Techcheck Daily DAX negative weekly pattern :: Emkay

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Techcheck Daily

DAX negative weekly pattern

n     Charts of the Day: DAX a ‘bearish harami’ on weekly charts seconds our last weeks negative stance, expect prices to head lower till 6300

n     Nifty 5624-5750 remains the trading range, clear direction to emerge once range is violated, preferred break though continues to remain down

n     Nifty broader patterns still suggest medium term weakness, 5550 remains the next target and critical support

n     Crude prices/momentum sell off, expect further weakness once 87 is broken

n     DXY breaks below 79, setups vary from what we earlier expected, 77.7 now remains crucial for bullish alternates to hold

n     Stocks with positive short term view

n     SBI, Praj, Opto Circuit, DLF, Indbul Realty, OMC’s

n     Stocks with negative short term view

n     Hindalco, Axis, Sesa Goa, ACC