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Techcheck Daily
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Two important charts you can't miss
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n Chart in Focus: 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 Sensex the current rally looks quiet similar to the one we witnessed in the first week of November last year, yesterdays session has ended up in a complex Inside-Outisde-Inside day formation, the overall mean reversal setups still hold; the pattern itself remains frequent near medium term tops
n Gold/DXY Ratio first signs of weakness creeping in, Gold seems to have sensed an impending Dollar reversal
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), Century Textile
n Stocks with negative short term view
n SBI, TCS, Reliance, Bajaj Auto, L&T, Bharti, Sun Pharma, Ranbaxy, Wipro
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