Tuesday, August 7, 2012

Sensex and Nifty movement on August 7

"Hammer-like candle can be positive on strength above its head." Aided by positive Global cues, Index traded gap-up above the Hammer, and finished 215 pts or 1.2% higher. Oil&Gas Index, thanks to
RIL's 5.6% gain, shot up 3%. Dollar-based indices outperformed on Rupee strength, and A/D ratio turned positive 2:1.
The action formed a Bull candle with a 105-pt gap-up area below its bottom. While the gap-up area 17208-313 is a technical support, the gap down area of 12th Jul at 17329-467, and 17500-600 are technical resistances. After strong gains yesterday, watch if the action cools down at the said resistances, or ..

Future premium reduces from 25 pts to 14. Gap-up action attempting to cover the gap-down area of 12th Jul. Reverse fails to reach/sustain above 5310-20.

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