From Our Technical Desk
Hourly momentum rolls over
After witnessing selling pressure near 6120 levels during the start of the day, Nifty kept of fading in red all through the day. Moreover, it closed the volatile session with a loss of 20 odd points. Moreover, the slant of 100-hsma for the index in also in the falling mode, which means that the short-term trend is still down and the index is bound to see lower targets in the near future. Also, the hourly MACD has turned bearish, after Nifty broken the rising trendline on hourly chart. This indicates that the overall consensus is still giving bearish view.

BSE Metal
BSE Metal index has formed a Bearish Engulfing candlestick pattern at the resistance of 20-dsma, which indicates that next leg of decline has started and the index can correct upto 16,600 level.
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From The Dealing Desk
Trading Ideas
•    Remain stock specific from current levels.
•    Trading ideas which we like are DCB (Target Rs75), Jindal Saw (Target Rs248), Ranbaxy (Target Rs668) and Spice Jet (Target Rs98). Traders maintain stop loss accordingly.
Investment Ideas
•    DCHL: CMP @ Rs136 (Target Rs180)
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