Index is finding support at gap zone and showing some positive signs :: HDFC Sec, report

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Doji formed at the support. Day’s action formed a doji candle at the gap support zone which indicates bears are losing the momentum and bulls may perform in the near term. Technically, index is finding support at gap zone and showing some positive signs on hourly chart. On any move above 8840, index could rise once again towards life time high of 8997. As we had indicated earlier the minor falling leg seems to be ended and index could head once again towards upper trendline placed around 9000/9050. Make note to use this rise for exiting the longs and don’t create aggressive longs as long as index stays below 9050. Alternatively now index is crucially poised above the support of 8730; on any fall below 8730 index could extend fall and slide down towards 21 Day EMA i.e. currently placed at 8620. As per Elliot wave, earlier said internal “wave iv” seems to be ended at the gap zone and internal “wave v” up is open on a rise above 8840. if price slides in an impulse manner (below 8730) which is five wave decline then the unfolding “wave v” has already ended at 8997 and index is already in progress of major corrective leg.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011095