RETAIL RESEARCH 30 Dec 2016

HSL Weekly Insight
Week ahead for Nifty with technicals…

Siddharth Deshpande
Siddharth.Deshpande@hdfcsec.com
Tel-020-30172925

RETAIL RESEARCH P age |1

240 level followed by 8. • Nifty has been taking support on Pink color trend line. • The pullback rally. RETAIL RESEARCH P age |2 .893 level suggesting that the current uptrend could continue for some more weeks. RSI is also trading above 40 level suggesting Nifty is gathering pace to move in up direction. then Nifty may rise further and could accelerate its move after crossing 8. Nifty closed near the day high for 3 sessions. • Daily momentum oscillator is showing reversal in the trend and traders may expect crossover in MACD inr the coming week.140 Nifty level on Monday in the initial hour. RETAIL RESEARCH Nifty Daily Timeframe Observation: • Daily Timeframe: Nifty is making higher top higher bottom formation with higher volumes after taking support at 7. In this upmove out of 5 sessions. This Nifty level is also coinciding with 33. which started from Tuesday could continue for some time. Even last week it has taken support from this line and moved upward. then we may expect higher Nifty targets. • If Nifty holds 8. This suggests Nifty is currently showing strength in upward direction.3% retracement of the previous larger upmove. hence traders could create long positions for the initial target of 8.240) in the start of the week and sustains above this level.400 level. Traders could use this opportunity to exit existing long positions taken at higher levels. On Monday Nifty breached the line and closed below it but in the next session it recovered and closed above the line suggesting importance of the line.240 level. • If Nifty fills the downgap (value 8.

If Nifty on weekly basis closes below 8140 level then traders may see sharp correction towards 7900 level again. RETAIL RESEARCH P age |3 . This 8240 level also coincides with 33. • Nifty may see continuation of pullback move towards 8400 level if it closes above 8240 level.30% retracement level of the previous larger upmove. Summing Up: • Nifty may see continuation of pull back move towards 8400 level if Nifty trades and sustains above 8240 level. Nifty is also heading towards 50 EMA of 8240 level. If Nifty closes below 8140 level on weekly closing basis then we may need to relook at the trend. Once Nifty closes above this level. RETAIL RESEARCH Nifty Weekly Timeframe • Weekly Timeframe: On weekly time frame chart Nifty made an engulfing bullish pattern after taking support on 50% retracement level of the previous larger upmove. then traders could expect reversal in the trend and a confirmation of short term bottom at 7900 level.

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