Techcheck Daily DAX final suckers rally possible n Emkay

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Techcheck Daily

DAX final suckers rally possible

n     Chart in Focus: DAX patterns look incomplete one final move pending, expect one final suckers rally before the move ends, DXY shows a similar picture

n     DXY a golden chance gone a begging, 200 DEMA around 77 does the undoing, final E leg declines seem pending

n     BSE 500 hurdles at 7450-7500, prices break and trade below a trend channel, medium term view hence remains negative

n     Nifty a bearish breakaway gap on the 200 DEMA holds, daily momentum too rolls over and confirms; expect weakness as long as 5602 holds

n     Bank Nifty daily momentum rolls over as prices continue trade weak, odds are now in favour of further downsides, the 200 DEMA around 10970 might offer support for a session or two, short term view though remains negative

n     Gold prices back near all time highs, next one week should set the tone, either a double top or upside price extensions

n     Stocks with positive short term view

n     RIL (stop 839), DLF (stop 216)

n     Stocks with negative short term view

n     HDFC, Axis Bank, Bank Nifty, Asian Paints, Bharti, ITC, Sun Pharma, Wipro