Techcheck Daily Nifty daily momentum resumes downtrend :: Emkay

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Techcheck Daily

Nifty daily momentum resumes downtrend

n     Chart of the Day: Yes Bank, the stock registers a Key reversal outside engulfing day, the breakout fails, volumes climax, expect prices to target lower channel around 320

n     Nifty daily momentum sells off, prices below 21 DEMA once gain, higher probability that the 6000-6150 range would be broken downside, a short term dip till 5800-5830 before uptrend resumes

n     Nifty the medium term uptrend remains intact, target 6500, hence short term dips can be used for buying

n     DXY daily momentum about to turn positive, expect initial targets at 79-80

n     Stocks with positive short term view:

n     TNPL, Mercator, HBL, IIFL, ICICI Bank, Reliance, Infosys, Andhra Bank

n     Stocks with negative short term view:

n     Yes Bank, L&T, BHEL, BOI, BOB, Axis