Techcheck Daily BSE Healthcare next underperformer ::Emkay

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Techcheck Daily

BSE Healthcare next underperformer

n     Chart in Focus: BSE Healthcare index, top reversal patterns visible on the index and on some of its individual components, downsides till 5000-4500 have opened up

n     Dr Reddy the bearish H&S neckline already violated, downsides till 1300 open up, Ranbaxy too has similar setups, downsides till the neckline would mean that prices are headed back towards 420

n     Nifty a brief pullback till 5400-5450 could be on the cards, though the overall setups remain negative.

n     DJIA daily momentum triggers buy from oversold conditions expect a brief respite with a 4-6 session bounce, 12350-12500 remains a strong hurdle

n     DAX and DXY combination hint at impending long term reversals, DAX rallies from 200 DEMA, a final leg up should complete a terminal bearish wedge

n     Stocks with positive short term view

n     DLF (stop 205) L&T, ICICI Bank (stop 990), Sesa Goa (stop 255)

n     Stocks with negative short term view

n     Ranbaxy, Sun Pharma, Dr Reddy, Havells, ITC, Reliance, TCS, Wipro, ACC, Asian Paints, Exide