According to a report by Sharekhan, the immediate support is pegged at 7680; hence the intraday traders can buy on dips near those levels.
The Nifty has broken out of the falling channel with gaps, showing signs of a fresh move up. On the hourly chart the up move looks impulsive which indicates that the probability of an upside is higher now. The hourly momentum indicator is well in buy mode but the daily
and weekly ones are still in sell mode which is the only concern.
However, based on the charts formed by most of the large-caps it seems that the Nifty is poised for a new high again. Now, on the lower side 7540 is a very crucial support and till that is not broken the short-term bias will remain up for a target of 7970, ie the equality of the previous up move. The fall was a W-X-Y-X-Z pattern on the hourly and daily charts. So the next five waves up are quite likely from hereon.
The immediate support is pegged at 7680; hence the intraday traders can buy on dips near those levels.
Other technical observations
On the daily chart the index is trading above the 20-day moving average (DMA) and the 40-DMA, ie 7693 and 7602 respectively. The momentum indicator is trading in negative mode on the daily chart. On the hourly chart, the Nifty is trading above the 20-hour moving average (HMA) and the 40-HMA, ie 7624 and 7655 respectively, which are crucial intra-day levels.
The hourly momentum indicator has turned positive. The market breadth was positive with 861 advances and 666 declines on the National Stock Exchange.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Anda sedang membaca artikel tentang
Support for Nifty pegged at 7680: Sharekhan
Dengan url
https://segarsaries.blogspot.com/2014/08/support-for-nifty-pegged-at-7680.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Support for Nifty pegged at 7680: Sharekhan
namun jangan lupa untuk meletakkan link
Support for Nifty pegged at 7680: Sharekhan
sebagai sumbernya
0 komentar:
Posting Komentar