Daily Technical Report
September 01, 2015
Sensex (26283) / Nifty (7971)
Exhibit 1: Nifty Daily Chart
Trading for the week started on a muted note considering
quiet mood across the globe. Subsequenly, the Nifty oscillated
within a range throughout the session; but, the bias was
clearly on the negative side. Amongst the sectoral indices, the
Healthcare, Metal and Oil & Gas were the gainers; whereas,
the Capital Goods, Auto, Realty, and Power counters became
the major losers. The advance to decline ratio was in favor of
the declining counters. (A=1169 D=1490) (Source-
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27623 / 8364 and 25925 / 7811 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27141 / 8232 and 27702 / 8386 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
It’s been a quiet start for the week in-line with global bourses.
View
Neutral
As mentioned in our earlier report, we expect the Nifty to
Resistance Levels
8000 - 8044
gyrate within a broad range of 8100 to 7700 for next few
Support Levels
7947 - 7900
trading sessions. Within this range, the directional bias
remains negative and thus, the possibility of intraday bounce
getting sold into is quite high. Similar thing happened
yesterday also as a decent intraday bounce during the midst
of the session got sold into and the index then traded with a
negative bias throughout the second half. For the coming
session, if the Nifty slide below yesterday’s low of 7947 then
we may witness an intraday weakness towards 7900 - 7860
levels. On the flipside, 8000 - 8044 are likely to act as
immediate hurdles for the bulls. We are of the opinion that
although the directional trend remains down; the individual
stocks may continue to outperform the benchmark index.
Thus, it’s advisable to adopt a stock specific approach for next
few trading sessions.
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Daily Technical Report
September 01, 2015
Bank Nifty Outlook - (17147)
Exhibit 2: Bank Nifty Daily Chart
After a gap down opening of around half a percent, the
Bank Nifty witnessed a decent recovery from the
psychological support of 17000 levels and rallied by more
than 300 points from its lowest point in the first half of the
session. However, the index failed to sustain at higher levels
as we witnessed responsive selling at near day’s high.
Eventually, the Banking index ended the session with a loss
of 0.38 percent over its previous close. As indicated in our
previous report, we may see selling pressure in Bank Nifty
on every bounce. Going forward, the immediate support for
the Bank Nifty is placed at 16875 and 16700 levels; whereas,
the 17400 - 17550 levels would now act as important
resistances for the index.
Actionable points:
View
Neutral
Resistance Levels
17400 - 17500
Support Levels
16875 - 16700
Source: Falcon
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Daily Technical Report
September 01, 2015
Research Team Tel: 022 - 30940000
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Sameet Chavan
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Technical Analyst
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