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Techcheck Daily |
China breaks below 200 DEMA |
n Chart of the Day: Shanghai Composite, after a failed breakout, prices now break back below the 200 DEMA and 6 month old trend supports, expect further downsides
n Hang Seng too trades weak and struggles around the 61.8% mark of the 2008 bear market
n Bank Nifty remains a concern, bearish continuation patterns take shape, expect a break below 11000 in coming weeks
n Medium term bias turns negative after a gap of 4 months, 200 Day average cluster around 5535-5585 should get tested on the Nifty, increase in cash levels advised
n DXY bullish reversal patterns, targets at 85-88 once breakout happens
n Crude setups ripe for bearish reversals, a break and close past 93 though could trigger bullish alternates
n Stocks with positive short term view
n Reliance Capital, L&T(stoploss1900), Sesa Goa, Infosys, TCS, ITC
n Stocks with negative short term view
n TISCO, Bank Nifty, Axis, Bharat Forge, Titan, ACC, BHEL, M&M
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