Way2wealth's Daily Technical Bites - Index to consolidate at current levels - Way2wealth

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Daily Technicals

I Equity I Currencies | Commodities I

Stocks for Today

Scrip Action Target Stop Loss

INDUSINDBKFUT Buy on dips at 634 659 619

HDFC FUT Sell below 1000 960 1021

INFY FUT Sell below 3865 3780 3901

Indices

14 Oct 2014

The Nifty violated the medium-term uptrend line but couldn’t end below the same and ended with the piercing candlestick pattern. On the lower time frame chart prices are trading in falling wedge chart pattern. Resistance line of the same is at 7940 successful breach of the same will be first sign of bullish trend reversal. Alternatively, break of yesterday’s low i.e. 7796 on sustainable basis would further accelerate the selling pressure. Daily RSI is valued at 45 and is below the signal line.

The Banking index after opening with a negative gap ended with bullish engulfing candlestick pattern on the daily chart. If the index succeeds in crossing the previous swing high of 15796 then levels of 16100 – 16300 on the upside are likely. Daily RSI has given the positive crossover and is

rising in higher high/low.

BANKNIFTY SPOT

NIFTY SPOT


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Daily Technicals


Action Entry Target Stop Loss

USDINR Sell Below 61.25 61.10 – 61.00 61.50

GBPINR Sell Below 98.60 98 98.95

EURINR Buy Above 78.05 78.60 77.70

USDINR (61.31) Despite the substandard IIP numbers INR kicked off week on a strong note on the back of positive cues from Chinese economic data. However broader gains were capped ahead of consumer inflation data and USDINR closed 0.36% lower. The CPI number which was announced post market was better than expected and indicates that rupee might strengthen further. In that scenario, 61.10 will remain a strong support for USDINR where the upside momentum

will resume only above 61.57 level.

GBPINR (98.73) Even GBPINR remained flat in yesterday’s session due to lack of trigger. After a gap up opening within the band of 98.60 and 99.35 the pair gave away all its gain to close with minor changes. The hourly band mentioned in our previous report is still intact and hence in the coming session, only a move below Friday’s low of 98.60 can drag GBPINR lower towards 98 mark. In case of upside, 99 – 99.20 levels

might act can very strong resistance.

EURINR (77.80) Yesterday was a lackluster session for EURINR as after a gap up opening the pair failed to sustain at higher levels. Ultimately EURINR closed below 78 mark with marginal losses. As shown in the hourly chart the resistance of a falling trend line has now been shifted to 78.05 level. Meanwhile, on the downside the pair is resting on a trend line support placed at 77.70. Thus only a move above 78.05 or a move below 77.70 can dictate the further trend.

Currencies


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Daily Technicals


Commodities

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Outlook & Intraday Strategy

Commodity Expiry S1 S2 Last

Trade R1 R2 Intraday Recommendation

Gold 5'Dec 26845 26720 26972 27080 27160 Bearish Sell at R1 TGT S1 SL 27160

Silver 5'Dec 37855 37310 38336 38670 39235 Bearish Sell at R1 TGT S1 SL 39235

Copper 28'Nov 409.00 405.40 413.30 415.10 418.00 Bearish Sell at Cmp TGT S1 SL

415.10

Nickel 31'Oct 997 985 1005.00 1017 1028.00 Sideways Wait for call

Zinc 31'Oct 141.30 140.50 142.10 143.00 144.10 Bearish Sell at Cmp TGT S1 SL 143

Lead 31'Oct 125.20 124.00 126.05 126.70 127.55 Bearish Sell at R1 TGT S1 SL 127.55

Aluminium 31'Oct 116.60 115.40 117.65 118.30 119.10 Bearish Sell at R1 TGT S1 SL 119.10

Crude Oil 20'Oct 5150 5110 5219 5245 5290 Bearish Sell at R1 TGT S1 SL 5290

Natural Gas 28' Oct 235.5 233.0 237.8 241.0 244.0 Bullish Buy at Cmp TGT R1 SL 235.5

Mentha Oil 30'Oct 685 672.0 701.4 707.0 718.00 Bullish Buy at S1 TGT R1 SL 672

Cotton 31'Oct 16430 16320 16570 16740 16880 Bullish Buy at Cmp TGT R1 SL 16430

Chana 20'Nov 2865 2830 2910 2941 2977 Bearish Sell at Cmp TGT S1 SL 2977

Soy Bean 20'Nov 2875 2840 2914 2935 2971 Bearish Sell at R1 TGT S1 SL 2971

Soy Oil 20'Nov 578.0 573.0 582.20 585.0 590.0 Bearish Sell at R1 TGT S1 SL 590

RM Seed 20'Nov 3573 3530 3612 3629 3675 Bearish Sell at R1 TGT S1 SL 3675

Cocud cake 19'Dec 1348 1326 1374 1390 1416 Bearish Sell at R1 TGT S1 SL 1416

Jeera 20'Nov 10560 10420 10740 10840 10980 Bearish Sell at R1 TGT S1 SL 10980

Turmeric 20'Nov 6110 6030 6160 6270 6400 Bullish Buy at S1 TGT R1 SL 6030

Dhaniya 20'Nov 12133 12050 12181 12260 12340 Bullish Buy at S1 TGT R1 SL 12050

Castorseed 20'Nov 4480 4430 4498 4560 4612 Bullish Buy at S1 TGT R1 SL 4430

Way2wealth's Daily Technical Bites - Index to consolidate at current levels - Way2wealth

Economy & Finance

Transcript of Way2wealth's Daily Technical Bites - Index to consolidate at current levels - Way2wealth