Daily Technical Report
July 01, 2014
Sensex (25414) / Nifty (7611)
Exhibit 1: Nifty Daily Chart
Our benchmark index kicked off the week on a cheerful
note by opening nearly half a percent higher from the
previous close. This momentum accelerated as the day
progressed and as a result, index posted a closing with
nearly one and half a percent gains. Yesterday, all sectors
ended in the positive territory among which Power, Capital
Goods, Banking and Healthcare were major contributors.
The advance to decline ratio was strongly in favor of the
advancing counters. (A=2119 D=929) (Source-
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23440/ 6998 and 20775/ 6217 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25046 / 7488 and 23349 / 6972 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Index made a decent start of the week and then added
View
Neutral
another percent to the bull’s kitty. Yesterday’s strong up
Support Levels
7560 - 7540
move was quite surprising to us; but it has happened thrice
Resistance Levels
7623 - 7662
in last 12 - 14 trading sessions where index posted a strong
session after 3 - 4 day’s mildly negative movement. Hence,
it would be difficult to predict whether this up move is
genuine or not. With reference to our previous report, we
would like to mention that the index is now trading at the
higher end of the mentioned ‘Downward Sloping Channel’
(please refer the exhibit). Hence, going forward, any
sustainable move beyond 7623 would result in an extension
of this rally towards 7662 - 7700 levels. On the flipside,
7560 - 7540 are seen as immediate support level for the
index. The daily ‘RSI’ momentum oscillator has again
bounced back near its breakdown point of 64.50 (current
level is 62.35). Hence, any weakness around 7600 - 7580
would again dragged the index lower to test 7480 level.
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Daily Technical Report
July 01, 2014
Bank Nifty Outlook - (15242)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened higher in line
with the benchmark index and then went on to become
one of the major contributors in the rally. It seems that the
‘Upward Sloping Trend line’ (please refer the exhibit)
mentioned in our previous report, provided a strong
support to the Bank Nifty. We are now observing a small
'Triangle' pattern on the daily chart and the Nifty is
trading around the higher trendline (please refer the
exhibit). Going forward, any sustainable move beyond
15350 would push the index towards 15500 - 15600
levels. On the flipside, if the index manages to stay below
15200 mark then there is a possibility of re-testing 15058
- 15000 levels.
Actionable points:
Source: Falcon
View
Neutral
Support Levels
15200 - 15058
Resistance Levels
15350 - 15500
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Daily Technical Report
July 01, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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