Daily Technical Report
August 26, 2015
Sensex (26032) / Nifty (7881)
Exhibit 1: Nifty Hourly Chart
Yesterday, our markets opened with a percent upside
gap as indicated by the SGX Nifty. However, this lead
was very short lived as we witnessed a sharp decline in
first half an hour of trade. Due to smart recovery in the
second half, the benchmark index closed almost near its
opening level. Barring nominal loss from the IT pack, all
other sectors closed well inside the positive territory
amongst which the Realty, Metal, Oil & Gas and Banking
were the major gainers. The advance to decline ratio
was marginally in favor of the declining counters.
Formations
The ’89-day EMA’ and the
’89-week EMA’ are
placed at 27812
/
8421 and 25915
/
7807 levels,
respectively.
The ’20-day EMA’ and the
‘20-week EMA’ are
Source: Falcon
placed at 27848
/
8450 and 27840
/
8427 levels,
respectively.
Actionable points:
Trading strategy:
After seeing carnage on Monday, our benchmark index
View
Neutral
opened nearly a percent higher owing to some recovery
Resistance Levels
7940 - 8050
in the global bourses. The bulls failed to maintain their
Support Levels
7750 - 7650
lead as the bears once again took a charge in the initial
trades and thus, we witnessed a nosedive of more than
200 points in the first half. However, in-line with our view,
the Nifty managed to find an intraday support around
the 7680 mark and then gave v-shaped recovery to
regain the early morning lead. Despite this strong
recovery, we are not so very gung ho with this up move.
We maintain our view that the Nifty is likely to remain
within a broad range of 8050 to 7650 at least for 3 - 4
sessions. The immediate intraday support is seen around
7750 and then 7650. Considering the ongoing volatility,
we continue to advice on maintaining a cautious
approach and it would be a prudent strategy to remain
light on positions.
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Daily Technical Report
August 26, 2015
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (17193)
Yesterday, the Bank Nifty opened with an upside gap
of more than one and half a percent in line with the
benchmark indices. Post the gap up opening, the
banking index corrected sharply in the initial trades
and breached Monday’s low in the first half of the
session. However, we witnessed a sharp recovery in the
latter half and as result; the Bank Nifty trimmed all its
intraday loss and closed with decent gains of 2.27
percent. Going forward, the immediate support for
Bank Nifty is placed at 16670 - 16450 levels. On the
flipside, 17450 - 17530 levels would now act as a strong
hurdle for the index.
Actionable points:
View
Neutral
Resistance Levels
17450 - 17530
Support Levels
16670 - 16450
Source: Falcon
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Daily Technical Report
August 26, 2015
Research Team Tel: 022 - 30940000
Website:
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Sameet Chavan
-
Technical Analyst
Angel Broking Pvt. Ltd.
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