Daily Technical Report
December 03, 2014
Sensex (28444) / Nifty (8525)
Exhibit 1: Nifty Daily Chart
Yesterday, the benchmark index opened slightly lower as
indicated by the SGX Nifty. Subsequently, the index
oscillated within a narrow range throughout the session to
close with marginal losses. The Metal, Capital goods,
Healthcare and FMCG sectors ended with modest gains;
whereas the Auto, It and Oil & Gas counters remained
under pressure throughout the session. The advance to
decline ratio was marginally in favor of the advancing
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
Source: Falcon
at 28020 / 8378 and 26784 / 8007 levels, respectively.
Actionable points:
Trading strategy:
Monday's modest profit booking was followed by slightly
View
Neutral
weak opening in our market. The index then maintained its
Support Levels
8500 - 8420
narrow range throughout the remaining session to close
Resistance Level
8620
above the 8500 mark. Since, the chart structure 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 03, 2014
Bank Nifty Outlook - (18556)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened slightly lower in-line
with the benchmark index. The banking index then
remained slightly under pressure just ahead of the RBI
monetary policy. However, the RBI kept interest rates
unchanged and as a result, the banking index managed
to give a modest recovery from the lows post the
midsession. In the process, the index outperformed Nifty
by closing marginally in the positive territory. Considering
the ongoing strong momentum in most of the banking
conglomerates (especially PSU Banks), the possibility of
extending this up move towards 18700 - 18800 cannot
be ruled out. 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 03, 2014
Research Team Tel: 022 - 30940000
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Sameet Chavan
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Technical Analyst
Angel Broking Pvt. Ltd.
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