Weekly Equity Research Report by EPIC - 17 FEBRUARY 2014
NIFTY WEEKLY TECHNICAL LEVELS
Currently Nifty is taking strong support at 6023 off 33.33 % retracement level drawn from low of 5108 to6480 and Nifty will face strong resistance at 6156
.On weekly closing basis nifty showing weakness .This week nifty made high of 6128 and low of 5992 trading in the range of 135 points (Moving between
two fibonacci retracement levels) and taking strong support at 41 weekly sma (5997)
Breaking below 5957 on weekly closing basis would result the target price of 5800 – 5780 levels.For upside nifty will show strength only closing above 6156
level on weekly closing basis.
BANK NIFTY FUTURE CHART
Bank Nifty breaks below the 50% retracement (10349) value drawn from 8349 to 12349 .This weekly Bank Nifty made high of 10421 and not able to close
above the 50% retracement level (10349) which acts as strong resistance . Next support would be 9877 -9683 levels .In daily chart bank nifty formed head
and shoulder pattern still H & S pattern is valid and also banknifty closed below 200 day sma in weekly chart it showing weakness exist in bank nifty .For
Upside Bank Nifty would face strong resistance at 200 week sma (10790).
STOCKS DAILY TECHNICAL LEVELS
S2 – 370.00 ,S1 –360.00 ,CLOSE – 388.80 ,R1 –394.00 ,R2-405.00
SCRIPT NAME: TATAMOTORS,CMP: 388.80 ,ACTION – BUY ,STRATEGY – AROUND 391 ,STOPLOSS – 380 ,TGT – 402-405
STOCKS DAILY TECHNICAL LEVELS
S2 – 129.50 ,S1 –135.00 ,CLOSE – 147.75 ,R1 –152.00 ,R2-158.00
SCRIPT NAME: BHEL ,CMP: 147.75 ,ACTION – SELL ,STRATEGY – AROUND 145 ,STOPLOSS – 152 ,TGT – 140-135
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