RETAIL RESEARCH 16 Feb 2017

HSL Techno Edge
The update of daily market strategy…

Nagaraj Shetti
nagarajs.shetti@hdfcsec.com
Tel-022-30750021

RETAIL RESEARCH P age |1

 The possibility of top reversal pattern (aroused with the sharp decline of last session) could be in a process of negation. which is positive for the upside momentum of Nifty. The buying emerged during mid-part of session and Nifty closed near the day’s high. RETAIL RESEARCH Nifty Trend Support Resistance 8778 Upside bounce back 8715 8830 Sector with +ve bias Sector with –ve bias Stock with +ve bias Stock with –ve bias Pharma -.  Daily 14 period RSI has turned up from near the key upper levels of 60. further upmove in RSI from here could mean sharp positive impact for the market ahead. such negations of bearish patterns more often results in sharp positive impact on the underlying. Source: ASA Current Observation:  Post sharp downside breakout of sideways range movement on Wednesday. connected from the recent bottom of 7893-26th Dec) has been respected today. RETAIL RESEARCH P age |2 . Normally.  The immediate support of ascending trend line (orange dashed uptrend line.  Nifty opened today with slight positive note and shifted into choppy trend during early part of session.  Today’s upside bounce back could be cheering factor for bulls to make a comeback from the lower levels and this pattern could have further positive impact on the market ahead. Nifty witnessed smart upside bounce back today and closed the day higher by around 53 points. as Nifty was not able to show follow through weakness in today’s session. There is also a possibility of a formation of negative divergence in Nifty/RSI (Nifty forming high above 8827 and RSI staying below the recent peak of 75). as Nifty showed upside bounce back from near that trend line support around 8700 levels. Wock Pharma -- Is Nifty preparing for yet another false top reversal pattern…? Nifty Daily timeframe. Hence.

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Opp. (a) from time to time. Research Analyst or his/her relative or HDFC Securities Ltd does not have any financial interest in the subject company. HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings. to buy or sell any securities or other financial instruments. Research analyst has not served as an officer. their directors and employees may. This document may not be reproduced. Any holding in stock – No Disclaimer: This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. Graduate. USA. Nagaraj S. of the losses or the damages sustained due to the investments made or any action taken on basis of this report. Further Research Analyst or his relative or HDFC Securities Ltd. corporate finance. its directors. which could have an adverse effect on their value or price. the same may be ignored and brought to the attention of the sender. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. HDFC Securities Ltd may from time to time solicit from. wherever mentioned. and should not be construed as an offer or solicitation of an offer. Nifty seems to be making attempt to nullify the negative pattern of recent period. have a long or short position in. Crompton Greaves. Next upside levels to be watched is around 8820-30 levels. This document is for information purposes only. diminution in the NAVs. "Alpha". RETAIL RESEARCH P age |3 . target price.com Email: hdfcsecretailresearch@hdfcsec. reproducing or for distribution to or use by. associates. 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