Techcheck Daily - Nifty first sign of weakness in this pullback n Emkay

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Techcheck Daily

Nifty first sign of weakness in this pullback

n     Chart in Focus: Nifty first signs of weakness within the current pullback, negative divergences emerge on short term charts, risk rewards now turning in favour of bears though best case we might stretch till 5150-5200

n     DJIA yesterdays move has completed pullback targets, we hold on to shorts created around 10280, negative close today will trigger sell readings on our daily momentum indicators

n     DXY break out gaining strength, prices break a cluster of trendline resistances, upside momentum to pick up further once 77 (55 WEMA) gets broken

n     Sell off across Europe remains a cause of concern, heavy weight DAX breaks into a new 52 week low and remains the most vulnerable; 5000-5150 remain critical long term supports

n     Gold prices hit new highs as anticipated, likely double top at around 1900 levels but we believe that as long as 1774 is held an attempt at 2000 levels is pending.

n     Stocks with positive short term view

n     BHEL, RIL

n     Stocks with negative short term view

n     HUL, Heromotocop, BSE Healthcare (stop 6030 closing basis), ITC