Techcheck Daily Nify and RIL below long term supports; open up downsides ::Emkay

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Techcheck Daily

Nify and RIL below long term supports; open up downsides

n     Chart in Focus: 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     Nifty too disappoints breaks below long term trend supports (20 month trailing Bollinger mean/middle band) on weekly closing basis, potential downsides open up, pullbacks if any would get sold into

n     The only short term saving grace could be the fact that MSCI World index and DJIA trade close to 200 DEMA supports, though we just expect a bounce now

n     DXY initial targets met at 77, patterns though seem incomplete or could be truncated, a breakout past 77 clear the air

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, OMC’s

n     Stocks with negative short term view

n     TCS, Reliance, ACC, Ambuja Cement, Coromandel, Dish TV (stop 87.6), Auropharma, Tata Steel, Asian Paints, Exide