Published on 17/07/2017 9:02:36 AM | Source: Sharekhan

Nifty Taking a breather - Sharekhan

Posted in Market Outlook| #Market Outlook #Sharekhan

Market on July 14, 2017

With a gap up opening Nifty crossed 9900 mark today however it couldn’t sustain in the higher territory on closing basis. On the weekly chart the benchmark index has reached the upper Bollinger Band. Channel study shows that Nifty has reached upper end of the dynamic rising channel. Over there Nifty has formed a bearish outside bar in today’s session. Thus the index is likely to go for a consolidation before extending further on the upside. On the higher side, 9900-9940 is a key area to watch out for whereas the gap area of 9845-9825 will act as a key support zone for any minor degree dip.

Other technical observations

On the daily chart the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, i.e. 9656 and 9602 respectively. The momentum indicator is in bullish mode on the daily chart.

On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, i.e. 9854 and 9805 respectively. The hourly momentum indicator is in bearish mode. The market breadth was negative with 487 advances and 1032 declines on the National Stock Exchange.

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