Daily Technical Report
October 01, 2014
Sensex (26631) / Nifty (7965)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened slightly lower as
indicated by the SGX Nifty. After some consolidation, we
witnessed a decent upside rally during the mid session.
However, the index pared down complete gains during the
second half to close marginally over previous day's close.
On the sectoral front, the Consumer Durables, Healthcare
and Oil & Gas counters outperformed the benchmark
indices; whereas the Power and Metal sectors were among
the major losers. The advance to decline ratio was in favor
of the declining counters. (A=1338 D=1554) (Source-
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25678 / 7675 and 22160 / 6629 levels, respectively.
Source: Falcon
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26770 / 8011 and 25564 / 7642 levels, respectively.
Actionable points:
View
Neutral
Trading strategy:
Support Levels
7923 - 7880
Our benchmark index opened quietly and remained range
Resistance Levels
8000 - 8040
bound just ahead of the RBI Monetary Policy. But, post the
announcement, the Nifty surged higher gently and at one
point was trading with nearly a percent gain. However, as
mentioned in our previous report, the 8040 mark acted as
a strong resistance. A massive selling near day's high pulled
the index lower to trim complete gains. Going forward, the
pessimism may get reinforced once the index manages to
sustain below 7923. In this scenario, the possibility of
retesting 7880 - 7840 cannot be ruled out. On the flipside,
8000 - 8040 remains to be a strong resistance zone.
1
Daily Technical Report
October 01, 2014
Bank Nifty Outlook - (15392)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a mutes note in
line with our benchmark index. Post the RBI Monetary
policy, the banking counters started to show some
strength; but it seemed that it was very short lived as the
banking index took a complete u-turn and eventually
managed to close tad below the 15400 mark. Going
forward, if the index manages to stay below 15300 then
we can expect an immediate correction towards 15150 -
15100 levels. On the flipside, 15450 - 15550 levels may
act as immediate resistance for the index.
Actionable points:
View
Neutral
Resistance Levels
1
15450 - 15550
Support Level
15150 - 15100
Source: Falcon
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Daily Technical Report
October 01, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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