BSE FMCG daily chart indicates a positive bias for the short term: HDFC Securities

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Observation: Positive Sector:  BSE FMCG daily chart indicates a positive bias for the short term; index is on the verge of breakout, on a rise above 8360 it could validate a bullish breakout. Price is moving within the rising channel setup and it trades above short term moving average of 21 Day EMA which adds strength to the bullish perspective. Overall on a rise above 8360 we could expect 8500 - 8600 levels to be tested in near term. Negative Sector:  BSE IT daily chart is showing negative outlook for the short term. It seems that price has completed the retracement rise with irregular “wave b” and it is in progress of next falling leg of “wave c”. On weekly chart index has formed a high wave candle formation which adds strength to the bearish views; so 1577 could be a top for the index and it could start falling towards the recent swing of 10060. Overall on fall below 11020 index could slide down to 10060 levels.


LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011086