RETAIL RESEARCH 14 Feb 2017

HSL Techno Edge

The update of daily market strategy

Nagaraj Shetti
[email protected]
Tel-022-30750021

RETAIL RESEARCH P age |1

 RETAIL RESEARCH

Nifty Trend Support Resistance

8792 Sideways 8770 8830
Sector with +ve bias Sector with ve bias Stock with +ve bias Stock with ve bias
Oil & Gas Automobile Reliance Industries Apollo Tyre

Continuation of sideways range movement. How long is this going to continue?

Nifty Daily timeframe. Source: ASA

Current Observation:
The lackluster type move continued in the market for the fifth consecutive session today and Nifty closed the day lower by
around 12 points.

Nifty opened today again with positive note and slipped into intraday decline during early part of session. It later shifted into
as usual narrow band for rest of session. The underlying trend for the day was choppy with negative bias.

Yet another small negative candle has been formed today with minor lower shadow, which doesnt have any predictive
value, unless sideways range movement. Nifty continues to tag the overhead resistance band of 8820 levels for today as well
(brown dashed line), which is an opening downside gap of 26th Sept.

Nifty has been shifting into typical sideways range movement over the last 5-6 sessions and we observe long lower shadows
in daily candles in ascending formation (higher high formations). The highs of the last 5-6 sessions is around 8815-8825
levels.

The abovementioned pattern (Nifty tagging the overhead resistance with higher high formations), is resembling a formation
of an ascending triangle type pattern. This pattern normally results in sharp upside breakout of the hurdle. Here, the upside
breakout of 8820-30 levels could have sharp positive impact on the market ahead.

RETAIL RESEARCH P age |2

 RETAIL RESEARCH

Conclusion & Strategy:

The underlying short term trend of Nifty continues to be choppy with slight weak bias. As long as this sideways phase
continues, there is a more possibility sharp breakout moves on either side.

As per the indications of overall chart setup, there is a more chance of an upside breakout, than any sharp downside
breakout for near term.

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042
Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: [email protected]

HDFC Securities Ltd is a SEBI Registered Research Analyst having registration no. INH000002475.
Disclosure:
I, Nagaraj S. Shetti, Graduate, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views
about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities
Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the
Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. Any holding in stock No
Disclaimer:
This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have
been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no
guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change
without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be
complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.
This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or
located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what
would subject HDFC Securities Ltd or its affiliates to any registration or licensing requirement within such jurisdiction.
If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This
document may not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd.
Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the
income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk.
It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HDFC Securities Ltd may from time to time solicit from, or perform broking, or
other services for, any company mentioned in this mail and/or its attachments.
HDFC Securities and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the
company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the
financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests
with respect to any recommendation and other related information and opinions.
HDFC Securities Ltd, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments
made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the
NAVs, reduction in the dividend or income, etc.
HDFC Securities Ltd and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in
the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this
report.
HDFC Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject
company for any other assignment in the past twelve months.
HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date
of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other
advisory service in a merger or specific transaction in the normal course of business.
HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of
the research report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of
our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that
are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the
subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the
Subject Company or third party in connection with the Research Report.
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters
mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of HDFC Securities Ltd.

RETAIL RESEARCH P age |3