Daily Technical Report
March 31, 2014
Sensex (22340) / Nifty (6696)
Exhibit 1: Nifty Daily Chart
The concluding cession of the week started on a positive note
as indicated by the SGX Nifty. After a small correction in the
midsession, we witnessed a significant buying interest in last
hour, which led the index to close at the highest point of the
day. There was no sector in the negative territory. The Banking,
Realty and Metal sectors were among the major gainers. The
advance to decline ratio was in favor of the advancing
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21046 / 6265 and 19714 / 5903 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21761 / 6493 and 21061 / 6272 levels, respectively.
Trading strategy:
Source: Falcon
All the five sessions of the concluded week ended in the
positive territory as the bulls were unwilling to leave their
driving seat. On the first day of the week, the Nifty witnessed a
Actionable points:
breakout from its 9-day-long congestion zone and as expected,
moved beyond the
161% Fibonacci retracement level
View
Neutral
(calculated from 6355.60 to 5933.30) of 6620 to reach the
Resistance Levels
6750 - 6800
initial target of 6700. The optimism was so strong that our
Support Levels
6643 - 6575
markets even overlooked the derivative expiry session and gave
a genuine up move, barring the last half an hour of the
session. The Nifty has now closed at a record high and is
almost on the verge of confirming a monthly ‘Horizontal Line’
breakout. This breakout gives much higher targets and hence,
we reiterate that it has become a buy-on-dip market,
considering 4 -6 months’ time horizon. But from a near term
perspective, we continue to mention 6750 - 6800 levels, which
are one and half a percent away from the current level. We
may not have a proper trade set in the index and hence, we
advise traders to shift their focus on stock specific moves. On
the flipside, 6643 - 6575 levels would now act as immediate
support levels for the index.
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Daily Technical Report
March 31, 2014
Bank Nifty Outlook - (12755)
Exhibit 2: Bank Nifty Daily Chart
On Friday, in line with the benchmark index, the Bank
Nifty too opened higher with more than half a percent.
After a small pause, the Bank Nifty continued its upward
momentum to end the session almost at the highest point
of the week. In the process, the banking index precisely
met with our initial target of 12800 as mentioned in our
previous report. Going forward, the accelerated
momentum may extend the current rally towards 12900 -
13000. On the downside, 12630 - 12500 levels are seen
as immediate support levels.
Actionable points:
View
Neutral
Support Levels
12513 - 12400
Resistance Levels
12900 - 13000
Source: Falcon
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Daily Technical Report
March 31, 2014
Research Team Tel: 022 - 30940000
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Sameet Chavan
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Technical Analyst
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