Daily Technical Report
December 04, 2014
Sensex (28443) / Nifty (8538)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a subdued opening in our market
amid mixed global cues. Subsequently, the index remained
within a nrrow range throughout the session to close with
very negligible gains. Barring IT, all other sectors closed in
the green amongst which the Auto, Capital goods, Oil &
Gas and Realty were the major contributors. The advance to
decline ratio was strongly 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
at 28020 / 8378 and 26784 / 8007 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Similar to Tuesday’s session, we witnessed yet another dull
View
Neutral
session in our market. In fact, the entire day’s range was
Support Levels
8500 - 8450
narrower than the previous session. Looking at the hourly
Resistance Level
8623
chart, it seems that 8500 - 8450 would act as a strong
support zone for the index. So long as the Nifty maintains its
position above the 8450 mark, the bulls have no reason to
worry for in the near term. On the upside, the positive
momentum can be seen once the Nifty manages to sustain
above the intraday resistance level of 8560. In this scenario,
we can expect re-testing of 8623 level. Although, we are not
seeing any movement in the benchmark index, the
individual stocks are giving decent moves. Hence, it's
advisable to concentrate more on stock specific actions.
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Daily Technical Report
December 04, 2014
Bank Nifty Outlook - (18646)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a subdued note;
but, the remaining day’s action was quite different from
the benchmark index. As mentioned in our previous
report, the banking index continued its strong momentum
on the upside and in the process, reached our initial
target of 18700. Looking at the ongoing momentum in
most of the banking conglomerates, we expect the index
index to test 18750 - 18850 levels. On the flipside,
15550 - 18400 are seen as immediate support levels for
the index.
Actionable points:
View
Neutral
Resistance Levels
18750 - 18850
Support Levels
18550 - 18400
Source: Falcon
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Daily Technical Report
December 04, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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