July 13, 2015

Daily Technical Snapshot

Nifty

Perspective

Support

8459

Positive

8390

Resistance
8500-8560

Current Observation:

After showing temporary halt in downside momentum in the last couple of sessions, Nifty witnessed sharp upside
recovery today led by short covering (rise in market and decrease in volume) in todays session.

Nifty opened today with positive note and shifted into intraday sideways consolidation for better part of session. It
showed sharp upside bounce back from the intraday low of around 8355 levels and moved up by around 99 points.

We observe a formation of higher bottom in Nifty as per daily timeframe chart around 8315 levels. This bottom is in
line with the positive sequence of HT and HB of the last couple of weeks. This pattern opens up the possibility of Nifty
reaching/moving above the recent swing high of around 8561 levels.

The opening downside gap of 8th July have been filled partially and Nifty closed today near the days high. Hence, one
may expect this gap to be filled completely by next session.

RETAIL RESEARCH

Nifty is now heading towards the strong cluster resistance of around 8500-8560 (previous multiple highs) and around
8630 levels (previous intermediate ascending trend line-green line, as per the concept of change in polarity). The
market could possibly find it very difficult to challenge these hurdle for near term

Conclusion & Strategy:

The short term trend of Nifty is positive and one may expect continuation of upside momentum by next session.
However, the presence of strong overhead hurdles of around 8500-8560 levels could dampen the attempt of Nifty to
sustain at higher levels.

Immediate support is placed at 8390-8400 levels and next overhead resistance to be watched is around 8500-8560
levels.

Technical Research Analyst: Nagaraj Shetti (nagarajs.shetti@hdfcsec.com)

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: hdfcsecretailresearch@hdfcsec.com
Disclaimer: This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to
be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information
contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may have from
time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other
services for, any company mentioned in this document. This report is intended for non-Institutional Clients
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.
Disclosure by Research Analyst: Research Analyst or his 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 does not 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
Disclosure by Research Entity: HDFC Securities Ltd. may have received any compensation/benefits from the subject company, may have managed public offering
of securities for the subject company in the past 12 months. Further, Associates of the Company may have financial interest from the subject company in the normal
course of Business. The subject company may have been our client during twelve months preceding the date of distribution of the Research report. Research
analyst has not served as an officer, director or employee of the subject company. Research entity has not been engaged in market making activity for the subject
company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.

RETAIL RESEARCH