Daily Technical Report
February 04, 2015
Sensex (29000) / Nifty (8757)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened marginally higher
as indicated by the SGX Nifty. Subsequently, the Nifty
consolidated for some time and then corrected sharply
during the mid session to close around the 8750 mark with
a cut of nearly half a percent. Undoubtedly, the Oil & Gas
counters were the major leaders along with the FMCG and
Metal; whereas once again the Banking sector slumped
during the session. The Healthcare, Realty and Auto were
the other losing sectors. The advance to decline ratio was in
favor of the declining counters. (A=1333 D=1534)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27549 / 8276 and 24033 / 7199 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28549 / 8614 and 27605 / 8294 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Our market opened slightly higher and then move towards
View
Neutral
the 8850 mark. However, a strong selling pressure around
Resistance Levels
8800 - 8850
this resistance level dragged the index marginally lower just
Support Levels
8720 - 8650
ahead of the RBI monetary policy. Post the event, the Nifty
once again attempted to test a strong resistance of 8850
and again this up move got sold into. This clearly indicates
how important this resistance level has become in the near
term. As expected, this was a sign of weakness and hence,
the Nifty corrected sharply towards 8750 - 8700 levels.
During yesterday’s session, the Nifty posted a low of
8726.65 which coincides with the strong support zone of
the hourly ’89 EMA’. Going forward, any sustainable move
below this level may extend this corrective move towards
8650. On the flipside, 8800 - 8850 are seen as immediate
resistance levels.
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Daily Technical Report
February 04, 2015
Bank Nifty Outlook - (19383)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index opened slightly higher and
then moved sideways just ahead of the RBI monetary
policy. However, post the event, the index fell sharply
from mornings high and broke Monday’s low of
19564.50, which was a sign of weakness. As a result, the
index corrected further to close with nearly two and half a
percent loss. Going forward, if the index sustains below
19300 then we may witness extended correction towards
19100 - 19000 levels. On the flipside, 19560 would now
act as an immediate resistance for the index.
Actionable points:
View
Neutral
Resistance Level
19560
Support Levels
19300 - 19100
Source: Falcon
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Daily Technical Report
February 04, 2015
Research Team Tel: 022 - 30940000
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