Daily Technical Report
February 05, 2015
Sensex (28883) / Nifty (8724)
Exhibit 1: Nifty Daily Chart
Yesterday too, our benchmark index opened marginally
higher as indicated by the SGX Nifty. However, these gains
were short lived as we witnessed a modest correction in the
initial and concluding hour of the session. Thus, the Nifty
eventually closed with 0.38% cut. The Metal sector was the
major loser along with the Realty, Healthcare and Oil &
Gas; whereas once again the Banking sector slumped
during the session. The Capital Goods, Consumer Durables
and Auto were the other losing sectors. The advance to
decline ratio was in favor of the declining counters.
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:
Despite having favorable global cues; our market failed to
View
Neutral
sustain at higher levels and hence pared down all gains in
Resistance Levels
8780 - 8850
the initial hour to trade with a neutral bias for the major
Support Levels
8680 - 8650
part of the day. However, we witnessed a sharp cut towards
the fag end, which pulled the index lower to test the 8700
mark. In-line with our expectation, the Nifty has reached the
8700 mark and looking at the ongoing momentum, we
expect it to correct towards 8680 - 8650 levels. On the
flipside, 8780 - 8850 are likely to act as immediate
resistance levels. However, we maintain our stock specific
approach wherein the weaker counters are likely to correct
further and the stronger stock may continue to outperform
the index.
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Daily Technical Report
February 05, 2015
Bank Nifty Outlook - (19174)
Exhibit 2: Bank Nifty Daily Chart
The entire banking space is continuing its
underperformance as we witnessed a yet another weak
session for most of the banking conglomerates. After
seeing a strong correction in PSU banks; the private
banking space has started correcting substantially in last
couple of days. As a result, the Bank Nifty shed another
percent during yesterday’s session. The index met with our
initial target of 19100 and has now closed below the
daily ’20 EMA’, which is a sign of further weakness.
Going forward, if the Bank Nifty sustains below 19100
then we may witness an extended correction towards
18900 - 18800 levels. On the flipside, 19350 - 19500
would act as an immediate resistance zone.
Actionable points:
View
Neutral
Resistance Level
19350 - 19500
Support Levels
19100 - 18900
Source: Falcon
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Daily Technical Report
February 05, 2015
Research Team Tel: 022 - 30940000
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Technical Analyst
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