Daily Technical Report
January 02, 2015
Sensex (27508) / Nifty (8284)
Exhibit 1: Nifty Daily Chart
The opening session of the New Year started marginally
lower as indicated by the SGX Nifty. The Nifty then
remained slightly under pressure throughout the first half;
but, post the midsession; we observed a modest recovery
from the lows, which pushed the index marginally inside the
positive territory. On the sectoral front, the Metal, Capital
Goods and Auto sectors were among the major gainers;
whereas the FMCG, Healthcare and Power counters ended
with nominal losses. The advance to decline ratio was
strongly in favor of the advancing counters. (A=1831
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27055 / 8101 and 23512 / 7036 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27559 / 8276 and 27040 / 8098 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Our benchmark index kicked off the trading for the
View
Neutral
calendar year 2015 slightly with a negative bias. After
Resistance Levels
8320 - 8365
witnessing a nominal cut in the first half; the Nifty managed
Support Levels
8250 - 8220
to recover completely and then went on to close with very
negligible gain. However, the overall movement was quite
narrow and lethargic for the fifth consecutive session.
Hence, it’s quite obvious for us to maintain our mildly
negative stance on the market. On the up side, the
resistance zone is seen around
8320
-
8365 levels;
whereas the support levels are placed at 8250 - 8220.
Meanwhile, traders can focus on stock specific movements;
but, an aggressive trading is not advisable on either side.
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Daily Technical Report
January 02, 2015
Bank Nifty Outlook - (18750)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty’s movement was a replica of the
benchmark index as we witnessed a weak opening and
then a complete recovery towards the latter part of the
session. The Bank Nifty too closed on a muted note and
hence, we would continue with our wait-n-watch
approach. For forming any view on Bank Nifty, we would
look for further developments on the chart. On the Higher
side, 18800 - 18850 are seen as immediate resistance
levels for the index; whereas 18600 - 18500 would
provide intraday support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
18800 - 18850
Support Levels
18600 - 18500
Source: Falcon
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Daily Technical Report
January 02, 2015
Research Team Tel: 022 - 30940000
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