Daily Technical Report
November 01, 2013
Sensex (21165) / Nifty (6299)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a flat note and traded quietly
throughout the first half. However, post midsession, the index
picked up its upward momentum and closed marginally below
the psychological 6300 mark. Barring Healthcare all other
sectors ended in the positive territory, among which Consumer
Durables, PSU, Banking and Metal counters influenced the
rally. The advance to decline ratio was in favor of the
advancing
counters.
(A=1315
D=1171)(Source-
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19798 / 5891 and 18914 / 5686 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20568 / 6106 and 19892 / 5922 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; but ‘RSI’ and ‘Stochastic’ oscillator are
Source: Falcon
contradictory by showing positive developments.
On the Weekly chart, we are observing a ‘Trend Line’
(please refer to exhibit 1) resistance at 6230 level.
Actionable points:
View
Neutral
Trading strategy:
Resistance Level
6338 - 6357
Support Level
6236 - 6169
Yesterday, we witnessed all-time high in the Sensex on a
closing basis. This has resulted in a breakout from the multiple
resistance zones on the line chart. Unlike, any other normal
derivative expiry session, the Nifty continued its upward
momentum after a brief pause in the first half. As expected, the
index traded with strong optimism and closed at the highest
point of the day. We are now on the verge of witnessing a new
all-time high as rising liquidity is likely to propel prices beyond
6357 in coming trading sessions. However, considering
historical evidences, we advise traders to adopt a cautious
approach and maintain a strict stop loss of 6078 for all
positional bets. The intraday resistance levels are seen at 6338
- 6357. On the flipside, 6236 - 6169 levels may provide
decent support for the index.
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Daily Technical Report
November 01, 2013
Bank Nifty Outlook - (11473)
Exhibit 2: Bank Nifty Daily Chart
The Banking index too opened quietly and traded with
lackluster movement during the first half. However,
similar to previous trading sessions, the PSU Banking
conglomerates surged on the back of immense buying
interest and once again posted considerable gains. We
are now clearly seeing a complete shift in the sentiments
and as a result, the Bank Nifty has closed convincingly
above the stiff resistance of 11300. Considering ongoing
optimism and chart structure, we expect the index to
continue its upward movement in the coming trading
sessions as well. The immediate upside level is seen at
11622. However, accelerated momentum and follow up
buying may even push the index beyond this level. On the
flipside, the 11219 mark would be a decent intra-day
support.
Actionable points:
Source: Falcon
View
Neutral
Support Level
11219 - 11170
Resistance Level
11622 - 11812
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
01/11/2013
Allahabad Bank
Cash
Buy
88 - 84
91.75
77.80
100
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Daily Technical Report
November 01, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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