Techcheck Daily Downsides confirm, simultaneous trend breaks on indices ::Emkay

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Techcheck Daily

Downsides confirm, simultaneous trend breaks on indices

n     Chart in Focus: Downsides open up across the board as indices mirror each other (confirmation), simultaneous trend breaks on BSE 500, BSE Mid-cap and Small Cap indices along with bench mark Nifty

n     BSE 500 downsides till 6300-6000 open up

n     BSE Mid-cap downsides till 5700-5500 open up

n     BSE Small-cap downsides till 6600-6500 open up

n     Reliance continues to breakdown lower after breaking below a 10 yr trend channel, this time it breaks below the crucial 885 double bottom, volumes expand in the direction of the downtrend, downsides till 750-760 open up

n     Crude oil prices break below a bearish H&S formation targets pegged around $85 levels

n     Stocks with positive short term view

n     LIC, ICICI Bank (stop 1095), Sesa Goa (stop 255), OMC’s

n     Stocks with negative short term view

n     TCS, Wipro, Reliance, ACC, Dish TV (stop 87.6), Auropharma, Asian Paints, Exide