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Techcheck Daily
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Sensex forms a bearish outside
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n Chart in Focus: Sensex the current rally looks quiet similar to the one we witnessed in the first week of November last year, the final two day reversal setups also looks similar (mean reversion); the pattern itself remains frequent near medium term tops
n Reliance continues to remain a sign of concern, prices resume the downtrend with a big cut supported with huge volumes
n Bank Nifty remains our lead indicator to bullish alternates if any, the index still trades close to crucial resistance area, next couple of sessions crucial
n Dollar clarity emerges as alternates become clearer, decline towards 73 should complete what looks like a bullish wedge, DAX has a similar inverse formation, this makes us believe that a major turn window for asset prices is close by
n Stocks with positive short term view
n M&M, DLF (stop 215)
n Stocks with negative short term view
n Bajaj Auto, L&T, Maruti, Bharti, Hindalco, Sun Pharma, Ranbaxy, Wipro
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