Daily Technical Report
September 04, 2014
Sensex (27140) / Nifty (8115)
Exhibit 1: Nifty Daily Chart
Yesterdays, our benchmark index opened higher on the
back positive cues seen from other Asian bourses. Barring
some selling pressure during the penultimate hour, the
index managed to close with modest gains. On the sectoral
front, the IT and Teck counters were the major gainers;
whereas the Banking and Power sectors remained under
pressure. The advance to decline ratio was in favor of the
declining
counters.
(A=1494 D=1529) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24931 / 7457 and 21704 / 6494 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26123 / 7821 and 24881 / 7433 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The Nifty made a hat trick of closing at new all time highs.
As mentioned in our previous report, the Nifty surged
View
Neutral
towards 8150 level (Intraday High was 8141.90) once it
Support Levels
8082 - 8035
surpassed the
8100 mark. However, a modest profit
Resistance Level
8150 - 8200
booking during the penultimate hour led to a formation of a
‘DOJI’ Japanese candlestick pattern on the daily chart. An
occurrence of such pattern after an up move indicates
possibility of halt in ongoing trend. However, we have been
already witnessing such patterns over the past few days.
But, a strong momentum on the upside is completely
ignoring it and is managing to stay above the low of these
candles. Hence, it would be very difficult to anticipate the
weakness so long as Nifty doesn't give a close below such
candlestick patterns. Meanwhile, the Nifty may continue its
northward journey towards the 8200 mark once it sustains
above 8150. On the lower side, 8092 - 8035 are seen as
immediate support levels for the index. We reiterate that
traders should stay light on their positions and trade with
strict stop losses. The individual stocks are likely to
outperform the benchmark index.
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Daily Technical Report
September 04, 2014
Bank Nifty Outlook - (16110)
Exhibit 2: Bank Nifty Daily Chart
On Wednesday, the banking index too opened higher in
line with the benchmark index. However, unlike the Nifty,
the banking index paired down all the early morning
gains. The Bank Nifty traded within a range with slightly
negative bias for the most part of session. Going forward,
if banking index, manages to sustain above 16220 level
then we may witness an upside towards 16350 - 16400
levels. On the other hand,
16040 is seen as an
immediate support level. If Bank Nifty manages to sustain
below it then we may see some profit booking towards
15920 - 15800 levels
Actionable points:
Source: Falcon
View
Neutral
Resistance Levels
16220 - 16350
Support Levels
16040 - 15920
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Daily Technical Report
September 04, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,985
27,063
27,144
27,221
27,303
NIFTY
8,067
8,091
8,116
8,140
8,166
BANKNIFTY
15,962
16,036
16,122
16,196
16,283
ACC
1,527
1,537
1,551
1,561
1,575
AMBUJACEM
211
213
215
217
219
ASIANPAINT
618
622
627
631
636
AXISBANK
405
410
412
416
419
BAJAJ-AUTO
2,182
2,204
2,242
2,264
2,302
BANKBARODA
872
879
887
895
903
BHARTIARTL
383
394
401
412
420
BHEL
231
234
238
241
245
BPCL
688
696
709
718
731
CAIRN
331
333
336
338
341
CIPLA
543
548
555
560
568
COALINDIA
357
367
373
382
388
DLF
177
180
183
186
190
DRREDDY
2,960
2,980
2,995
3,015
3,030
GAIL
440
448
459
466
478
GRASIM
3,539
3,566
3,593
3,620
3,648
HCLTECH
1,628
1,643
1,658
1,672
1,687
HDFC
1,047
1,055
1,065
1,073
1,083
HDFCBANK
844
851
858
864
871
HEROMOTOCO
2,733
2,750
2,772
2,789
2,811
HINDALCO
171
173
175
177
179
HINDUNILVR
725
729
734
738
743
ICICIBANK
1,557
1,569
1,585
1,597
1,613
IDFC
143
144
146
147
149
INDUSINDBK
606
611
617
622
628
INFY
3,560
3,647
3,697
3,784
3,833
ITC
344
346
351
354
358
JINDALSTEL
232
235
238
241
245
KOTAKBANK
1,039
1,048
1,057
1,066
1,076
LT
1,565
1,582
1,595
1,611
1,625
LUPIN
1,286
1,299
1,310
1,323
1,334
M&M
1,370
1,391
1,407
1,427
1,443
MARUTI
2,871
2,890
2,916
2,935
2,961
MCDOWELL-N
2,349
2,375
2,411
2,437
2,474
NMDC
172
176
177
181
183
NTPC
137
139
140
141
143
ONGC
425
431
441
446
456
PNB
947
954
966
973
985
POWERGRID
130
132
133
134
135
RELIANCE
1,015
1,023
1,029
1,038
1,044
SBIN
2,473
2,489
2,509
2,525
2,545
SSLT
274
277
280
283
286
SUNPHARMA
845
854
866
875
888
TATAMOTORS
516
519
525
528
534
TATAPOWER
88
89
90
91
91
TATASTEEL
516
521
526
531
536
TCS
2,510
2,558
2,587
2,635
2,664
TECHM
2,382
2,413
2,431
2,462
2,481
ULTRACEMCO
2,677
2,695
2,719
2,737
2,761
WIPRO
553
565
573
585
592
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Daily Technical Report
September 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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