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Daily Technical Report 30.09.2016

Nifty opened  with an upside gap and tested 8800 mark in the early trade. But thereafter it started lower tops and lower bottoms on the intraday chart. In the afternoon session, it fell sharply and broke 8700 and 8600 mark and made a low of 8558, finally it ended at 8591 with a loss of 2.72%.  The Advance Decline ratio was almost 1:12.

Yesterday, this is first time since February 2016, Nifty has given close below its 200DEMA, which is placed at 8651. On the monthly chart Nifty is making “Bearish Engulfing” pattern and oscillators are showing negative crossover. Now Nifty is ready for a correction, it can test its 200DEMA, which is placed at 8234 and below that it can even test 8150, which is 38.20% retracement level of its entire rally from 6825 to 8968. On the upside the range of 8700 to 8800 will play as a strong resistance now.

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Today's Picks On 30/09/2016

RCOM

Sell

42.35

SL: 45.10

TGT: 38

Adani ENT

Sell

64.90

SL: 67.10

TGT: 61

Actionable Ideas On Nifty for 30 Sep

Action SL TGT
Buy above 8675 8600 8825
Sell below 8550 8631 8400

Nifty Imp. Levels For 30 Sep

Open 8792
High 8800
Low 8558
Close 8591
S 1 8499
S 2 8407
R 1 8741
R 2 8892

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Disclaimer
SEBI Registration Number : INH100001625

I, Manas Jaiswal, Research Analyst comply with the qualification and certification requirements under SEBI (Research Analyst) Regulations, 2014. I have been working in the Indian Capital markets for over 14 years. All of the views expressed in research reports and recommendations issued by me reflect my personal views about the subject company or companies at the given point of time and I do not receive/accept any kind of compensation, directly or indirectly related to specific recommendations or views expressed in reports issued by me. I/my relative’s do not at any point of time of issuing the reports have any material conflict of interest in the subject company neither I was/am/will be engaged in market making activity for the subject company. The investments discussed or views expressed in reports and recommendations issued by me may not be suitable for all investors. The user assumes the entire risk of any use made of this information. I/nor any person connected with my report, accepts any liability arising from the use of research document. The recipients of research document should rely on their own investigations and should consult their own advisors to determine merit and risks of such investments. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. Reports and recommendations based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals. Opinions expressed in research reports & recommendations will be based on the current opinions as of the date appearing in research report & recommendations. While I endeavor to update on a reasonable basis the information discussed in research reports, there may be regulatory, compliance, or other reasons that prevent me from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. In so far as reports include current or historic information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed.

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