though volumes are not very encouraging, we expect that they will pick up as sentiment strengthens over a period of time.

Despite the Nifty spending most of its time in the negative zone, the Midcap index was positive through the day. The positive sentiment may be spreading across the broad market now and this can lead to further upsides.

STOCK ALERT

Sintex Ind (SINT IS) - CMP Rs259 Key comment: Bouncing from 200 DMA. Price can recover to Rs285

MEDIUM TERM VIEW

Siemens (SIEM IS) - CMP Rs702 Medium-term trend: Positive Target price: Rs800 (1 - 3 months)

Short Term Bias: Positive

Medium Term Bias: Neutral / Positive

Detailed report attached.

Thanks & Regards,


Research Desk

PINC Wealth Management


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