Equity Eagle Eye: Nifty sheds some more weight

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Rajesh Desai

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Jul 26, 2013, 8:54:52 AM7/26/13

Equity Eagle Eye

[For July 29, 2013]

Sharekhan
www.sharekhan.com

Summary of Contents

PUNTERS CALL

Nifty sheds some more weight
The Nifty closed in the negative today, down 21 points at 5886. Over the next few days it is expected to head lower till 5770. In this period the key support will be at 5860 and resistance will be at 5944-6002 levels.

Other technical observations
On the daily chart the index is trading below the 20-daily moving average (DMA) and the 40-DMA, ie 5929 and 5905 respectively. The momentum indicator is trading in negative mode.

On the hourly chart, the Nifty is trading below the 20-hourly moving average (HMA) and the 40-HMA, ie 5940 and 5965 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned positive. The market breadth was negative today with 365 advances and 799 declines on the National Stock Exchange.

SMART CHART CALLS

MOMENTUM CALLS

DAY TRADERS HIT LIST

Click here to read report: EagleEye

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