Indian Indices witness recovery from support levels - Angel Broking

On Friday, our benchmark indices witnessed a remarkable recovery from the support level of 19884 / 6008 on the back of short covering. As a result, indices closed near day's high with a gain of almost a percent. All the sectors participated in Friday's rally. However, the rally was led by Realty counters with a massive gain of 4.42% followed by Auto and Consumer durables sectors. The advance to decline ratio was strongly in favor of advancing counters (A=1663 D=1214) (Source -www.bseindia.com).

The '20-day EMA' and the '20-week EMA' are placed at 19824 / 6006 and 19059 / 5784 levels, respectively.

On the daily chart, the benchmark indices are facing resistance near the 'Upward Sloping Trend Line' drawn by joining the highs of October 5, 2012 and December 11, 2012.

We are also observing a 'Negative Divergence' in the daily 'RSI' momentum oscillator.

We are observing a 'Hanging Man' Japanese Candlestick pattern on the weekly chart.

The advance decline ratio was in the favor of declining counters for 4 out of the 5 sessions of the week.

Source : Equity Bulls

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