Daily Technical Report
April 03, 2014
Sensex (22551) / Nifty (6753)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened half a percent higher as
indicated by the SGX Nifty. Subsequently, index pared down all
its morning gains and consolidated throughout the first half.
However, post midsession, we witnessed a decent buying in the
market, which pushed the index to close almost at its opening
level. On the sectoral front, the Realty, Health Care and Oil &
Gas sectors were among the major gainers; whereas the
FMCG and Metal counters remained under pressure
throughout the session. The advance to decline ratio was
strongly in favor of the advancing counters. (A=1895
D=896)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21046 / 6265 and 19714 / 5903 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
21761 / 6493 and 21061 / 6272 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Yesterday, we witnessed a gap up opening on the back of
Resistance Level
6800
positive global cues. However, this optimism couldn’t last too
long as the index shaved off almost all its morning gains.
Support Level
6662
However, we observed a strong buying emerging near intraday
lows, which pushed the index higher to close above the 6750
mark. Barring a gap up opening, the remaining session
replicated previous two sessions’ movement. As a result, we are
now observing yet another ‘Narrow Range’ body formation. It
seems that the market participants are bit cautious; but end of
the day, it’s the bulls who are dominating the session. On the
higher side, the index has now reached our initial target of
6750 and if the momentum continues then it may even test
6800. On the lower side, 6662 would now act as a key
support for the Nifty. We reiterate that traders should stick to
the stock centric approach and follow strict stop losses.
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Daily Technical Report
April 03, 2014
Bank Nifty Outlook - (12715)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened higher in-line
with our benchmark index. Quite similar to Nifty, the
Bank Nifty also shed from early morning highs. But,
eventually managed to regain its position and closed with
a percent gain. Going forward, we expect the index to
remain within a trading range of
12869 -
12513.
Considering last couple of hour’s movement, the
possibility of testing higher end i.e. 12869 is quite high.
On the downside, the intraday weakness would be seen
only below 12513. Yesterday’s rally was mainly led by the
PSU banks and considering their daily and intraday chart
structure, we expect them to continue their optimism. At
this juncture, traders are advised not to create short
positions in such counters.
Actionable points:
View
Neutral
Resistance Level
12513
Support Level
12869
Source: Falcon
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Daily Technical Report
April 03, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,420
22,486
22,539
22,605
22,658
NIFTY
6,707
6,730
6,747
6,770
6,786
BANKNIFTY
12,468
12,592
12,666
12,790
12,864
ACC
1,317
1,338
1,367
1,389
1,418
AMBUJACEM
194
198
201
204
207
ASIANPAINT
507
515
529
537
551
1,422
1,445
1,460
1,482
1,497
AXISBANK
BAJAJ-AUTO
1,998
2,026
2,053
2,081
2,108
BANKBARODA
708
742
762
795
815
BHARTIARTL
315
320
324
330
334
BHEL
188
191
193
196
198
BPCL
437
443
452
458
467
CAIRN
339
342
346
349
353
CIPLA
377
383
388
394
398
COALINDIA
282
284
288
290
294
DLF
171
174
176
179
182
DRREDDY
2,591
2,609
2,627
2,645
2,663
GAIL
370
374
377
381
384
GRASIM
2,768
2,796
2,835
2,863
2,901
HCLTECH
1,414
1,420
1,428
1,434
1,443
HDFC
881
890
898
907
915
HDFCBANK
709
721
733
745
757
HEROMOTOCO
2,219
2,234
2,259
2,275
2,300
HINDALCO
132
134
137
139
142
HINDUNILVR
578
586
596
604
614
ICICIBANK
1,220
1,231
1,242
1,254
1,264
IDFC
124
126
128
130
132
INDUSINDBK
488
498
504
514
520
INFY
3,288
3,305
3,328
3,345
3,367
ITC
333
339
346
351
359
JINDALSTEL
281
285
291
296
302
JPASSOCIAT
52
53
54
55
55
753
761
767
776
782
KOTAKBANK
LT
1,260
1,280
1,295
1,315
1,330
LUPIN
930
945
957
971
984
M&M
984
993
1,001
1,010
1,018
MARUTI
1,909
1,921
1,935
1,947
1,961
NMDC
136
138
139
140
142
NTPC
120
122
123
124
126
ONGC
319
325
328
333
336
PNB
717
737
749
769
781
POWERGRID
106
107
108
109
110
RANBAXY
354
379
397
422
440
RELIANCE
929
944
953
967
977
RELINFRA
427
440
448
461
469
SBIN
1,869
1,902
1,921
1,954
1,973
SESAGOA
184
187
190
193
196
SUNPHARMA
564
570
576
581
587
TATAMOTORS
401
408
411
418
421
TATAPOWER
82
84
85
86
87
TATASTEEL
397
400
403
406
408
TCS
2,137
2,155
2,178
2,196
2,219
ULTRACEMCO
2,066
2,098
2,137
2,169
2,208
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Daily Technical Report
April 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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