Daily Technical Report
April 04, 2014
Sensex (22509) / Nifty (6736)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened slightly higher in-line with
positive cues from other Asian bourses. However, right from
the initial trade, index remained under pressure and hence,
came off nearly a percent lower post the midsession. A sharp
recovery during the final hour trimmed major portion of losses.
On the sectoral front, Banking, Oil & Gas and Capital Goods
counters were among the major draggers; whereas the Health
Care, Metal and Consumer Durables sectors somehow
managed to defend the market. The advance to decline ratio
was strongly in favor of the declining counters. (A=1277
D=1511)(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
21761 / 6493 and 21061 / 6272 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
It was the second consecutive session where we witnessed a
View
Neutral
gap up opening and then immediately index pared down its
Resistance Level
6800
gains. As compared to Wednesday’s session, our markets
Support Levels
6696 - 6662
experienced higher selling pressure during yesterday’s session
and as a result, at one point of the day; Nifty was trading
nearly a percent lower from the previous close. However, once
again bulls managed to recover major portion of losses and
eventually ended marginally in the negative territory. It’s been
nearly 8 trading sessions, our market is showing a similar
intraday movement; but unlike other sessions, yesterday Nifty
sneaked below previous day’s low, which indicates some bit of
effort taken from the bears. Considering the overbought
positions of momentum oscillators and the hourly chart
structure, we can conclude that if the index sustains below
yesterday’s low of 6696 then it may lead to some weakness at
least with a couple of day’s perspective. In this scenario, we
may expect a correction towards 6662 - 6630 levels. On the
higher side, 6800 remains to be a strong resistance for the
index.
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Daily Technical Report
April 04, 2014
Bank Nifty Outlook - (12564)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly higher
in-line with our benchmark index. Looking at
Wednesday’s momentum, we expected Bank Nifty to test
higher end of the range i.e. 12869; but unfortunately it
didn’t happen. In fact, the banking conglomerates were
among the major culprits who kept our market under
pressure throughout the session. Going forward, 12513
now holds a key support with a view of 2 - 3 sessions. If
the index sustains below this level then we may see some
correction towards the next support level of 12420 or may
even test the 12300 mark. On the flipside, 12755 -
12869 levels would act as immediate resistance levels.
Actionable points:
View
Neutral
Resistance Levels
12755 - 12869
Support Levels
12513 - 12420
Source: Falcon
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Daily Technical Report
April 04, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,248
22,379
22,500
22,630
22,751
NIFTY
6,657
6,696
6,737
6,776
6,816
BANKNIFTY
12,375
12,470
12,612
12,706
12,849
ACC
1,335
1,343
1,357
1,364
1,378
AMBUJACEM
198
201
203
207
209
ASIANPAINT
516
527
535
546
553
1,403
1,419
1,444
1,460
1,485
AXISBANK
BAJAJ-AUTO
2,005
2,029
2,049
2,073
2,093
BANKBARODA
734
745
763
775
792
BHARTIARTL
314
317
323
326
332
BHEL
179
183
190
194
200
BPCL
429
434
443
448
456
CAIRN
337
341
345
349
353
CIPLA
386
391
394
400
403
COALINDIA
274
277
283
286
291
DLF
165
168
173
176
181
DRREDDY
2,624
2,644
2,662
2,682
2,700
GAIL
357
363
371
376
384
GRASIM
2,781
2,798
2,823
2,840
2,865
HCLTECH
1,399
1,412
1,426
1,439
1,453
HDFC
886
895
901
911
917
HDFCBANK
719
724
731
736
743
HEROMOTOCO
2,220
2,235
2,250
2,265
2,280
HINDALCO
130
133
137
141
145
HINDUNILVR
581
594
603
615
625
ICICIBANK
1,214
1,224
1,235
1,245
1,255
IDFC
114
119
129
135
145
INDUSINDBK
484
490
499
505
514
INFY
3,306
3,322
3,335
3,351
3,364
ITC
338
342
345
349
352
JINDALSTEL
283
291
298
306
312
JPASSOCIAT
50
51
53
54
56
746
753
762
769
779
KOTAKBANK
LT
1,238
1,264
1,281
1,307
1,324
LUPIN
942
960
972
990
1,002
M&M
981
994
1,003
1,016
1,024
MARUTI
1,906
1,923
1,944
1,960
1,981
NMDC
137
139
141
143
146
NTPC
121
122
123
124
125
ONGC
317
322
327
331
337
PNB
717
729
745
758
773
POWERGRID
106
107
108
110
111
RANBAXY
393
409
419
435
445
RELIANCE
929
941
952
964
975
RELINFRA
432
439
447
455
462
SBIN
1,852
1,874
1,906
1,928
1,960
SESAGOA
184
187
191
194
197
SUNPHARMA
571
575
579
583
586
TATAMOTORS
401
406
412
417
423
TATAPOWER
81
83
84
86
87
TATASTEEL
383
390
401
409
419
TCS
2,131
2,149
2,165
2,183
2,200
ULTRACEMCO
2,085
2,116
2,145
2,177
2,206
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Daily Technical Report
April 04, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Technical Analyst
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