IFCI Financial Services Ltd

Weekly Technical PICKS 27 December 2013

IFCI Financial Services Ltd

Contential Chambers, 142, M G Road, Nungambakkam, Chennai 600 034 | Tel: +91 44 28306600

Indices (Spot) Close R1 R2 R3 S1 S2 S3

Nifty 6313.80 6342/6362 6415 6480 6270/6225 6180 6130/6080

Weekly Chart Synopsis:

The INDEX comfortably closed above the psychological level of

6300 on the back of strong buying from some of the Index

heavyweight stocks. The INDEX has been trading within upward

pricing channel on the weekly chart since second week of

September 2013. Technically, the short term trend on INDEX is

likely to remain uptrend and it has immediate resistance at

6340/6362. If INDEX breaks above 6340/6362 and then it can

move towards 6415. Any move above 6415, could take the NIFTY

at 6480 or even 6530 levels. However, on the downside, the

INDEX has support at 6270/6225 levels. 6130 is acting as a short

term key support for INDEX.

Weekly Chart Synopsis

Technically, the BANKNIFTY is likely to remain consolidation zone

and breakout of either 11770 on the upside or 11040 on the

downside would dictate the short term trend. On the lower side,

Breakout of 11040 would invite selling pressure and then

10970/10830 or even 10630 are possible. However, on the

higher side, if the BANKNIFTY breaks above 11770 and then it

can move towards 11990/12220.

Nifty

Weekly Chart

INDEX WATCH

BANK INDEX WATCH

Bank Nifty

Indices (Spot) Close R1 R2 R3 S1 S2 S3

Bank Nifty 11459.70 11570/11770 12220 12755 11385 11185 11040/10970

IFCI Financial Services Ltd

Weekly Technical PICKS 27 December 2013

IFCI Financial Services Ltd

Contential Chambers, 142, M G Road, Nungambakkam, Chennai 600 034 | Tel: +91 44 28306600

Daily Chart Synopsis

The stock has made a tentative breakout of strong resistance line in the

region of 108 – 111 with heavy volumes. GMDC continues to remain in its

short-term uptrend and after yesterday’s move, the stock has signaled fresh

buy due to formation of upward price channel in the weekly chart. Volumes

have been accelerated since first week of September 2013, which also

suggests buying support during declines. Moreover, the stock has been

trading exactly near its long term 200 day WEMA since first weekly of

December 2013, indicating that buying comes in for long term gains. The

weekly momentum suggests that the stock has immediate resistance at

120.30/121.80. If the stock is able to give a sustained close above this level

then we would see 137 or even 143. On the downside, the support would be

at 115 and 109 levels.

Symbol Industry Face Value Market Cap (Crs) 52 Week High 52 Week Low Lower Price Band Upper Price Band

GMDCLTD Mining 2 951.23 221.70 76.25 92.05 138.05

Symbol Industry Face Value Market Cap (Crs) 52 Week High 52 Week Low Lower Price Band Upper Price Band

FSL Software 10 528.42 23.65 8.95 17.70 26.50

Weekly Chart Synopsis

The long term uptrend has started on first week of July 2013 as FSL

closed above its long term 200 days Exponential moving average level of

10.60 and reached 23.65 on 06th

November 2013. The stock has been

trading within bullish price channel since July 2013. Subsequently, the

stock closed near its main trend line on the weekly chart. This offers

good buying opportunities at lower levels. So, one should advise to

accumulate/buy the stock at current levels. We expect short term

uptrend will continue and on the support and resistance part, above

22.75, the next resistance for the FSL would be around 25.70 and 29.35

levels. On the lower side, the support for the stock is seen at 21.40 and

20.60 levels.

Strategy Buy FSL above 22.75 with a stop loss of 20.60, for a potential target of 25.70/29.35.

Weekly Economic Calendar

WEEKLY TECHNICAL PICKS

Gujarat Mineral Development Corporation Limited Cmp: 118.90

First source Solutions Limited Cmp: 22.15

Strategy: Buy GMDC above 122 for the short term target of 137/143 with keeping stop loss of 115.

IFCI Financial Services Ltd

Weekly Technical PICKS 27 December 2013

IFCI Financial Services Ltd

Contential Chambers, 142, M G Road, Nungambakkam, Chennai 600 034 | Tel: +91 44 28306600

Disclaimer

This document has been prepared by the Technical Research Department of I-FIN and is meant for use by the recipient only as

information and is not for circulation.

All information/opinion contained/expressed herein above by I-FIN has been based upon information available to the public and the

sources, we believe, to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness.

Neither I-FIN nor any of its employees shall be in any way responsible for the contents. This document is for general information

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document are his own and do not reflect the views of IFCI Financial Services Limited (I-FIN) or any of its associate or group companies.

The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may

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IFCI Financial Services Limited (I-FIN), its associate and group companies, its directors, associates, employees from time to time may have

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Devarajan. S

Technical & Derivative Strategist

044 - 28306686

devarajan@ifinltd.in