Techcheck Daily Nifty short term correction over:: Emkay

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Techcheck Daily

Nifty short term correction over

n     Chart of the Day: Crude, 1st month futures close below the 55 DEMA after a gap of 2 months, expect weakness to continue, initial targets pegged at 75, OMCs remain a good short term bet

n     DXY prices at short term resistance, expect strong upside momentum once 79.6 is broken on a closing basis

n     Nifty correction reaches objective i.e. the 55 DEMA and also the trend channel support, expect uptrend to resume

n     Nifty medium term uptrend intact and targets in the region of 6450-6600 pending 

n     Stocks with positive short term view:

n     OMCs, ICICI Bank, Reliance, Infosys, Dr Reddy, RCF

n     Stocks with negative short term view:

n     ACC, DLF, Unitech, Rel Com, Sesa Goa