Price is again entering into uncharted territory with extended wave :: HDFC Securities

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New Life Time High.
Day’s action formed a strong bull candle with good volumes which indicates bulls are continuing their momentum.
Technically, index has made new life time high with strong positive candle. The bullish extensions are open towards
8720 – 8800 as price has surpassed the crucial supply zone of 8575. Index has formed a new higher top formation
on both weekly and monthly chart which is a good sign for the market. In addition price is trading above all key
moving averages. Near term vital support is placed at 8575; as long as index trades above this level bulls could
extend their move towards 8720 – 8800 and remain with positive bias.
Price is again entering into uncharted territory with extended wave which is tough area to take a big call in index, so
move with step by step approach. However until we see sharp decline in the market, trend remains positive territory.
Theoretically current rise is “wave iii of v”, it should head towards 100% projection level of “wave i & ii” which is
placed around 8900 levels.

http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010848