Nifty Technical Snapshot :: HDFC Securities

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Stiff Resistance at 8330
Day’s action formed a small bull candle with good amount of upper shadow which indicates lack of momentum in
either side.
Technically, the near term resistance/trend reversal has shifted to 8330 as some other alternates are visible in the
near term down trend. Trend wise index remains in the downtrend for the target of 7960 levels as price is staying
below 21 Day EMA, key retracement level and so far the price formation is lower top. If index manages to surpass the
8330 then we may see further bullish momentum towards 8400 – 8450 levels. In this case the lower top made at
8365 could be breached and index would top out somewhere around 8400 – 8450 levels. However, this is an internal
alternate rise and short term trend would remain down for the target of 7700 or more.
As per preferred wave count, the bounce back leg has ended with lower top at 61.8% retracement level of last fall
and from there index is in progress of next falling leg towards 7961 – 7700 levels. Alternatively, if index has taken out
8330 then the falling leg has not yet started it could start after testing the level of 8400 – 8450 levels.
Near term oscillators and indicators are in favor of bulls while short stuffs are in favor of bear, so in day or two we
could get clearer picture.

http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010495