Crude hurdles ahead, expect prices to correct:: Emkay

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Techcheck Daily
Crude hurdles ahead, expect prices to correct

n     Chart of the day: Crude Oil, prices retesting a very strong supply line, bearish price patterns hint at a failure to breakout once again, expect a correction back to 80 levels in coming weeks

n     Nifty 5930-5950 remains the short term support range, the uptrend remains intact as long as we hold these levels, daily momentum with recent buy readings supports the inference

n     Bank Nifty, prices retrace 50% of the rise, 11800 (61.8%) on closing basis remains the trend decider

n     Stocks with positive short term view:

n     HDFC Bank, Cipla, Reliance, L&T, Infosys

n     Stocks with negative short term view:

n     Jet Airways, Axis, Dabur, HUL