CHANNELS.INDIA – LATE ECONOMIC UPDATE
CHANNELS.IND.050609
SUMMARY: OIL AND NATURAL GAS WEEKLY (ONGC): Moving average crossover is still positive. We could see a further upmove till previous high levels at 1,350. RELIANCE ENERGY WEEKLY (RLIN): Prices seem to be heading to previous high levels at 1,570. AMBUJA DAILY (ABUJ): Moving average crossover is still positive. Daily KEY REVERSAL bar suggests a topping near current levels, but a further upmove till key 113 is not ruled out yet. ACC DAILY (ACC): Prices are at key resistances near 850 levels. Non-confirming momentum suggests that any upmove should be short-lived. HINDALCO WEEKLY (HALC): Moving average crossover is still positive. Key resistance levels lie at 100-120. NTPC WEEKLY (NTPC): The current upmove seems to be part of a larger corrective which should resolve lower. The B/2 wave up should complete below previous high levels. TISCO DAILY (TISC): This looks like an impulsive structure with an impending fourth and fifth leg. The current upmove could push prices higher till key 625 levels. RANBAXY DAILY (RANB): ANTICIPATED AND HAPPENED. Prices continued to hold key resistance levels near 280. We expect further retracement now. ITC DAILY (ITC): This looks like a potential EXPANDING TRIANGLE pattern, which suggests that we should see some retracement first till key 175-180 levels, after which prices should push higher in the final fifth leg up.
CHANNELS.INDIA is our second perspective product published on MONDAY, WEDNESDAY and FRIDAY. The report uses conventional technical tools and covers most top traded stocks. The report illustrates key price levels, price targets, price projections and time turn windows. WAVES.INDIA, CHANNELS.INDIA are bundled together as PERSPECTIVE products. Unlike WAVES which focuses more on blue chips, CHANNELS covers the other mid cap and small cap stocks also. CHANNELS.INDIA carries the Early Economic cycle sector components, which includes FINANCIAL and DISCRETIONARY sector stocks, the Mid Economics cycles sector which includes INDUSTRIAL sector stocks and the Late Economic Sector cycle including ENERGY, STAPLES, UTILITIES, PHARMA, CHEMICALS sector stocks. REUTERS EARLY ECONOMIC RICS DLF.NS, HDFC.NS, HDBK.NS, ICBK.NS, SBI.NS, INFY.NS, TCS.NS, MAHM.NS, UNTE.NS, TITN.NS REUTERS MID ECONOMIC RICS ASOK.NS, TAMO.NS, CROM.NS, BHEL.NS, LART.NS, MTNL.NS, IDEA.NS, BRTI.NS, RLCM.NS, TATA.NS REUTERS LATE ECONOMIC RICS ONGC.NS, RLIN.NS, NTPC.NS, ACC.NS, HALC.NS, TISC.NS, ABUJ.NS, CIPL.NS, RANB.NS, ITC.NS