Daily Technical Report
November 03, 2014
Sensex (27866) / Nifty (8322)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a positive
note in line with the firm global cues. Right from the initial
trade, we witnessed a significant buying interest across the
broader market, leading to a highest ever close with almost
two percent gains. On the sectoral front, excluding
Consumer Durables, all the sectors managed to close in the
green. The Capital Goods, Oil & Gas and Banking counters
were amongst the major contributors in yesterday’s up
move. The advance to decline ratio was strongly in favor of
the advancing counters. (A=1775 D=1223) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25996 / 7780 and 22637 / 6774 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26707 / 8010 and 26003 / 7784 levels, respectively.
Actionable points:
Trading strategy:
Our market has seen a v-shaped recovery in the concluded
View
Neutral
week from the lows witnessed in the sessions preceding to it.
Support Levels
8265 - 8180
A couple of weeks back; few might have anticipated that the
Resistance Levels
8400 - 8450
Nifty would hit a new all time high any time sooner.
Honestly speaking, despite having a continuous positive
The near term targets on the Nifty are now seen around
view from the level of 7750 on the Nifty, we did not expect
8450 - 8550 levels, which is the 127% ‘Price Extension’
an all time high to be printed so soon. Until the first half of
of the previous rally from the recent low of
7723.85.
Thursday’s session, we expected 8080 to 8120 levels to act
Hence, we advise traders to remain with the flow and
as an immediate hurdle for the bulls. But the way the Nifty
avoid initiating short positions. On the flipside, 8180 -
thrashed these levels post the midsession on Thursday, we
8040 levels would now be seen as strong supports for the
expected it to hit a new high. In-line with our view, the Nifty
Nifty.
opened with an upside gap at
8200 on Friday and
continued its northward journey till the last trade of the
We have been advising traders to accumulate value
session. In the process, the Nifty even surpassed the 8300
buying propositions since the last few weeks and we
mark on a closing basis. Technically speaking, the Nifty has
reinstate our advice this week as well.
now broken out from the ‘Horizontal Line’ resistance with a
‘Breakaway Gap’. This technical development indicates
strong optimism among the market participants. Hence,
looking at the ongoing momentum across the broader
market, we expect to the market to continue to trade firm in
the coming few trading sessions as well.
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Daily Technical Report
November 03, 2014
Bank Nifty Outlook - (17045)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened on a positive
note in line with the Nifty and maintained its uptrend
throughout the session to close with almost two percent
gains. During the concluding month, the Bank Nifty
appreciated by nearly twelve percent, which indicates
clear outperformance. Despite having such a sharp rally,
we are not observing any signs of exhaustion or near term
weakness. Current momentum may take the index
towards 17200 - 17300 levels. On the downside, 16900
- 16780 levels are seen as an immediate support zone
for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
17200 - 17300
Support Levels
16900 - 16780
Source: Falcon
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Daily Technical Report
November 03, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,277
27,571
27,733
28,027
28,189
NIFTY
8,151
8,237
8,284
8,369
8,416
BANKNIFTY
16,686
16,866
16,963
17,142
17,239
ACC
1,482
1,491
1,500
1,508
1,517
AMBUJACEM
222
225
227
230
232
ASIANPAINT
643
650
654
661
665
AXISBANK
429
434
437
443
446
BAJAJ-AUTO
2,537
2,574
2,601
2,638
2,665
BANKBARODA
904
917
925
938
946
BHARTIARTL
385
392
403
410
421
BHEL
251
254
256
259
261
BPCL
689
707
718
736
747
CAIRN
280
283
285
287
289
CIPLA
637
652
662
677
688
COALINDIA
356
363
368
375
379
DLF
120
122
125
127
130
DRREDDY
3,051
3,110
3,156
3,215
3,261
GAIL
488
509
530
550
572
GRASIM
3,421
3,464
3,495
3,539
3,569
HCLTECH
1,565
1,587
1,606
1,627
1,646
HDFC
1,050
1,078
1,094
1,122
1,138
HDFCBANK
891
901
908
919
925
HEROMOTOCO
3,006
3,035
3,069
3,099
3,133
HINDALCO
157
160
162
166
168
HINDUNILVR
714
726
734
746
754
ICICIBANK
1,586
1,606
1,620
1,640
1,653
IDFC
146
151
154
160
163
INDUSINDBK
704
712
717
725
730
INFY
3,956
4,004
4,035
4,082
4,114
ITC
348
352
356
359
364
JINDALSTEL
154
158
161
165
168
KOTAKBANK
1,083
1,101
1,112
1,129
1,140
LT
1,580
1,618
1,641
1,678
1,701
LUPIN
1,341
1,355
1,365
1,379
1,389
M&M
1,265
1,286
1,304
1,325
1,344
MARUTI
3,207
3,272
3,311
3,376
3,415
NMDC
167
169
171
173
176
NTPC
144
147
149
152
154
ONGC
394
400
403
409
412
PNB
910
920
928
938
946
POWERGRID
143
144
145
147
148
RELIANCE
974
987
995
1,009
1,017
SBIN
2,622
2,663
2,686
2,726
2,750
SSLT
248
252
256
260
263
SUNPHARMA
820
833
841
854
863
TATAMOTORS
514
525
532
543
549
TATAPOWER
89
92
93
95
97
TATASTEEL
467
479
486
497
505
TCS
2,537
2,573
2,596
2,632
2,655
TECHM
2,468
2,493
2,508
2,533
2,549
ULTRACEMCO
2,496
2,522
2,541
2,567
2,586
WIPRO
556
560
563
567
571
ZEEL
339
341
346
348
353
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Daily Technical Report
November 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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