• Ongoing weekly 'Megaphone formation' has close resemblance with the ‘Ascending Wedge’ which occurred during the period from July'14 till Mar'15

• First signs of Price - RSI divergence on the weekly scale highlights the diminishing strength of the ongoing upmove & early signs of termination

• On the daily scale the 4-Bar reversal signal indicates the upside to remain capped; while a sustained breach below 10200 could amplify the decline

• We believe that pullback if any towards 10400-10550 should be utilized to create fresh shorts with a provisional stop loss above 10588 (On closing basis) with an expectation of a move towards the lower end of the pattern

• Highest Put OI is at 10200 while 10500 Call OI still remains heavily built up in conjunction with the megaphone pattern resistance

• FMCG & IT could provide some safety net during this highly volatile environment. Hence investors should refrain from longs & remain adequately hedged against their long term bets for the coming weeks ahead

The occurrence of a '4-Bar reversal' pattern since the selling climax formation of 28th Sept 2017 marked the termination

of the upmove which commenced from the lows of 9687.55. The significance of the pattern was affirmed by the

sustained breach of the trend line joining the pattern lows of 27th Sept & 23rd Oct. As the above setup is indicating the

upside to remain capped around 10560, we believe that pullback towards 10400-10550 if any from hereon should be

utilized to create fresh shorts with a provisional stop loss above 10588 (On closing basis) with an expectation of a move

towards the lower end of the pattern placed near 10000-9940.

IT

CNSMTN

FMCG

PSU BNK

REALITY

METAL

MEDIA

PHARMA

AUTO

BANK

11222.5

4775.95

25920.5

4001.45

306.30

3865.70

3186.35

9311.5

11185.5

25498.9

5

3.54%

0.82%

0.50%

0.66%

-2.65%

-1.85%

-0.24%

-5.92%

-1.13%

-0.59%

1920.87

231.25

3038.16

-2,046.07

-263.84

3843.68

-456.51

-667.91

596.92

10-Nov-17

9-Nov-17

8-Nov-17

7-Nov-17

6-Nov-17

3-Nov-17

2-Nov-17

1-Nov-17

31-Oct-17

-529.22

-713.75

-3,838.27

461.47

576.27

-9,690.84

1032.88

1038.31

-531.82

10th November 2017 10309

10550

10501

10413

10364

10275

26272

25962

25385

25074

24498

10th November, 2017

PNBHSG

BRITANNIA

CROMPTON

JBCHEMPHARM

1389.3

4757.9

251.4

299.3

1441

4750

223

287

1520.75

4639

219

294

MCDOWELL

INDIGO

TECHMAH

DHFL

3031.6

1181.85

491

638.4

2813

1185

473

610

2608

1205

431

519

INFRATEL

BANKBARODA

HEROMOTO

426.75

169.8

3605.1

WKLY

DLY

DLY

RISING THREE

HARAMI

DOJI

AUROPHARMA

CENTURYTEXT

BHARATFORG

HAVELLS

740

1345

709.25

501.55

WKLY

WKLY

DLY

DLY

ENGULFING

ENGULFING

BELTHOLD

ENGULFING