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Techcheck Daily
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Tryst with 200 DEMAs
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n Chart in Focus: Euro tumbles meets initial targets, prices now close to the 200 DEMA (1.397) supports, a break below would open up further downsides till 1.36
n DXY an inverse setup; prices just below a resistance cluster around 77, momentum setups look encouraging and place odds in favour of an upside breakout, but it would be prudent to wait for confirmations for any fresh trades
n Nifty below its 200 DEMA in opening trades, the closing for the day remains important, but the frequency of repeated whipsaws of late is not healthy and remains a cause of concern
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 MSCI World Index too enters troubled waters, upsides if any seemed capped but downsides at least till 295-300 remain open
n Stocks with negative short term view
n HDFC, Axis Bank, Bank Nifty, Asian Paints, Bharti, Tata Motors, HUL, ITC, TCS, L&T, Sun Pharma, Wipro
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