Daily Technical Report
December 02, 2014
Sensex (28560) / Nifty (8556)
Exhibit 1: Nifty Daily Chart
The trading for the week started on a subdued note owing
quiet cues from other Asian bourses. The index remained
under pressure throughout the remaining session after
posting a new high of 8623 in the initial trades. As a result,
the index closed almost at the lowest point of the day with a
loss of nearly half a percent. The Consumer Durables, IT
and FMCG sectors managed to close in the green; whereas
the Oil & Gas, Metal, Power and Capital Goods counters
witnessed a fair bit of correction. The advance to decline
ratio was in favor of the declining counters. (A=1218
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 26746 / 7994 and 23128 / 6918 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28020 / 8378 and 26784 / 8007 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Although, the index corrected by nearly 70 points from the
View
Neutral
morning highs; the overall movement was quite lethargic
Support Level
8500
across the broader market. Hence, the chart structure still
Resistance Levels
8620 - 8650
remains unchanged. We reiterate that despite having a
strong trend on the upside, we would not provide any trade
set up until we get a clear development on the charts.
Meanwhile, it's advisable to stick to a stock centric approach
and trade with a proper exit strategy. If the momentum
persists in the market then we may see an extended move
towards 8650 - 8680 levels on the Nifty. On the flipside,
8500 - 8420 are seen as immediate support levels for the
index.
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Daily Technical Report
December 02, 2014
Bank Nifty Outlook - (18525)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too had a quiet start of the week
and then the overall intraday movement was much
narrower than the benchmark index. The Bank Nifty
somehow managed to close in the green with very
nominal loss. Going forward, the immediate resistance
zone is seen around 18700 - 18800. However, we do
not advise any trade set up in the Bank Nifty too due to
lack of technical indications. It’s advisable for the traders
to focus on its constituents and trade with a proper exit
strategy. On the flipside, 18400 - 18300 are seen as
immediate support levels for the index.
Actionable points:
View
Neutral
Resistance Levels
18700 - 18800
Support Levels
18400 - 18300
Source: Falcon
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Daily Technical Report
December 02, 2014
Research Team Tel: 022 - 30940000
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