Daily Technical Report
December 05, 2014
Sensex (28563) / Nifty (8564)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened with an upside gap and
immediately in the early trade surpassed the 8600 mark.
However, due to strong selling pressure at higher level; our
behchmark index trimmed major portion of the early
morning gains. After a decent consolidation, the Nifty
managed to end the session with nominal gains. The FMCG
pack contributed heavily on the positive side along with the
Banking and Capital Goods sectors; whereas the the
Consumer Durables, IT and Oil & Gas counters remained
under pressure. The advance to decline ratio was
marginally in favor of the advancing counters. (A=1498
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
Source: Falcon
at 28020 / 8378 and 26784 / 8007 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Quite surprising to most of the market participants, we
witnessed a strong gap up opening beyond 8600, mainly
Support Levels
8500 - 8450
propelled by the heavyweight constituent, the ITC. In the
Resistance Level
8630
process, the Nifty registered yet another high of 8626.95.
However, this optimism was very short lived as we witnessed
a vertical correction from the morning highs. In fact, at one
point of the day, the Nifty was trading marginally in the
negative territory. Due to some modest recovery towards the
fag end, the Nifty closed marginally in the green. We
reiterate that the index has a strong support zone around
8500 - 8450 levels. On the upside, 8630 - 8650 are seen
as immediate resistance levels for the Nifty. 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 05, 2014
Bank Nifty Outlook - (18783)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, similar to the benchmark index, the Bank Nifty
too opened higher and then corrected during the initial
hour. However, after a modest consolidation, the banking
conglomerates once again picked up the momentum and
pushed the index upwards to close at the highest point
ever. Going forward, looking at the ongoing momentum,
we expect the index index to test 18850 - 18950 levels.
On the flipside, 15600 - 18550 are seen as immediate
support levels for the index.
Actionable points:
View
Neutral
Resistance Levels
18850 - 18950
Support Levels
18600 - 18550
Source: Falcon
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Daily Technical Report
December 05, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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