High Noon: Falling like ninepins

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Rajesh Desai

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Aug 27, 2013, 4:08:09 AM8/27/13
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High Noon
[For August 27, 2013]
 Summary of Contents
 
PUNTER'S CALL

Falling like ninepins

The Nifty opened in the negative today, down 50 points at 5426. It is now trading at 5328. Over the next couple of days it is expected to trend down till 5280. In this period the key support will be around 5300 and resistance will be at 5400-5442 levels.

Other technical observations
On the hourly charts, the momentum indicator has turned negative and is trading above the zero line. The Nifty is trading below the 20-hourly simple moving average and the 40-hourly exponential moving average, ie 5440 and 5442 respectively, which are crucial levels in the immediate run. The market breadth is negative today with 248 advances and 908 declines.

SMART CHART CALLS
 
 

MOMENTUM CALLS
 
Click here to read report: Highnoon
 
Regards,
The Sharekhan Research Team




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CA. Rajesh Desai
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