Dec 4 End of Day Daily Technical Snapshot :: HDFC sec

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Maintain Positive Bias.
Day’s action formed a spinning top candle with reasonable volume which indicates tug of war between bulls and
bears.
Technically, after two days of sideways movement index ended with minor gains. The earlier top of 8623 is resisting
the bulls to gain further momentum, once index surpasses this level it could head further towards 8720 levels in the
near term.
Prevailing uptrend remains intact as index is holding the support of 8500/8430. Index continues to move up and
“wave v” is in the progress of extension towards 8720 in the near term. At outer extent it may test the band of 8900 -
9000 levels which is 100% of “wave i”. Crucial swing support and trend reversal has shifted to 8500, as long as price
stays above this level one can maintain positive bias. On any fall below 8500/8430, then trend could reverse and we
could say that “wave v” has ended with failure note.
Mildly positive A/D ratio has been witnessed. The daily oscillators are hovering at overbought zone which is mildly
negative sign.