Techcheck Daily BSE FMCG index prices near multi year resistances ::Emkay

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Techcheck Daily

BSE FMCG index prices near multi year resistances

n     Chart in Focus: 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     Nifty long term trend lines get whipsawed yet remain relevant, 5730 remains another critical hurdle going forward

n     EURO prices completes a symmetrical triangular consolidation, a false breakout above the pattern makes us believe that downsides till 1.41 would be swift, more downsides would open up once we break below 1.396

n     DXY bullish pattern near completion, expect a strong bottom around the 72-73 mark

n     MSCI World index pulls back/retests crucial resistances, expect downsides to resume anytime soon

n     Stocks with positive short term view

n     Sesa Goa, M&M, Century Textile, DLF (stop 215)

n     Stocks with negative short term view

n     Tata Motors, HUL, ITC, TCS, L&T, Bharti, Sun Pharma, Ranbaxy, Wipro