Daily Technical Report
September 02, 2014
Sensex (26868) / Nifty (8028)
Exhibit 1: Nifty Daily Chart
Yet another week kicked off the trading on a cheerful note
as indicated by the SGX Nifty. Subsequently, index
consolidated throughout the remaining session and gently
moved higher to gain nearly a percent. On the sectoral
front, excluding FMCG, all the sectors closed in the green.
The Capital Goods, Metal and Realty counters were the
major gainers. The advance to decline ratio was strongly in
favor of the advancing counters. (A=1923 D=1014)
(Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24931 / 7457 and 21704 / 6494 levels, respectively.
Source: Falcon
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26123 / 7821 and 24881 / 7433 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Our benchmark index has been registering new all time
Support Level
7950
highs on regular intervals over the past four months. But,
Resistance Level
8050 - 8100
yesterday was a special and historic session for our market
as the Nifty touched and surpassed the magical figure of
8000 for the first time ever. In line with our expectation, the
index has now met with our targets of 8000 - 8050.
However, this doesn't change our view to bearish as there is
no reversal sign seen on the chart. But, we must accept the
fact that the market has now entered an extreme
overbought territory. Hence, its advisable to book partial
profits and maintain balance position as long as previous
day's low is not broken. It has now become very difficult to
give upside levels as the Nifty reached almost all near term
technical levels. In case of an extended move beyond the
8050 mark, the Nifty may test 8100. We maintain our view
that traders should avoid going aggressively long on the
Nifty. In fact, they can continue their focus on stock specific
movements by following strict stop losses.
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Daily Technical Report
September 02, 2014
Bank Nifty Outlook - (16013)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher and
maintained its positive bias throughout the session.
Similar to the Nifty, the banking index too reached an
important landmark by testing and closing above the
16000 mark for the first time ever. We have been
continuously advising going long in the index since past
few sessions. The Bank Nifty is now approaching our
mentioned targets of 16100 - 16200. Going forward, any
sustainable move beyond these levels can extend this rally
towards 16350 - 16450. However, we advise traders to
hold with a revised stop loss of 15790, which is still above
the cost.
Actionable points:
Source: Falcon
View
Bullish
Expected Targets
16100 - 16200
Support Level
15750
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Daily Technical Report
September 02, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,665
26,766
26,833
26,934
27,001
NIFTY
7,965
7,996
8,016
8,047
8,067
BANKNIFTY
15,684
15,849
15,954
16,119
16,224
ACC
1,481
1,490
1,505
1,514
1,528
AMBUJACEM
206
207
208
209
210
ASIANPAINT
623
626
631
634
638
AXISBANK
394
400
403
409
413
BAJAJ-AUTO
2,219
2,240
2,269
2,290
2,320
BANKBARODA
868
879
886
896
903
BHARTIARTL
366
371
375
379
383
BHEL
233
236
240
242
246
BPCL
681
693
701
713
721
CAIRN
323
327
329
333
335
CIPLA
509
519
525
535
541
COALINDIA
354
360
363
369
372
DLF
173
177
179
182
184
DRREDDY
2,920
2,948
2,969
2,997
3,018
GAIL
439
450
456
466
472
GRASIM
3,374
3,424
3,455
3,505
3,535
HCLTECH
1,618
1,628
1,643
1,653
1,669
HDFC
1,040
1,049
1,067
1,076
1,094
HDFCBANK
833
837
843
847
853
HEROMOTOCO
2,524
2,640
2,713
2,829
2,903
HINDALCO
165
171
175
180
184
HINDUNILVR
730
735
741
746
752
ICICIBANK
1,542
1,570
1,586
1,615
1,631
IDFC
141
143
145
147
148
INDUSINDBK
575
591
603
619
631
INFY
3,567
3,583
3,601
3,617
3,635
ITC
344
347
353
356
361
JINDALSTEL
213
231
242
259
270
KOTAKBANK
1,036
1,042
1,048
1,054
1,061
LT
1,519
1,548
1,564
1,594
1,610
LUPIN
1,271
1,280
1,290
1,299
1,308
M&M
1,379
1,391
1,405
1,417
1,431
MARUTI
2,740
2,827
2,878
2,965
3,016
MCDOWELL-N
2,370
2,389
2,417
2,436
2,464
NMDC
166
169
171
174
176
NTPC
136
138
139
141
142
ONGC
434
437
439
442
445
PNB
939
958
969
988
1,000
POWERGRID
125
129
131
134
136
RELIANCE
985
999
1,010
1,025
1,036
SBIN
2,454
2,479
2,498
2,523
2,542
SSLT
268
276
280
288
293
SUNPHARMA
825
834
847
856
870
TATAMOTORS
509
515
522
527
535
TATAPOWER
86
88
89
92
93
TATASTEEL
506
515
521
530
535
TCS
2,503
2,520
2,540
2,557
2,577
TECHM
2,330
2,351
2,366
2,387
2,403
ULTRACEMCO
2,527
2,585
2,619
2,677
2,710
WIPRO
558
562
567
571
577
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Daily Technical Report
September 02, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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