Market on March 17, 2017
The Nifty opened gap-up above 9200 but could not build upon the early gains. The Index declined throughout the day and closed just above the daily upper Bollinger Band. Nevertheless, this is a minor correction and the larger trend still remains positive. In terms of the wave structure, the rally is getting sub-divided into lower degree waves and has the potential to sustain. Today’s weekly close confirms the bullish inside bar breakout on the weekly chart, which indicates that the mediumterm trend is in favor of the bulls. Short-term and medium-term targets on the upside are 9230 and 9500, respectively. On the flip side, 9060-9000 will act as a key support area from a short-term perspective.
Other technical observations
On the daily chart, the Nifty is trading above the 20- day moving average (DMA) and the 40-DEMA, ie 8947 and 8806 respectively. The momentum indicator is in a bullish mode on the daily chart.
On the hourly chart, the Nifty is trading above the 20- hour moving average (HMA) and the 40-HEMA, ie 9134 and 9081 respectively. The hourly momentum indicator is in a bearish mode. The market breadth was negative, with 627 advances and 883 declines on the National Stock Exchange.
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