Daily Technical Report
August 28, 2014
Sensex (26560) / Nifty (7936)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened higher amid firm
global cues. Subsequently, the index traded within a narrow
trading range throughout the session and eventually
managed to close with nearly half a percent gains. On the
sectoral front, the Oil & Gas, Auto and IT counters closed
inside the positive territory; whereas the Realty and Power
sectors remained slightly under pressure throughout the
session. The advance to decline ratio was in favor of the
advancing counters. (A=1595 D=1388) (Source-
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24859 / 7434 and 21708 / 6493 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26039 / 7793 and 24869 / 7428 levels, respectively.
Actionable points:
Trading strategy:
Yesterday, we witnessed a gap up opening in our market
View
Neutral
amid firm global cues. The most beaten metal counters in
Support Levels
7900 - 7840
last couple of days, finally managed to bounce a bit and a
Resistance Level
7980
strong opening from the banking heavyweight, ICICI Bank
led this small up move. However, index remained within a
very thin trading range throughout the remaining session.
As a result, we are not observing any major change in the
chart structure. Hence, we maintain our view that so long as
Nifty manages to hold 7840 - 7820, our bias remains
positive. Only a sustainable move below 7820 may trigger
possibility of a near term correction in the market. On the
flipside, 7980 is seen as immediate resistance level for the
index.
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Daily Technical Report
August 28, 2014
Bank Nifty Outlook - (15718)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened slightly higher and
remained within a narrow range throughout the session to
maintain its positive bias. Since, there is no major change
in the chart structure, we maintain our positive stance on
the Bank Nifty and expect it to extend its gains once it
manages to sustain above the 15750 mark. In this
scenario, we can immediately expect 15850 - 15950
levels. The stop loss for the existing trade set up can now
be revised at 15550.
Actionable points:
View
Bullish
Expected Targets
15850 - 15950
Support Level
15550
Source: Falcon
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Daily Technical Report
August 28, 2014
Research Team Tel: 022 - 30940000
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Technical Analyst
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