Daily Technical Report
February 04, 2014
Sensex (20209) / Nifty (6002)
Exhibit 1: Nifty Hourly Chart
Yesterday, our benchmark index opened half a percent lower
as indicated by the SGX Nifty early in the morning. The index
then maintained its negative bias throughout the session to
close with nearly one and half a percent loss. Excluding
Healthcare, all other sectors ended in the negative territory.
The Metal, Realty and Banking counters were the major
culprits. The advance to decline ratio was strongly in favor of
the
declining
counters.
(A=1083 D=1451)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20634 / 6135 and 19395 / 5813 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20898 / 6205 and 20582 / 6121 levels, respectively.
The ‘Shooting Star’ pattern on the weekly chart has now
been confirmed.
The Weekly ‘RSI-Smoothened’ and the ‘ADX (9)’ indicator
are now signaling a negative crossover
Source: Falcon
Actionable points:
Trading strategy:
During yesterday’s session, we witnessed a gradual correction
View
Neutral
towards the psychological level of 6000 mark and the index is
Support Level
5970
now heading towards the crucial support level of 5970. At this
Resistance Levels
6060 - 6080
juncture, we are observing a ‘Downward Sloping Channel’ on
the hourly chart. This creates a possibility of forming a ‘Wolf
Wave’. The ‘Wolf Wave’ theory consists of 5 points. We are
already observing 4 points (please refer the exhibit) and now
waiting for 5th point to get confirmed around the lower end of
the channel, which is 5980 - 5970. Going forward, if the index
manages to take a support around the mentioned support
zone and forms a ‘Japanese Candlestick Pattern’, then there is
a high possibility of confirming a ‘Wolf Wave’. However, the
said pattern would be activated once the index trades above
the hourly swing high of the 5th point. In this scenario, we may
expect an immediate bounce towards 6060 - 6080 (which is a
theoretical target of the pattern). This would also be supported
by the daily ‘Stochastic’ momentum oscillator which has turned
upwards from an extreme oversold territory. However, this
assumption would be negated below 5970 level and the index
then may continue its slide towards 5920 - 5900 levels.
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Daily Technical Report
February 04, 2014
Bank Nifty Outlook - (10102)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened tad lower in-line
with our benchmark index and remained under pressure
to close almost at the lowest point of the day. Currently,
the index is trading well below the
50% Fibonacci
retracement level of the rise from 8366.75 (low on August
28, 2013) to 12225.95 (high on December 09, 2013). If
the selling pressure persists in the broader market, then
the Bank Nifty may continue its ongoing correction
towards the 61.8% Fibonacci retracement level of 9950.
On the flipside, 10200 - 10267 level would now act as
an immediate resistance zone for the banking index.
Actionable points:
View
Neutral
Support Levels
10000 - 9950
Resistance levels
10200 - 10267
Source: Falcon
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Daily Technical Report
February 04, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,992
20,101
20,291
20,399
20,589
NIFTY
5,943
5,973
6,024
6,053
6,104
BANKNIFTY
10,005
10,053
10,138
10,187
10,271
ACC
986
995
1,008
1,017
1,031
AMBUJACEM
149
152
157
160
165
ASIANPAINT
461
465
472
477
484
AXISBANK
1,100
1,112
1,123
1,135
1,146
BAJAJ-AUTO
1,744
1,788
1,860
1,904
1,977
BANKBARODA
513
522
535
544
558
BHARTIARTL
298
302
308
311
317
BHEL
161
164
169
172
177
BPCL
347
352
359
364
371
CAIRN
317
318
321
323
326
CIPLA
405
409
412
416
420
COALINDIA
242
244
246
248
251
DLF
130
132
135
137
140
DRREDDY
2,575
2,614
2,644
2,683
2,713
GAIL
354
360
365
370
376
GRASIM
2,464
2,488
2,526
2,549
2,588
HCLTECH
1,435
1,444
1,458
1,466
1,480
HDFC
771
780
794
803
818
HDFCBANK
620
623
629
632
637
HEROMOTOCO
1,920
1,941
1,972
1,993
2,024
HINDALCO
99
101
105
108
112
HINDUNILVR
560
565
570
574
579
ICICIBANK
940
952
967
979
994
IDFC
88
89
92
93
95
INDUSINDBK
374
378
382
386
389
INFY
3,581
3,605
3,649
3,673
3,716
ITC
317
318
322
323
327
JINDALSTEL
237
240
245
248
253
JPASSOCIAT
37
38
39
40
41
KOTAKBANK
646
651
654
659
662
LT
967
973
981
988
996
LUPIN
867
894
910
937
953
M&M
857
871
881
895
906
MARUTI
1,584
1,601
1,631
1,648
1,677
NMDC
138
140
142
145
147
NTPC
125
125
126
127
127
ONGC
260
264
270
273
279
PNB
535
542
548
556
562
POWERGRID
94
95
96
96
97
RANBAXY
304
309
319
324
333
RELIANCE
813
817
823
827
834
RELINFRA
353
357
365
369
377
SBIN
1,457
1,473
1,501
1,517
1,545
SESAGOA
181
183
187
189
193
SUNPHARMA
582
588
594
601
607
TATAMOTORS
326
331
341
346
355
TATAPOWER
70
71
74
75
78
TATASTEEL
334
338
347
351
360
TCS
2,156
2,175
2,210
2,229
2,263
ULTRACEMCO
1,640
1,665
1,701
1,726
1,762
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Daily Technical Report
February 04, 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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