Daily Technical Report
December 03, 2013
Sensex (20898) / Nifty (6218)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on an optimistic note
in line with global markets. Subsequently, the index surged
nearly a percent in the early trade and then slipped into a
consolidation mode for rest of the session to post a closing well
above the psychological level of 6200. Excluding Oil & Gas, all
other sectors closed in the positive territory. The Healthcare,
Capital Goods and Banking counters contributed heavily in
yesterday's up move. The advance to decline ratio was strongly
in
favor
of
the
advancing counters. (A=1455
D=1043)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20112 / 5980 and 19094 / 5732 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20601 / 6117 and 20898 / 6003 levels, respectively.
The monthly momentum oscillators are still positively
Source: Falcon
poised.
On the daily chart, we are now observing a breakout from
Actionable points:
the ‘Triangular’ pattern.
View
Neutral
Trading strategy:
Resistance Levels
6229 - 6289
Support Levels
6170 - 6103
Friday's strong rally was followed by a decent opening in our
market. In line with expectations and as an outcome of the
“Triangular Pattern” breakout confirmed on Friday the bulls
marched on towards the immediate target of
6213.
Considering current positioning of the momentum oscillators
on the daily chart, (Stochastic), we expect some consolidation
and then an eventual move towards the primary theoretical
target of the pattern, which is 6275. On the flipside, yesterday's
low of 6171 may provide decent support for the index. Traders
should take note that a fall below the “20 Day EMA” near to
6100 would result in a complete loss of optimism and the
above bullish hypothesis would stand invalidated. We advise
traders to adopt a stock centric approach and trade with strict
stop losses.
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Daily Technical Report
December 03, 2013
Bank Nifty Outlook - (11284)
Exhibit 2: Bank Nifty Daily Chart
On Monday, the Bank Nifty too opened on a positive
note. The entire day's movement was also identical to the
benchmark indices as the banking index too consolidated
after gaining nearly one and half a percent during the
first half. The major hurdle of 11208 was a strong supply
zone and the bulls had failed to cross this mark despite a
few attempts. This stiff resistance has now been
conquered convincingly and bulls precisely attained our
first target of 11350. Looking at the current daily chart
structure, we expect the index to rally towards 11510 -
11600, if it manages to mark its presence above 11350
on a sustainable basis. On the flipside, considering '
Change of Polarity' rule, 11208 would now act as a
strong support for the Bank Nifty. In case of a move
below 11208, the immediate levels of 11180 - 11100
may provide decent support for the index.
Source: Falcon
Actionable points:
View
Neutral
Resistance Levels
11510 - 11600
Support Level
11180
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
03/12/2013
Bajaj Auto
Future
Sell
Below 1969
1979
2014
1912
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Daily Technical Report
December 03, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,699
20,799
20,870
20,969
21,040
NIFTY
6,148
6,183
6,206
6,241
6,263
BANKNIFTY
11,104
11,194
11,271
11,361
11,438
ACC
1,068
1,080
1,099
1,112
1,131
AMBUJACEM
181
183
186
188
190
ASIANPAINT
500
502
506
508
512
AXISBANK
1,143
1,167
1,182
1,205
1,220
BAJAJ-AUTO
1,928
1,944
1,971
1,988
2,014
BANKBARODA
640
645
652
658
665
BHARTIARTL
324
329
332
336
340
BHEL
155
157
159
161
163
BPCL
338
342
344
348
350
CAIRN
317
319
322
324
327
CIPLA
388
390
393
395
398
COALINDIA
266
270
273
277
279
DLF
150
151
153
154
156
DRREDDY
2,452
2,475
2,491
2,514
2,530
GAIL
324
329
335
340
346
GRASIM
2,580
2,622
2,658
2,700
2,736
HCLTECH
1,061
1,097
1,118
1,154
1,176
HDFC
816
822
827
833
838
HDFCBANK
655
658
661
665
668
HEROMOTOCO
1,999
2,031
2,061
2,093
2,122
HINDALCO
119
120
122
123
125
HINDUNILVR
570
576
587
593
604
ICICIBANK
1,057
1,072
1,086
1,102
1,116
IDFC
103
105
106
108
109
INDUSINDBK
417
425
430
439
444
INFY
3,295
3,317
3,347
3,369
3,399
ITC
316
319
321
324
326
JINDALSTEL
251
260
265
274
280
JPASSOCIAT
52
53
54
55
56
KOTAKBANK
749
760
767
778
785
LT
1,028
1,049
1,061
1,083
1,095
LUPIN
845
861
870
886
895
M&M
921
941
952
972
983
MARUTI
1,641
1,651
1,667
1,677
1,692
NMDC
131
133
134
136
137
NTPC
144
146
147
149
150
ONGC
284
289
293
299
302
PNB
546
551
557
562
568
POWERGRID
91
92
93
95
96
RANBAXY
412
430
441
460
471
RELIANCE
846
851
857
861
868
RELINFRA
423
428
432
437
441
SBIN
1,788
1,805
1,829
1,846
1,870
SESAGOA
180
182
185
186
189
SUNPHARMA
562
579
588
605
614
TATAMOTORS
392
396
400
404
408
TATAPOWER
78
79
80
81
82
TATASTEEL
391
400
405
413
419
TCS
1,984
1,999
2,010
2,025
2,036
ULTRACEMCO
1,870
1,885
1,910
1,925
1,950
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Daily Technical Report
December 03, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
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