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    Daily Technical Snapshot: August 26, 2015

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    GauriGan
    The daily technical snapshot provides the following information: 1) The Nifty index trend is down, with support at 7720 and resistance at 7930. It closed at 7791, down 88 points. 2) The index opened negatively and failed to rise above 8950 resistance, slipping lower. Strong resistance at 7930-40 has pushed the index lower recently. 3) Despite the overall market decline, mid and small caps showed some resilience. The AD ratio was just above 1:1, providing a glimmer of hope for short term recovery.

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    Daily Technical Snapshot: August 26, 2015

    Uploaded by

    GauriGan
    53 views3 pages
    The daily technical snapshot provides the following information: 1) The Nifty index trend is down, with support at 7720 and resistance at 7930. It closed at 7791, down 88 points. 2) The index opened negatively and failed to rise above 8950 resistance, slipping lower. Strong resistance at 7930-40 has pushed the index lower recently. 3) Despite the overall market decline, mid and small caps showed some resilience. The AD ratio was just above 1:1, providing a glimmer of hope for short term recovery.

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    The daily technical snapshot provides the following information: 1) The Nifty index trend is down, with support at 7720 and resistance at 7930. It closed at 7791, down 88 points. 2) The index opened negatively and failed to rise above 8950 resistance, slipping lower. Strong resistance at 7930-40 has pushed the index lower recently. 3) Despite the overall market decline, mid and small caps showed some resilience. The AD ratio was just above 1:1, providing a glimmer of hope for short term recovery.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    53 views3 pages

    Daily Technical Snapshot: August 26, 2015

    Uploaded by

    GauriGan
    The daily technical snapshot provides the following information: 1) The Nifty index trend is down, with support at 7720 and resistance at 7930. It closed at 7791, down 88 points. 2) The index opened negatively and failed to rise above 8950 resistance, slipping lower. Strong resistance at 7930-40 has pushed the index lower recently. 3) Despite the overall market decline, mid and small caps showed some resilience. The AD ratio was just above 1:1, providing a glimmer of hope for short term recovery.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Daily Technical Snapshot

    August 26, 2015

    Update of daily market strategy

    Nifty

    Trend

    Support

    Resistance

    7791

    Down

    7720

    7930

    Current Observation:

    After showing recovery type candlestick pattern in last session, Nifty was not able to show follow through upmove in
    todays session and slipped into decline by around 88 points.

    Nifty opened today with negative note and moved up soon after the opening. It was not able to move above the initial
    resistance of 8950 levels and slipped into intraday decline. The downward momentum got accelerated during later part
    of session and Nifty closed the day near the low.

    The upper area of around 7930-40 levels are offering strong hurdle for the market (green dashed horizontal lines, as
    per the concept of change in polarity) over the last couple of sessions and the market is not really challenging that
    resistance area to move up. This is indicating instability and lack of strength to show pullback rally.

    RETAIL RESEARCH

    Daily Technical Snapshot August 26, 2015

    Though Nifty declines today, the mid and small cap segment showed resilience during todays falling market. The
    market sentiment was slightly in favor of bulls, as AD ratio stood just higher than 1:1 ratio. This is could be the only
    hopes for bulls to show some recovery from the lower levels for short term.

    Daily trend strength indicator like 13 period ADX has zoomed into 26 levels from the key lower levels around 10-12
    levels. Normally upmove of ADX from near the key lower levels of 10-12 coincides with the beginning of sharp trended
    moves (as it happened previously) and currently, Nifty is demonstrating a sharp down trended move.

    Conclusion & Strategy:

    The short term trend of Nifty continues to be negative and the strong overhead hurdle of around 7930 levels is pushing
    the index to the lower levels. Hence, there is a possibility further weakness in Nifty down to 7720-7700 levels for short
    term.

    RETAIL RESEARCH

    Daily Technical Snapshot August 26, 2015

    Technical Research Analyst: Nagaraj Shetti ([email protected])


    RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
    HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East),
    Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: [email protected]
    Disclosure:
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    reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the
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    RETAIL RESEARCH

    Daily Technical Snapshot August 26, 2015

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