Techcheck Daily Euro weakness evident n Emkay

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Techcheck Daily

Euro weakness evident

n     Chart in Focus: 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     Gold/DXY Ratio first signs of weakness creeping in, Gold seems to have sensed an impending Dollar reversal

n     Bank Nifty and Nifty trade close to crucial resistances, Bank Nifty holds the key and would be a lead indicator to the fortunes of Nifty, 11450-11500 remains a strong resistance and a tough nut to crack

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

n     Stocks with positive short term view

n     Sesa Goa, M&M, DLF (stop 215)

n     Stocks with negative short term view

n     Tata Power, Tata Motors, ITC, TCS, Bajaj Auto, L&T, Bharti, Sun Pharma, Ranbaxy, Wipro