Techcheck Daily DJIA; 11800-11850 remains a formidable resistance - Emkay

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Techcheck Daily

DJIA; 11800-11850 remains a formidable resistance

n     Chart in Focus: DJIA one final push till 11800 (200 DEMA) could be pending before the pullback completes, risk rewards though now favour bears, 11800-11850 remains a formidable resistance

n     Nifty 5100-5200 remains a similar range for Nifty, 5200 remains the lower end of the bearish gap and best case upsides; meaning that  every up-tick, will tilt the risk reward in favour of bears

n     Bank Nifty too best part of the current bounce seems over, 38.2% retracement levels pegged around 9900 remain the immediate target/resistance for prices

n     Gold medium term supports around $1700 hold on, prices reverse and should retest high around 1911

n     Stocks with positive short term view

n     Sesa Goa (stop 218), SBI, Bank Nifty, RIL, Infosys, Renuka Sugar

n     Stocks with negative short term view

n     BSE Healthcare (stop 6000 closing basis), Aurobindo Pharma (stop 131), ITC