Techcheck Daily Nifty and Bank Nifty weakness to continue: Emkay

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Techcheck Daily

Nifty and Bank Nifty weakness to continue

n     Charts of the Day: Nifty, prices falter around the short term averages (20 DEMA), prices close below 5750 hinting at further weakness

n     Bank Nifty pullback looks complete, prices should retest the 10373 lows

n     Crude, whipsaws crucial 87 mark, daily momentum starting to turn negative, underlying trend remains down, prices to target 80-82 levels

n     Nifty broader patterns still suggest medium term weakness, even though the worst part of the decline may be over, 5550 remains the next target and critical support

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     OMC’s, Opto Circuit, Indbul Realty

n     Stocks with negative short term view

n     Bank Nifty, Axis, Sesa Goa, ACC