High Noon: Market continues to drift lower

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Rajesh Desai

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Jul 26, 2013, 4:43:29 AM7/26/13

High Noon

[For July 26, 2013]

Sharekhan
www.sharekhan.com

Summary of Contents

PUNTER'S CALL

Market continues to drift lower

The Nifty opened positive today, up 30 points at 5937, and is now trading at 5895. In the next couple of days it is expected to head lower till 5770 with support at 5850 and resistance at 5980.

Other technical observations
On the hourly charts, the momentum indicator has turned negative and is trading below the zero line. The Nifty is trading below the 20-hourly simple moving average and the 40-hourly exponential moving average, ie 5976 and 5983 respectively, which are crucial levels in the immediate run. The market breadth is negative with 426 advances and 693 declines.

SMART CHART CALLS

MOMENTUM CALLS

Click here to read report: Highnoon

Regards, The Sharekhan Research Team	myac...@sharekhan.com
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