Nifty, Sensex: Temporary halt to rise ? HDFC Sec

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Temporary halt to rise ?
Day’s action formed a bear candle with reasonable volume which indicates bulls are losing the momentum mildly.
Technically, index has taken the breather after the sharp rally on Friday, this sideways momentum has cooled off the
hourly oscillators and created room for further upside.
Prevailing uptrend remains intact and the day’s fall has not affected the bullish setup. 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 is placed at 8430, as long as
price stays above this level one can maintain positive bias. On any fall below, then trend could reverse and we could
say that “wave v” has ended with failure note.
Formation wise index is continuously forming higher highs and high lows. In addition to this price is still staying above
rising channel setup which is a good sign for the market.