Daily Technical Report
December 02, 2013
Sensex (20792) / Nifty (6176)
Exhibit 1: Nifty Daily Chart
On Friday, the market opened on a positive note as indicated
by the SGX Nifty and then continued its upward momentum to
post significant intra day gains of nearly one and half a
percent. On the sectoral front, all the sectors closed on positive
note. Banking, PSUs, and Capital goods counters were the
major gainers and the advance to decline ratio was strongly in
favor of the advancing counters. (A=1455 D=1043)(Source-
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20095 / 5975 and 19053 / 5721 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20570 / 6106 and 20105 / 5980 levels, respectively.
The monthly momentum oscillators are still positively
poised.
On the daily chart, we are now observing a breakout from
the ‘Triangular’ pattern.
Source: Falcon
Trading strategy:
Actionable points:
The bulls have bounced back strongly to conclude the week as
well as month on a cheerful note. As mentioned in our
View
Bullish above 6183
previous report, the ’89 EMA’ on daily chart played a sheet
Expected Targets
6213 - 6289
anchor role for our market. After a decent consolidation, the
Support Levels
6103 - 6070
bulls finally managed to impose their might and surpassed
6100 mark with ease during the concluding session of the
week. As a result, the daily chart now depicts a breakout from
the ‘Triangular Pattern’ (please refer the exhibit). The
theoretical target of this pattern is around 6400; but we would
like to respect the all time high of 6357 and hence, would
initially consider conservative targets of 6275 - 6342. The
above "bullish" hypothesis would be negated if the index closes
below 6070 level. In this scenario, the crucial support of 5970
would then act as a key support for the index. Any sustainable
move below 5970 may bring back the pessimism in our market
and the lower levels of 5875 - 5800 can be then expected.
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Daily Technical Report
December 02, 2013
Bank Nifty Outlook - (11154)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty too opened on a positive note
and similar to our benchmark index, the Banking index
witnessed immense optimism right from the opening
trade. In the process, the index has posted a close
convincingly above the 11100 mark. As mentioned in our
previous reports, the sideways correction seen in the
previous three sessions proved to be a pullback towards
the trendline support zone (please refer the exhibit).
Considering the current price structure and the overall
trading sentiment, we expect Friday’s momentum to get
extended in coming trading session. Thus, any sustainable
move beyond 11207 level may result in a rally towards
the immediate resistance levels of 11350 - 11400. On
the flip side, 11000 is now a key support level for the
index.
Actionable points:
Source: Falcon
View
Bullish above 11207
Expected Targets
11350 - 11400
Support Level
11000
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Daily Technical Report
December 02, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
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