Nifty bearish weekly close: Emkay

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Techcheck Daily

Nifty bearish weekly close

n     Charts of the Day: Nifty, ‘bearish engulfing’ week marks the end of the pullback, bearish  H&S formation resolves as anticipated, lifeline at 5820, 200 DMA at 5600 should get tested

n     MSCI World Index loosing momentum, 310-315 should get tested

n     DXY bullish H&S breaks on the upside, maintain targets at 85-88

n     Bank Nifty, breaks down below a consolidation, indicates continuation and resumption of down trend, initial targets pegged around 11000, weekly charts are a cause of major concern

n     Nifty daily momentum rolls over, expect weakness to continue

n     Stocks which could outperform in short term

n     OMC’s

n     Stocks with negative short term view

n     L&T, M&M, SBI, HDFC, HDFC Bank,  Bajaj Auto, Coromandel, GAIL,  Bank Nifty, Bharat Forge, ACC, BHEL