1. Daily Technicals
I Equity I Currencies |
Indices
Stocks for Today
Scrip Action Target Stop Loss
NIFTY SPOT
IGL FUT Sell below 388 372 395.1
RCOM FUT Sell below 107.5 101 111.1
WIPRO FUT Buy above 586 609 574.8
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8 Sep 2014
The index violated the support of 8060 and made a
low of 8049.85 but couldn’t sustain at lower levels
and ended with the minute loss of 9 odd points.
Now on the upside 8123 will act as a resistance and
on the downside 8030 is the immediate support.
Breach of either level in convincing manner can
fetch 100 to 150 points in same direction. Daily RSI
is valued at 70.76 close below 70 can trigger selling
pressure in the index.
The banking index violated the short-term
uptrend line on the daily chart and closed below
the same. We expect the decline to continue
until the next support line pegged at 15600
levels is hit. Daily RSI has generated the
negative crossover this can trigger further
selling.
BANKNIFTY SPOT

2. Daily Technicals
I Equity I Currencies |
Currencies
USDINR (60.68)
The Indian rupee remained marginally under pressure on
Friday ahead of U.S. jobs data. Also, the pair USDINR
closed unchanged.
It can be seen from the daily chart that the pair has a
multiple supports between 60.65 – 60.53 levels. A
sustainable move below 60.53 level might prompt further
selling towards 60. On the contrary a move above
immediate resistance of 61 can strengthen the pair to test
61.40 to 61.60 levels in the coming sessions.
GBPINR (98.95)
On Friday, in line with our view GBPINR started the
session with a gap down opening and during the process
the pair tested our expected targets of 99.50 and 99.
The breakdown on the daily and weekly chart indicates
that going forward the strategy should be ‘Sell on Rise’
for GBPINR. In case of further downside, the pair might
drift towards 98 mark whereas on the upside a move
above 99.23 can result in a bounce towards 100 in the
coming session.
JPYINR (57.71)
As mentioned in our previous report, JPYINR faced further
selling below the support of 57.75. As a result the pair
registered an intraday low of 57.57 but recovered in the
final hour of the session.
Now the daily and hourly chart of the pair seems a bit
exhausted and thus a bounce from current levels cannot
be ruled out. In such scenario, 57.82 and 58.10 are likely
to remain strong resistance for the coming session.
However, in case of further downside 57.50 – 57.25 could
act as the decent support for the pair.
Action Entry Target Stop Loss
USDINR Sell Below 60.63 60.30 60.80
GBPINR Buy Above 99.23 99.70 98.94
JPYINR Buy Above 57.82 58.05 57.57
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3. Daily Technicals
I Equity I Currencies |
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