Daily Technical Snapshot :: HDFC Sec, link

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Weak Market Breadth, Faster Recoveries! Who will win the battle?
Day’s action formed an indecisive candle within the indecisive band; decisive breakout or breakdown could lead the
further momentum.
Technically, index is trading within the narrow range for about 12 days, tomorrow is the 13th day which is Fibonacci
number so we may get some clear signal. Index is continuing with weakness at the higher levels and market breadth
is quite weak. Volatility, lack luster days and lack of momentum has been observed in the last two weeks.
The best part is trend wise index still remains in the uptrend. Crucial support and trend reversal is placed at 8340.As
long as price holds this support; the progressing “wave v” is open and it may extend further up towards 8550 levels.
Alternatively, on any fall below 8340, index is likely to retrace the last rise and correct towards 8180 - 8100 levels.
The levels are 38.2% and 50% retracement levels of last rise from 7723 to 8455.
RSI is hovering at the overbought zone on daily chart which is an initial bearish sign.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3009939