Daily Technical Report
June 06, 2014
Sensex (25020) / Nifty (7474)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened on a flat note as
indicated by the SGX Nifty. After some intraday correction,
index picked up a strong momentum and rallied throughout
the remaining session to close with nearly a percent gain.
Barring Banking, all other sectors ended in the positive
territory. The Metal, Oil & Gas and Power counters were
among the major gainers. The advance to decline ratio was
strongly in favor of the advancing counters. (A=2158
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22428 / 6690 and 20359 / 6094 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
23918 / 7137 and 22441 / 6696 levels, respectively.
Actionable points:
Trading strategy:
Index made a cautious start during the initial trades; but
View
Neutral
suddenly we observed a strong buying interest in few index
Support Levels
7433 - 7380
heavyweights. This momentum accelerated as the day
Resistance Levels
7504 - 7564
progressed and in the process, index moved well beyond
the mentioned resistance level 7433. The Nifty closed at the
highest point of the session, which indicates strong buying
momentum. Going forward,
7504 would act as an
important resistance level for the index. Any sustainable
move beyond this level would extend this rally to test
election result day high of 7564. On the flipside, 7433
would act as an immediate support for the index. Any
sustainable move below this level would result in some
weakness towards 7380 - 7360 levels.
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Daily Technical Report
June 06, 2014
Bank Nifty Outlook - (15282)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a flat note;
but it turned out to be a major underperformer as the
banking conglomerates remained slightly under pressure
despite having a strong momentum across the braoder
market. Hence, the trading range (15148 to
15414)
mentioned in our previous report is still intact. We
reiterate our view that only a sustainable move outside the
range would dictate the direction. On the lower side, the
important support is seen at 15148. If the index manages
to stay below this level then we may witness further
correction towards 15000 - 14875 levels. On the other
hand, the positivity may get resumed once the index
sustains above 15414.
Actionable points:
View
Neutral
Support Level
15148
Source: Falcon
Resistance Level
15414
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Daily Technical Report
June 06, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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