Daily Technical Report
June 04, 2014
Sensex (24859) / Nifty (7416)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened slightly higher and
traded with positive bias for the most part of session. As a
result, the Nifty ended the session with more than half a
percent gains. On the sectoral front, the Metal, Oil & Gas
and Realty counters were among the major gainers;
whereas the Health care, FMCG and Banking sectors
remained slightly under pressure. The advance to decline
ratio was strongly in favor of the advancing counters.
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22428 / 6690 and 20359 / 6094 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23918 / 7137 and 22441 / 6696 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday, our benchmark index opened with a positive bias
View
Neutral
and remained quiet just ahead of the RBI monetary policy.
Support Levels
7374 - 7342
However, post the announcement, index slipped marginally
Resistance Levels
7428 - 7504
in the negative territory; but, managed to recover sharply to
close tad lower than day’s high. As mentioned in our
previous report, index faced a resistance near 7428. Going
forward, only a sustainable move beyond 7428 would
extend this rally towards 7504. On the flipside, 7374 -
7342 are seen as immediate support levels for the Nifty.
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Daily Technical Report
June 04, 2014
Bank Nifty Outlook - (15258)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly higher in
line with our benchmark index. However, during the
remaining session, Bank Nifty oscillated within a range;
but completely underperformed the Nifty. Going forward,
only a sustainable move outside the range would dictate
the direction. On the lower side, the important support is
seen at 15148. If the index manages to stay below this
level then we may witness further correction towards
15000 - 14875 levels. On the other hand, the positivity
may get resumed once the index sustains above 15414.
Actionable points:
View
Neutral
Support Levels
15000 - 14875
Resistance Level
15414
Source: Falcon
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Daily Technical Report
June 04, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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