Daily Technical Report
March 03, 2014
Sensex (21120) / Nifty (6277)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a flat note as
indicated by the SGX nifty. Index then witnessed a sudden spurt
in the initial hour which was followed by some profit booking in
the midsession. However, last hour sharp recovery led the
index to close with more than half a percent gain. On the
sectoral front, the Consumer durables and FMCG counters
closed with nominal losses; whereas Healthcare, IT and TECK
counters outperformed the benchmark index. The advance to
decline ratio was in favor of the declining counters. (A=1314
D=1357)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20605 / 6126 and 19503 / 5841 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20694 / 6149 and 20612 / 6129 levels, respectively.
The 78.6% Fibonacci retracement level of the fall from
6355.60 (high on January 23, 2014) to 5933.30 (low on
February 04, 2014) is placed at 6265.
Source: Falcon
Trading strategy:
Actionable points:
It’s been a cheerful week for the bulls as the Nifty continued
its northward journey right from the opening session. In the
View
Neutral
process, the index initially conquered the 6160 mark and
Support Levels
6228 - 6176
then persistent buying interest enforced it to enter the
Resistance Levels
6283 - 6300
‘Breakaway Gap’ area of 6190 - 6265 created on January
27, 2014. The upper end of this gap area coincides with
the 78.6% Fibonacci retracement level of the fall from
6355.60 (high on January 23, 2014) to 5933.30 (low on
February 04, 2014). Hence, it can be considered as a
strong resistance zone for the market. The daily momentum
oscillators have now entered an extreme overbought
territory, which indicates possibility of an exhaustion or
profit booking in the coming days. We advise traders to
start liquidating their long positions and avoid taking undue
risks. Any reversal sign near the current resistance zone may
trigger some selling pressure in the market. In this scenario,
we may expect the Nifty to retest 6176 - 6130 levels. On
the flipside, 6283 - 6300 levels remain to be a strong
resistance zone for the index. A sustainable move beyond
6300 may push the index back to recent high of 6356 level.
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Daily Technical Report
March 03, 2014
Bank Nifty Outlook - (10765)
Exhibit 2: Bank Nifty Daily Chart
On Friday, Bank Nifty opened half a percent higher but
immediately shaved off some part of early morning gains
on the back of strong selling pressure in few constituents.
However, similar to the benchmark index, the Bank Nifty
too recovered from day’s low and eventually managed to
close with minor gains. At this juncture, the banking index
is hovering around the 61.8 % retracement of recent fall,
where we are now observing a pattern which resembles a
‘Hanging Man’ Japanese candlestick pattern. This level
coincides with the daily ‘89EMA’. An occurrence of such
pattern near the important resistance zone indicates
possibility of near term trend reversal. This pattern will get
activated once the Bank Nifty closes below Friday's low of
10688. In this scenario, we may expect further correction
towards 10600 - 10470 levels. On the flipside, any
closing above 10803 level will negate the said pattern. In
this scenario, we may witness further up move towards
10973 level.
Actionable points:
Source: Falcon
View
Neutral
Support Levels
10688 - 10600
Resistance levels
10803 - 10973
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Daily Technical Report
March 03, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,933
21,026
21,083
21,177
21,234
NIFTY
6,208
6,242
6,263
6,297
6,317
BANKNIFTY
10,644
10,705
10,749
10,809
10,854
ACC
1,075
1,090
1,100
1,115
1,125
AMBUJACEM
162
165
167
170
172
ASIANPAINT
463
468
475
480
487
AXISBANK
1,225
1,246
1,259
1,280
1,292
BAJAJ-AUTO
1,891
1,919
1,938
1,966
1,985
BANKBARODA
528
539
547
559
566
BHARTIARTL
279
283
288
292
297
BHEL
158
163
166
171
174
BPCL
365
372
378
385
391
CAIRN
322
323
324
325
326
CIPLA
371
378
381
388
392
COALINDIA
240
242
245
247
250
DLF
137
139
141
143
144
DRREDDY
2,834
2,865
2,902
2,933
2,970
GAIL
363
367
370
374
377
GRASIM
2,494
2,517
2,549
2,572
2,604
HCLTECH
1,505
1,540
1,565
1,600
1,625
HDFC
804
812
818
825
831
HDFCBANK
655
662
673
680
690
HEROMOTOCO
1,913
1,940
1,967
1,994
2,021
HINDALCO
96
101
104
108
111
HINDUNILVR
536
542
549
556
563
ICICIBANK
1,023
1,034
1,041
1,051
1,059
IDFC
92
93
94
95
96
INDUSINDBK
386
392
398
404
410
INFY
3,732
3,778
3,808
3,854
3,884
ITC
321
324
328
331
335
JINDALSTEL
234
237
240
242
245
JPASSOCIAT
39
40
41
43
44
KOTAKBANK
667
676
685
694
703
LT
1,082
1,096
1,105
1,119
1,129
LUPIN
932
964
983
1,015
1,034
M&M
938
956
967
986
997
MARUTI
1,521
1,555
1,607
1,641
1,693
NMDC
125
126
128
129
130
NTPC
109
111
114
115
118
ONGC
278
285
289
295
299
PNB
529
540
551
563
573
POWERGRID
92
93
94
96
97
RANBAXY
353
359
364
370
374
RELIANCE
781
790
803
813
825
RELINFRA
351
357
361
367
371
SBIN
1,509
1,521
1,530
1,542
1,552
SESAGOA
173
176
177
179
181
SUNPHARMA
621
633
640
652
660
TATAMOTORS
399
408
413
422
427
TATAPOWER
77
78
79
80
82
TATASTEEL
332
338
346
352
360
TCS
2,119
2,197
2,239
2,317
2,358
ULTRACEMCO
1,797
1,821
1,842
1,865
1,887
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Daily Technical Report
March 03, 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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