Daily Technical Report
December 05, 2013
Sensex (20709) / Nifty (6161)
Exhibit 1: Nifty Daily Chart
On Wednesday, our benchmark indices opened marginally
lower in line with negative global cues. Similar to previous
sessions, the range bound activity continued in the first half.
However, selling pressure in the latter part of the session led
indices to close with a loss of more than half a percent. On the
sectoral front, the Power, Metal and IT pack somehow
managed to close in the green; whereas the Realty, FMCG an
Auto counters were the major culprits. The advance to decline
ratio was in favor of the declining counters. (A=1123
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20142 / 5989 and 19090 / 5731 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20633 / 6128 and 20163 / 5997 levels, respectively.
The monthly momentum oscillators are still positively
Source: Falcon
poised.
On the daily chart, we are now observing a breakout from
Actionable points:
the ‘Triangular’ pattern.
View
Neutral
Support Levels
6103 - 6070
Trading strategy:
Resistance Levels
6229 - 6289
Yesterday, after a range bound activity in the first half, weak
hands exited the market ahead of the exit polls. As a result, the
'Bearish Harami' pattern mentioned in our earlier report got
activated and showed its immediate impact on the index.
Going forward, the hourly '89 EMA' level of 6146 is the crucial
support for the index on the downside. We would like to
reiterate that the previously mentioned target of 6280 - 6357
of the ”Triangular pattern” remains intact so long as the Nifty
sustains above 6070 market. The market mood may remain
same where the price activity would be range bound but
volatile until the state assembly election results are actually
declared on coming Sunday. Hence, traders are advised to
book partial profits at higher levels and revise stop losses to
safeguard their profits.
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Daily Technical Report
December 05, 2013
Bank Nifty Outlook - (11157)
Exhibit 2: Bank Nifty Daily Chart
On Wednesday, the banking index too opened slightly on
the weaker note considering overall negative sentiments
in the broader market. Similar to our benchmark index,
the 'Bearish Harami' pattern got confirmed in the Bank
Nifty as well. This price action may lead to some sideways
activity in the index. Going forward, if the Bank Nifty
sustains below yesterday’s low of 11107, we may see
further correction towards the hourly ‘89 EMA' level of
11076. On the flipside,
11310 would act as an
immediate resistance for the Bank Nifty. Any closing
above this level would negate the “Bearish Harami”
pattern and may push the index towards 11348 - 11510
levels.
Actionable points:
View
Neutral
Support Levels
11000 - 10940
Source: Falcon
Resistance Levels
11310 - 11348 - 11510
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Daily Technical Report
December 05, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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