Daily Technical Report
July 03, 2014
Sensex (25841) / Nifty (7725)
Exhibit 1: Nifty Daily Chart
Yesterday our market opened with a decent upside gap
considering strong overnight cues from the American
bourses. This momentum continued throughout the day to
close with more than a percent gain. The Metal, Capital
Goods and Power sector contrubuted the most in yesterdays
up move. The advance to decline ratio was strongly in favor
of the advancing counters. (A=1902 D=1171) (Source-
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23580/ 7041 and 20888 / 6251 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25191 / 7533 and 23587 / 7044 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
Our benchmark index maintained its positive bias and in
the process, managed to surpass previous high of 7700
View
Neutral
with an ease. The index has now closed at the highest point
Support Levels
7677 - 7649
ever. Considering current momentum, if the index manages
to maintain its position above yesterday's high then we may
Resistance Levels
7780 - 7800
witness an extended rally towards 7780 - 7800 levels. On
the flipside, 7677 is seen as an immediate support level for
the index.
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Daily Technical Report
July 03, 2014
Bank Nifty Outlook - (15490)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened higher in line
with the benchmark index and traded with positive bias
throughout the session. However, index relatively
underperformed by gaining only a percent. If the ingoing
momentum sustains in the market then we may witness a
rally towards the upper end of 15600 - 15725 levels. On
the flipside, 15415 - 15250 would act as immediate
support zone.
Actionable points:
View
Neutral
Support Levels
15415 - 15250
Resistance Levels
15600 - 15725
Source: Falcon
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Daily Technical Report
July 03, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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