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Equity Research Report 14 November 2016 Ways2Capital.pdf


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PATTERN FORMATION ( NIFTY )

Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band
along with Parabolic SAR both the indicators are Leading Indicators, and gives signal of
Buying or Selling. Although the Uses of Bollinger Band differ from traders to traders
Some buy when it break the Middle Band from below side and some buy when it break
Upper Band. We assume that the Breaking the Middle Band Usually a Bull side Signal as
we can see on the above given chart it has touch the middle Band. But it was not able to
break the Significance Resistance level of 8650. and give Gap Down opening below its
Lower Band. From this ;level we may see some correction in Nifty for the Upcoming
week. Nifty may reverse to fill the up side Gap of 8500-8680. The Significance Levels for
Nifty is 8530-8580 is up side and 8400-8360 is down side.