* Rational UPTREND on weekly charts since Dec 2016 as the major trend remains largely UP. The same has extrapolated significance in daily charts since Sept 2017; adding to the overall positive structure of the setup.
* Prices have given a breakout of “Cup & Handle” Pattern formation on Daily charts which indicates additional confirmation to the overall Bullish structure.
* Positive alignment of long term averages between 26182 (200 DMA) and 26564 (50 DMA).
* Momentum indicator RSI @ 60 on DAILY & 59 on WEEKLY time scale indicates the strength of the TREND.
Immediate Support: 26580 / 26150
Immediate Resistance: 27350 / 27700
Actionable: Pair Strategy : Buy BRITANNIA & Sell ITC
Positive: HINDUNILVR, TATAGLOBAL, MARICO, UBL, JUBLFOOD, BRITANNIA.
Negative: ITC, DABUR, GODREJIND, EMAMILTD
* Lower Top Lower Bottom on Daily, Weekly as well as on Monthly charts.
* We have seen that the price has sustained way below medium term 13 (8849) & 34 (9179) exponential moving averages consecutively since last 11 weeks on weekly charts.
* The momentum indicator RSI, too is dipping downwards and currently located @ 52-42 mark on daily as well as weekly scale; after having failed to cross above 60 mark without any major buffer which is an add on cause for current Bearish momentum to sustain.
* Thus it seems to be a classical SELLING opportunity that has occurred at each lower tops
Immediate Support: 8430 / 8150
Immediate Resistance: 8960 / 9150
Actionable: Pair Strategy : Buy DIVISLAB & Sell DRREDDY
Negative:LUPIN, CADILAHC, DRREDDY, SUNPHARMA, GLENMARK, GLAXO.
Positive: DIVISLAB, CIPLA, PEL
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