HSL Techno Edge
The update of daily market strategy…

Nagaraj Shetti


Source: ASA Current Observation:  The upside momentum continued in the market and Nifty closed the day higher by around 28 points in today’s session. Nifty is showing higher highs.  The immediate resistance of 8890 levels (green dashed horizontal line.  A high wave type candlestick pattern has been formed today (small positive candle with upper and lower shadow) at the new swing high of around 8920 levels. connecting previous swing high and also opening down gap of Sept 16) has been on the edge of upside breakout and the next overhead resistance is now placed at 8968 levels (previous intermediate top of 7th Sept-pink line).  Nifty as per larger timeframe like weekly and monthly is nearing stiff resistance around 8925-8950 levels (down trend line connecting two intermediate tops of March-15 and Sept-16). the negative divergence pattern has started visible in momentum oscillators. Nifty Daily timeframe. RETAIL RESEARCH Nifty Trend Support Resistance 8907 Up 8860 8950 Sector with +ve bias Sector with –ve bias Stock with +ve bias Stock with –ve bias Oil & Gas Infra Reliance Ind Infratel Continuation of upside momentum and forming new swing highs.  Though. the area of 8950-9000 levels is going to be tuff resistance for the market for short term.  Nifty opened today with positive note and shifted into choppy trend with weak bias for better part of session. The intraday buying emerged during afternoon to later part of session and Nifty closed near the day’s high. Hence. RETAIL RESEARCH P age |2 . This is not a good sign for upside momentum of the market. which is suggesting a consolidation in the market at the higher levels.

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