Daily Technical Report
September 03, 2015
Sensex (25454) / Nifty (7717)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened higher as indicated
by the SGX Nifty. However, these gains were short lived as we
witnessed a gradual corrective move throughout the
remaining part of the day and thus, the Nifty ended the
session with nearly a percent loss. On the sectoral front, the
Auto, Banking, Capital goods and Oil & Gas sectors were the
major draggers; whereas, the IT, FMCG and Realty counters
traded with a strong positive bias. The advance to decline ratio
was marginally in favor of the declining counters. (A=1221
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27623 / 8364 and 25925 / 7811 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27141 / 8232 and 27702 / 8386 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday, our benchmark index opened with a decent upside
View
Neutral
gap owing to positive news flow on the domestic front.
Resistance Levels
7820 - 7900
However, the index failed to sustain at higher levels as most of
Support Level
7667
the index heavyweights were falling fiercely due to mounting
selling pressure. In the process, the index went on to break
Tuesday’s low of 7746 and then tested the 7700 mark. We
maintain our view that the Nifty may give a minor bounce
considering the extremely oversold condition of the ‘RSI-
Smoothened’ momentum oscillator on the daily chart. Thus,
short term traders are advised to lighten up their short
positions and wait for further signals to emerge. In case of a
bounce, we may witness the Nifty to test 7820 - 7900 levels. It
must be noted that the directional view remains on the
downside and thus, it’s advisable to adopt a ‘Sell on rally’
approach. On the downside, 7667 would now be seen as an
immediate support level.
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Daily Technical Report
September 03, 2015
Bank Nifty Outlook - (16253)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened with an upside gap of
more than a percent owing to the positive news on the
domestic front. Post the gap up opening, the banking index
started falling from the initial trades and continued making
lower lows throughout the session. The fall in the banking
counters was so strident that the Bank Nifty couldn’t hold
Tuesday’s low of 16436.85. Currently, the Bank Nifty is
approaching the 38.20% retracement level (16100) of the
entire up move from 8366.75 to 20907.55, which may now
act as a crucial support for the index. A sustainable move
below this level may lead to further correction in the near
term. On the flipside, the immediate resistance for the Bank
Nifty is placed at 16655 and 16800 levels.
Actionable points:
View
Neutral
Resistance Levels
16655 - 16800
Source: Falcon
Support Level
16100
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Daily Technical Report
September 03, 2015
Research Team Tel: 022 - 30940000
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Sameet Chavan
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Technical Analyst
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