Techcheck Daily DXY short term setups look weak n Emkay

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Techcheck Daily

DXY short term setups look weak

n     Chart in Focus: DXY short term setups look weak, should target 71.7-72 were it should complete a bullish wedge, the pattern remains a very important medium term trend decider. We believe that this weakness should support equity prices for some time

n     Nifty medium term and long term setups hint at 4700-4800 being very important supports, moreover short term setups hint at a bounce till 5250-5350

n     USDINR breakout holds for the second week running, we maintain initial targets at 47-47.5, similar setups on the S. Korean Won (1100 remains the breakout level)

n     Nifty the monthly Bollinger setup now remains a cause of concern, lower band starts to fall for the first time in the past 52 weeks, thus hinting at longer term weakness

n     US 10yr prices have broken out (despite the downgrade); 125-127 remains a good support area and a launch pad for targets in the region of 135-136

n     Stocks with positive short term view

n     Reliance, SBI, Infosys, TCS, HCL Tech

n     Stocks with negative short term view

n     LIC Housing, Hero Honda, Aurobindo Pharma (stop 161), ITC