Daily Technical Report
July 24 , 2013
Exhibit 1: Nifty Daily Chart
Sensex (20302) / NIFTY (6078)
Yesterday, our benchmark indices opened nearly half-a-
percent higher and then traded within a narrow trading
range to eventually close in the positive territory. During
yesterday’s session, all sectors ended in the green with the
Consumer Durables, FMCG, Realty and Banking counters
leading the rally. The Advance to Decline ratio ended on a
neutral
note.
(A=1139
D=1166)
(Source-
www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19459/ 5878 and 18607 / 5627 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19741 / 5933 and 19542 / 5900, respectively.
The weekly momentum oscillators are still positively
poised.
The 78.60% Fibonacci retracement level of the fall from
20444 / 6229 to 18467/ 5566 is placed at 20021 /
Source: Falcon:
6088.
Trading strategy:
Actionable points:
During yesterday’s session, we witnessed a gap up opening
in our market. As a result, indices met precisely with our
View
Neutral
mentioned target of 20021 / 6088 (Sensex had already
Resistance Levels
6088 - 6134
achieved that level; but Nifty attained that target yesterday).
Support Level
5974 - 5900
Going forward, we are of the view that our benchmark
indices may rally towards 20444 / 6134 only if they sustain
above yesterday’s high of 20351 / 6094. On the flipside,
Friday’s low of 19956 / 5974 would remain to be a crucial
support in the coming trading sessions. A fall and close
below this level results in a trendline breakdown and would a
clear indication to exit from all long positions. We continue
to advise our traders to stick to their stock specific approach
and avoid taking undue risks ahead of July series derivative
expiry on Thursday.
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Daily Technical Report
July 24, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11240)
Yesterday, the Bank Nifty too opened higher in-line with our
benchmark indices and held on to early gains throughout the
session. Although the daily momentum oscillators are now
signaling a positive crossover the Index has still failed to close
above the all important resistance of 11264. We reiterate that
only a sustainable move beyond 11264 may attract buying
interest among market participants. On the flipside, 11132
levels would act as immediate support level for the index. A
fall below this level may result in a further decline towards
10948 - 10829 levels. Considering the policy changes
made by the RBI yesterday evening, we expect a Gap down
opening in banking counters.
Actionable points:
View
Bearish below 11132
Source: Falcon:
Expected Target
10948 - 10829
Resistance Level
11264
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Daily Technical Report
July 24, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,200
20,251
20,301
20,352
20,402
NIFTY
6,045
6,062
6,077
6,094
6,110
BANKNIFTY
11,149
11,195
11,240
11,285
11,331
ACC
1,214
1,231
1,243
1,261
1,272
AMBUJACEM
192
194
196
198
200
ASIANPAINT
4,811
4,876
4,966
5,031
5,121
AXISBANK
1,184
1,193
1,207
1,216
1,229
BAJAJ-AUTO
1,943
1,959
1,984
2,001
2,026
BANKBARODA
587
604
614
630
640
BHARTIARTL
324
327
332
335
341
BHEL
159
162
164
167
169
BPCL
343
348
353
358
363
CAIRN
304
307
310
313
316
CIPLA
400
404
410
414
420
COALINDIA
292
295
299
303
307
DLF
168
171
175
178
181
DRREDDY
2,299
2,330
2,352
2,384
2,406
GAIL
324
328
332
336
340
GRASIM
2,752
2,774
2,802
2,824
2,852
HCLTECH
885
893
899
907
914
HDFC
809
818
828
837
848
HDFCBANK
676
680
685
689
694
HEROMOTOCO
1,753
1,771
1,790
1,809
1,828
HINDALCO
103
104
105
106
107
HINDUNILVR
687
703
713
728
738
ICICIBANK
977
984
989
995
1,000
IDFC
124
126
128
130
132
INDUSINDBK
454
459
465
469
475
INFY
2,876
2,889
2,903
2,916
2,930
ITC
367
371
374
378
380
JINDALSTEL
202
206
211
215
219
JPASSOCIAT
49
50
50
51
51
KOTAKBANK
691
711
722
742
753
LT
869
885
904
920
939
LUPIN
859
870
887
898
914
M&M
888
905
915
932
942
MARUTI
1,427
1,438
1,451
1,462
1,475
NMDC
107
108
109
111
112
NTPC
142
142
144
144
146
ONGC
305
309
312
316
319
PNB
640
651
659
670
678
POWERGRID
107
109
111
112
114
RANBAXY
310
316
320
326
330
RELIANCE
896
903
914
921
932
RELINFRA
382
389
395
402
409
SBIN
1,817
1,839
1,854
1,876
1,892
SESAGOA
145
146
148
150
152
SUNPHARMA
1,079
1,093
1,105
1,119
1,131
TATAMOTORS
291
295
298
302
305
TATAPOWER
93
94
94
95
95
TATASTEEL
229
232
236
239
243
TCS
1,721
1,735
1,758
1,772
1,795
ULTRACEMCO
1,879
1,895
1,919
1,935
1,959
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Daily Technical Report
July 24, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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