Daily Technical Report
June 03, 2014
Sensex (24685) / Nifty (7363)
Exhibit 1: Nifty Daily Chart
The opening session of the week started with a decent
upside gap as indicated by the pre-opening session. This
momentum accelerated as the day progressed and as a
result, index closed with nearly two percent gains. On the
sectoral front, the Banking, Capital Goods and Oil & Gas
counters were among the major gainers; whereas the
Health care and FMCG sectors remained slightly under
pressure. The advance to decline ratio was strongly in favor
of the advancing counters. (A=2001 D=977) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22428 / 6690 and 20359 / 6094 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23918 / 7137 and 22441 / 6696 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
It was a cheerful start for the new week as the index
View
Neutral
witnessed a spell-binding up move. Index opened higher
Support Levels
7300 - 7217
mainly on the back of a strong opening given by a
Resistance Levels
7381- 7428
heavyweight constituent, Larsen & Toubro after posting a
stellar Q4FY2014 numbers. This momentum was carried
over the entire session by some of the banking and oil &
gas conglomerates. Yesterday’s strong rally was slightly
unexpected to us as we were not expecting Nifty to move
beyond 7300 - 7320; but, strong buying interest pushed it
way beyond 7320. Going forward, we expect 7381 to 7428
to act as a strong resistance zone for the market. On the
flipside, 7300 - 7217 are now seen as immediate support
levels. The coming session is likely to trade with immense
volatility on account of RBI monetary policy. Hence, we
advise traders to stay light on positions and avoid taking
undue risks.
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Daily Technical Report
June 03, 2014
Bank Nifty Outlook - (15287)
Exhibit 2: Bank Nifty Daily Chart
Unlike our benchmark index, the Bank Nifty opened
quietly; but took a complete charge post the midsession.
In fact, the banking conglomerates became the major
drivers in yesterday’s rally and in the process, Bank Nifty
managed to close at the highest point ever. The RBI is
going to announce its monetary policy during today’s
session, which we feel would dictate the near term
direction for the index. On the higher side, resistance
levels are seen at 15378 - 15568. On the flipside, 15086
- 14875 would act as immediate support levels for the
banking index.
Actionable points:
View
Neutral
Support Levels
15086 - 14875
Resistance Level
15378 - 15568
Source: Falcon
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Daily Technical Report
June 03, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,116
24,400
24,555
24,839
24,994
NIFTY
7,194
7,278
7,324
7,408
7,453
BANKNIFTY
14,575
14,931
15,126
15,483
15,678
ACC
1,312
1,347
1,368
1,403
1,424
AMBUJACEM
215
219
222
226
229
ASIANPAINT
498
504
509
515
521
AXISBANK
1,792
1,847
1,877
1,931
1,961
BAJAJ-AUTO
1,897
1,936
1,963
2,002
2,029
BANKBARODA
831
853
866
888
901
BHARTIARTL
332
347
356
371
380
BHEL
239
244
247
252
256
BPCL
512
534
545
567
579
CAIRN
334
340
344
349
353
CIPLA
378
383
386
390
394
COALINDIA
362
368
372
378
382
DLF
203
206
210
213
216
DRREDDY
2,366
2,390
2,431
2,455
2,496
GAIL
371
381
387
396
402
GRASIM
3,098
3,129
3,170
3,201
3,241
HCLTECH
1,347
1,365
1,395
1,413
1,443
HDFC
856
876
891
911
925
HDFCBANK
783
801
812
830
841
HEROMOTOCO
2,324
2,355
2,379
2,410
2,434
HINDALCO
144
147
149
152
154
HINDUNILVR
577
589
600
613
624
ICICIBANK
1,388
1,426
1,448
1,486
1,508
IDFC
126
128
129
131
132
INDUSINDBK
523
537
546
561
569
INFY
2,947
2,970
2,984
3,007
3,021
ITC
331
334
338
341
346
JINDALSTEL
292
302
308
318
323
KOTAKBANK
838
863
877
901
915
LT
1,584
1,615
1,635
1,666
1,686
LUPIN
905
913
928
936
951
M&M
1,164
1,202
1,236
1,273
1,307
MARUTI
2,241
2,283
2,312
2,353
2,382
MCDOWELL-N
2,800
2,825
2,841
2,866
2,882
NMDC
165
171
176
181
186
NTPC
152
156
159
163
167
ONGC
370
385
393
408
417
PNB
925
952
967
993
1,009
POWERGRID
120
123
125
127
129
RELIANCE
1,056
1,069
1,079
1,092
1,102
RELINFRA
677
703
718
743
759
SBIN
2,483
2,564
2,608
2,689
2,733
SSLT
273
276
279
283
285
SUNPHARMA
586
592
603
610
621
TATAMOTORS
406
413
418
425
430
TATAPOWER
101
104
105
107
109
TATASTEEL
463
478
487
502
511
TCS
2,093
2,111
2,135
2,153
2,176
TECHM
1,847
1,871
1,905
1,929
1,962
ULTRACEMCO
2,305
2,378
2,418
2,491
2,531
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Daily Technical Report
June 03, 2014
Research Team Tel: 022 - 30940000
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Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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