Nifty breaks the 52 week trendline: Emkay

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Techcheck Daily

Nifty breaks the 52 week trendline

n     Chart of the day: Nifty breaks the 52 week trendline once gain, this time its with a big margin of almost 2%, the level at 5850 also coincides with the 61.8% mark of the previous rally from 5690 till 6069 thus making it look more convincing. Daily momentum confirms with the price break

n     Nifty low at 5690 remains the key support level, a break below would mean that the trend would continue down from hereon till the 200 DEMA at 5560. Though looking at the oversold conditions the index has an outside chance to bounce back towards 5950-6000 mark (if 5690 holds for the next couple of sessions)

n     Bank Nifty which showed the most promise in its bounce from 11362 till 12535 has broken below 11362, the weekly mean too is broken and the index should now head for lower targets at 10500. ICICI breaks bearish H&S target 980

n     Index 2 year and quarterly cycles come back to haunt

n     Stocks with positive short term view:

n     Castrol, HPCL, BPCL, Cipla, Infosys

n     Stocks with negative short term view:

n     Bank Nifty, ICICI Bank, Coromandel, Allahabad Bank, Andhra Bank, Tata Steel, Chambal Fertilizer, TVS Motors