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 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
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IFIN - Weekly Technical PICKS - Weekly Technical PICKS - 27th Dec... · good buying opportunities at lower levels. So, one should advise to accumulate/buy the stock at current levels.
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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