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Techcheck Daily |
SBI should lead the bounce |
n Charts of the Day: SBI; stock forms two day reversal setup near supports, expect a bounce till 2700-2750 with reversals pegged at 2490
n Nifty broader patterns still suggest medium term weakness, 5550 remains the next target and critical support
n Nifty 200 day averages (5650-5600) hold for the time being and should offer some short term respite
n DXY minor whipsaw yet medium term view remains intact, target 85-88.
n Crude price extensions within a bearish setup, stance remains negative as long as prices don’t breakout of the pattern
n Stocks with positive short term view
n OMC’s, SBI (stop 2489), HDFC Bank (stop 2024), Apollo Hospital
n Stocks with negative short term view
n Yes Bank, Hindalco, Axis, Ambuja, Sesa Goa, ACC, BHEL
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