IFIN - Morning Mirror - Morning... · a next key support level of 5810/5750. Break out of 5550 would invite further fall and then 5470 is possible. For intraday traders, NIFTY may

IFCI Financial Services Ltd

Morning Mirror 2 July 2013


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

Weekly Chart Synopsis

After testing the low of 5566 on 24th

June 2013, short covering

helped to close above the resistance level of 5790 levels. This

indicates buying momentum and if it breaks above 5970 on weekly

closing basis, the short term trend on NIFTY can move towards the

previous high of 6230. According to weekly charts, the nifty is facing

a next key support level of 5810/5750. Break out of 5550 would

invite further fall and then 5470 is possible. For intraday traders,

NIFTY may open flat note and it would remain range bound between

5935 and 5850 levels. Breakout of either level would dictate the

intraday trend. If NIFTY breaches 5935 levels, and then 5950/5980 is

possible. On the lower side, Breaching 5780 levels can test at 5750 or

even lower at 5720. Trade Cautiously as profit booking may witness

at higher levels after quick upmove with limited time span.

Close R1 R2 R3 S1 S2 S3

5898.55 5920/5935 5950 5980 5780 5750 5720

Daily Chart Synopsis

After testing the key support level of 11040, short covering helped to

close near its resistance zone of 11644 levels. If bank nifty trades

above 11930 and then it can move toward the upper trend level of

12190/12230 levels. The short term key support level for BANKNIFTY

is seen at 11370 and 11212 levels. On the higher side, the resistnace

level will be seen at 11806 and 11930 levels. If it breaks 11930 levels,

it could test at 12010 or even 12190 levels.

Close R1 R2 R3 S1 S2 S3

11739.50 11806 11930 12010 11670 11422 11370

NIFTY

BANK NIFTY FUTURES

Technical Stocks for the day

� RELIANCE (885.70) – On daily chart, the stock is likely to remain buying momentum and it can move towards 907/921 levels. If it

breaks 921 we could see the stock testing 948 in short term. The support will be at 858/830 levels.

� DLF (189.10) – Technically, the stock is closed near its key resistance level of 193. If it breaks 193 and then further strong

buying can be expected and it could test at 205/209 levels. The support for the stock is seen at 182/179 levels.





Day Trading Guide - Pivot Points

PP – Pivot Point, RB1 – Fibonacci Resistance1, SB1-Fibonacci Support1, RB2 –

Fibonacci Resistance1, SB2 – Fibonacci Support2. How to trade Pivot Points: If the

stock opens above PP then go Long and Keep SB1 as the stop loss for a possible

target of RB1 / RB2.





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Devarajan. S

Technical & Derivative Strategist

044 - 28306686

[email protected]

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IFIN - Morning Mirror - Morning... · a next key support level of 5810/5750. Break out of 5550 would invite further fall and then 5470 is possible. For intraday traders, NIFTY may