Morning Dew - 24 July 2013

Key Points

• As the JCI powered through the double-top resistance at 4740, it immediately climbed higher to reach 4767 and settled there for the day. Foreign buying also seen supporting the rally, accompanied by all but one sector (agriculture) rising. Prior resistance at 4740 now serves as support. As mentioned yesterday, the next upside target is 4848 as the wave c of B continues to unfold.
• ROTI has met its technical price objective at 8200, but it failed to get its entry price filled. Hence, ROTI is removed from the reco list, leaving ASRI as the only one unfilled reco at the moment. ACES however, has been added into the recommendations list. ACES is seen heading towards 920 with risk level spotted below 630. It is recommended to entry at around 700-720.
• Lackluster US session sent the Dow up for another tiny gains on Tuesday. Meanwhile, in China Premier Li Keqiang said that the government will tolerate growth of 7% at the most. Reactions were muted as investors' attention now sapped as corporate earnings are due for release.

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