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Equity Research Report 16 August 2017 Ways2Capital.pdf


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PATTERN FORMATION ( NIFTY )

Detail of Chart - The closing of today’s candle below the 5 Low EMA 9700 indicates short term
weakness. The market closed just above the mid Bollinger line or the 20 DMA 9710, which act as
a probable support in the very short term so we should closely watch the price movement in the
next 1-2 days. The next probable support in the daily chart remains at 34 DMA approx 9664, 50
DMA approx 9640 and the lower Bollinger line presently at approx 9597. However, the probable
resistance could be seen at 5 day low EMA at 9994 and 8 DMA presently at approx10050. Daily
CCI, RSI and slow stochastic have turned down from the overbought zone which is a moderate
bearish signal as of now. ADX has also turned down indicating weakness in upside momentum.
Overall, Nifty in the daily time frame remains neutral to bearish