Equity Research Report 04 September 2017 Ways2Capital.pdf
PATTERN FORMATION ( NIFTY )
Detail of Chart - Nifty breaks out of the Symmetrical triangle in the last hour, however it
couldn’t breach the important 200 Hourly moving average at approx. 9924, which acted as a
strong Resistance in the hourly chart.There is a possibility that Nifty may see some consolidation
in the coming days. This is the third time in the last 20 days that Nifty couldn’t breach 200
Hourly moving average at approx. 9924. Price movement in any direction will decide Nifty’s
move in the coming days. So this is an important level to watch out for. On the upside, Nifty may
face resistance at 200 Hourly Moving Average at approx. 9986, 61.8% retracement at approx.
9965 and 78.6% retracement at approx. 10041 of the down move from approx. 10137.9 to approx.
9687.5. The probable support in the hourly chart comes at 20 Hour Moving Average at approx.
9868) and 100 Hour moving average at approx. 9841.