Daily Technical Report
July 04, 2014
Sensex (25824) / Nifty (7715)
Exhibit 1: Nifty Daily Chart
Yesterday’s session opened slightly higher as indicated by
the SGX Nifty. Subsequently, index oscillated within a
narrow range throughout the session and eventually
managed to close marginally in the negative territory. The
Health Care, Auto and Consumer Durables counters were
among the major gainers; whereas the Realty, Oil & Gas
and Metal sectors witnessed a decent correction throughout
the session. The advance to decline ratio was in favor of the
declining
counters.
(A=1287 D=1475) (Source-
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23580/ 7041 and 20888 / 6251 levels, respectively.
Source: Falcon
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25191 / 7533 and 23587 / 7044 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Support Levels
7700 - 7680
After witnessing such a cheerful session on Wednesday, our
Resistance Levels
7780 - 7800
market traded with very lethargic movements and remained
slightly under pressure for the major part of the session.
However, there are no signs of weakness or exhaustion yet
as the index is placed tad above the psychological support
of the 7700 mark. Hence, so long as index maintains its
position above 7700 - 7680, there is no possibility of losing
current (positive) momentum. In that scenario, we can
expect an immediate upside rally towards 7780 - 7800. On
the other hand, if the Nifty manages to sustain below 7680,
which is the hourly ’20 EMA’, we may see some intraday
correction towards 7640 - 7620 levels. At this juncture, the
index is not offering any clear trade set up. Hence, we
advise traders to shift their focus on individual stocks and
trade with strict stop losses.
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Daily Technical Report
July 05, 2014
Bank Nifty Outlook - (15452)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened marginally
higher and the entire day’s movement was quite similar to
the benchmark index. In the process, the Bank Nifty gently
drifted towards the hourly ’20 EMA. Hence, 15420 can be
considered as a decent support for the index. If the index
manages to hold this support then there is a possibility of
re-testing 15550 or even going beyond that. On the
flipside, if the index sustains below 15420 then we can
expect an immediate correction towards the next support
levels of 15360 - 15300.
Actionable points:
View
Neutral
Support Levels
15420 - 15300
Resistance Levels
15550 - 15600
Source: Falcon
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Daily Technical Report
July 05, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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