Daily Technical Report
November 28, 2013
Sensex (20420) / Nifty (6057)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened on a flat note considering
subdued global clues. The index then oscillated within a
narrow range for the entire session and eventually closed just a
tad lower than previous close. On the sectoral front, The
Power, Realty and IT pack closed with nominal losses; whereas
the Consumer durables, FMCG and Auto sector ended in
positive territory. The advance to decline ratio was marginally
in favor of the declining counters. (A=1111 D=1362)(Source-
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20076 / 5967 and 19045 / 5718 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20536 / 6099 and 20070 / 5969 levels, respectively.
Source: Falcon
The monthly momentum oscillators are now positively
poised; whereas the weekly momentum oscillators are
contradictory.
Actionable points:
View
Neutral
Trading strategy:
Support Levels
6035 - 5970
Yesterday, the price action was quite range bound and we
Resistance Levels
6124 - 6213
witnessed the formation of yet another 'Inside Day' Japanese
candlestick pattern on the daily charts. Since there is no major
change in the chart structure, we reiterate our view that the
hourly '89 EMA' remains to be a stiff resistance for the Nifty.
Only a sustainable close above 6124 would open up bullish
possibilities and may push the index towards 6180 - 6213
levels. On the flip side, 6030 - 5970 levels may act as support
in coming trading session. Markets are expected to trade with
enhanced volatility on account of November month derivative
expiry and hence, we advise traders to remain light on
positions.
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Daily Technical Report
November 28, 2013
Bank Nifty Outlook - (10899)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a muted note in-
line with our benchmark index. The price movement was
also identical to the Nifty and as a result, we witnessed yet
another narrow range body formation near the pullback
zone of 'Downward Sloping Trendline' (please refer the
exhibit). This analysis would remain valid so long as the
Bank Nifty remains above the 10750 mark. In the coming
trading session, if Bank Nifty manages to sustain above
11020, then we may expect the index to re-test 11133 -
11208 levels. On the other hand, a breach of 10750
would mean that the downward probabilities of 10630 -
10412 have opened up and long positions should be
squared off.
Actionable points:
View
Neutral
Support Levels
10780 - 10630
Source: Falcon
Resistance Levels
11133 - 11208
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
28/11/2013
Biocon Ltd.
Cash
Buy
Above 387
384.65
379.50
398
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Daily Technical Report
November 28, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
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