Daily Technical Report
September 03, 2014
Sensex (27019) / Nifty (8083)
Exhibit 1: Nifty Daily Chart
Yesterday, once again our benchmark index opened higher
as indicated by the pre-opening session and then
maintained its positive bias throughout the remaining
session to close well inside the positive territory. On the
sectoral front, the Consumer Durables, Health Care and Oil
& Gas sectors were among the major gainers; whereas the
Metal sector remained under pressure. The advance to
decline ratio was strongly in favor of the advancing
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24931 / 7457 and 21704 / 6494 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26123 / 7821 and 24881 / 7433 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
Our market reached yet another landmark (8100) as the
View
Neutral
index added another half a percent to the bull’s kitty. This
Support Level
8036
might be appearing a small up move on each day; but the
Resistance Level
8100 - 8150
individual stock specific movement has been huge in last
few days. Although, the index has met all the near term
technical levels, we cannot turn bearish until we get any
sign of weakness or exhaustion. But, we must accept the fact
that the market has now entered an extreme overbought
territory. Hence, it’s advisable to book partial profits and
maintain balance position as long as previous day's low is
not broken. In case of an extended move beyond the 8100
mark, the Nifty may test 8150. We maintain our view that
traders should avoid going aggressively long on the Nifty.
In fact, they can continue their focus on stock specific
movements by following strict stop losses.
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Daily Technical Report
September 03, 2014
Bank Nifty Outlook - (16131)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened slightly higher and
maintained its positive bias throughout the session by
adding more than half a percent gains. In the process,
the banking index has now reached our targets of 16100
- 16200, which we were mentioning since past few
sessions. At present, we are not seeing any sign of
weakness or exhaustion. A sustainable move above
16200 may extend the rally towards 16300 - 16400. On
the flipside, the immediate support level is seen around
the 16000 mark.
Actionable points:
View
Neutral
Resistance Levels
16300 - 16400
Support Level
16000
Source: Falcon
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Daily Technical Report
September 03, 2014
Research Team Tel: 022 - 30940000
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