Emkay: Techcheck Daily: October 11th

Techcheck Daily

DXY triangle almost complete, 14 Day RSI remains oversold

n     Chart of the Day: DXY a triangular formation seems almost complete, 75.5-76 is the crucial support, 14 Day RSI remains oversold

n     Daily (short term) momentum rolls over for majority of sectors including Banks, Metals and Capital Goods, hence weakness can linger on for some time i.e. till fresh momentum builds up

n     Nifty has broken trend supports and a pullback to 6150-6170 can be used by momentum traders to add shorts for targets of 5950-6000

n     Nifty the medium term picture continues to look healthy and breakout targets on the upper channel remain pending

n     INR initial targets met, double bottom at 44.05, expect a bounce back till 45-45.5 before lower channel targets at 42 are met

n     Stocks with positive short term bias

n     Aptech Ltd, Praj Ind, Andhra Bank, Infosys

n     Stocks with negative short term bias

n     Idea, TISCO, Sesa Goa, Bank Nifty