Techcheck Daily Are we headed for a multi month decline? Likely ::EMkay

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Techcheck Daily

Are we headed for a multi month decline? Likely

n     Chart in Focus: Nifty whipsaws trendline convergence at 5720, nature of the whipsaw hints that it was a false breakout, this should have serious negative impact on prices, expect downsides to accelerate once the 200 DEMA around 5580 gets broken

n     MSCI World Index too enters troubled waters, upsides if any seemed capped but downsides at least till 295-300 remain open

n     Bank Nifty prices continue to trade below key resistances, prices unable to break back within a bullish channel; sign of medium term weakness, crossing 11500 now remains a difficult proposition

n     BSE FMCG Index prices trade below multi year trend line, momentum readings hint at a correction before prices can move higher

n     Heavyweights HUL and ITC carry similar setups, expect corrections to the tune of 10-15% in each of them.

n     Stocks with negative short term view

n     HDFC, Bank Nifty, Dish TV, Asian Paints, Bharti, Tata Motors, HUL, ITC, TCS, L&T, Sun Pharma, Ranbaxy, Wipro