Daily Technical Report
March 05, 2014
Sensex (21210) / Nifty (6298)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened quietly on the back of mixed
global cues. Right from the initial trade, we witnessed a strong
buying interest among market participants, which eventually
resulted in decent rally of nearly one and half a percent. On
the sectoral front, the IT and Healthcare counters
underperformed the benchmark indices; whereas Metal,
Banking and Capital goods sectors were the major gainers.
The advance to decline ratio was strongly in favor of advancing
counters. (A=1602 D=1109)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20626 / 6132 and 19541 / 5851 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20765 / 6170 and 20669 / 6145 levels, respectively.
The 78.6% Fibonacci retracement level of the fall from
6355.60 (high on January 23, 2014) to 5933.30 (low on
February 04, 2014) is placed at 6265.
Source: Falcon
Trading strategy:
Actionable points:
After a cut of nearly a percent, the bulls bounced back strongly
as the index successfully managed to hold 6200 mark. After a
gradual movement, the Nifty picked up a strong momentum
View
Neutral
and reached the 6300 mark. Yesterday's rally caught many
Support Levels
6250 - 6212
traders on the wrong foot, including us. The index is now
Resistance Levels
6320 - 6356
hovering around a strong resistance of 6300, which coincides
with the 'Upward Sloping Trend Line' resistance (please refer
the exhibit). Going forward, a sustainable move beyond 6320
may push the index towards 6356 level. On the flipside, in
case if the selling pressure emerges around 6280 - 6300
levels, then we may witness intraday correction towards 6250 -
6212 levels.
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Daily Technical Report
March 05, 2014
Bank Nifty Outlook - (10929)
Exhibit 2: Bank Nifty Daily Chart
On Tuesday, the Bank Nifty opened on a muted note in
line with the benchmark index. It was mainly the banking
conglomerates who took the charge in lifting the
benchmark index higher and in the process, the Bank
Nifty posted sizable intraday gains of nearly three
percent. The ‘Shooting Star’ Japanese candlestick pattern
has now been negated as the banking index managed to
close well above the high of the pattern. The Bank Nifty
has now traversed both the daily '200 SMA' as well as the
'89 EMA', which indicates strength; but at the same time, it
has also precisely filled the gap created on January 27,
2013. Since, we are observing a strong resistance zone of
10900 - 11000, we would advise trader’s book their long
positions and wait for a weekly closing to happen above
11000 mark. On the flipside, the immediate support
levels are seen around 10800 - 10661.
Source: Falcon
Actionable points:
View
Neutral
Support Levels
10800 - 10661
Resistance levels
11000 - 11133
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Daily Technical Report
March 05, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,841
21,025
21,125
21,309
21,409
NIFTY
6,185
6,242
6,272
6,328
6,358
BANKNIFTY
10,567
10,748
10,842
11,023
11,118
ACC
1,080
1,107
1,124
1,151
1,168
AMBUJACEM
165
167
168
170
171
ASIANPAINT
469
472
475
478
481
AXISBANK
1,235
1,264
1,284
1,314
1,334
BAJAJ-AUTO
1,869
1,896
1,911
1,938
1,953
BANKBARODA
531
554
566
589
602
BHARTIARTL
283
285
288
290
293
BHEL
158
163
165
169
172
BPCL
370
375
379
384
388
CAIRN
325
328
331
333
336
CIPLA
374
376
379
381
384
COALINDIA
243
245
246
249
250
DLF
134
137
139
142
143
DRREDDY
2,715
2,758
2,803
2,846
2,890
GAIL
363
372
377
386
391
GRASIM
2,497
2,534
2,559
2,596
2,622
HCLTECH
1,444
1,463
1,494
1,513
1,544
HDFC
806
814
819
827
833
HDFCBANK
660
666
670
676
680
HEROMOTOCO
1,921
1,949
1,967
1,995
2,013
HINDALCO
102
108
111
117
120
HINDUNILVR
540
547
552
559
564
ICICIBANK
1,018
1,043
1,058
1,083
1,098
IDFC
95
97
98
101
102
INDUSINDBK
384
397
405
419
427
INFY
3,733
3,766
3,795
3,829
3,858
ITC
325
329
331
334
337
JINDALSTEL
239
243
246
251
253
JPASSOCIAT
39
39
40
41
41
KOTAKBANK
660
668
674
682
687
LT
1,078
1,097
1,109
1,129
1,141
LUPIN
967
978
991
1,002
1,015
M&M
935
945
955
966
976
MARUTI
1,530
1,564
1,583
1,617
1,636
NMDC
128
131
132
134
136
NTPC
110
112
113
115
116
ONGC
286
291
294
299
303
PNB
531
549
558
576
585
POWERGRID
93
95
96
97
98
RANBAXY
349
356
360
366
370
RELIANCE
798
805
810
818
822
RELINFRA
346
354
359
367
372
SBIN
1,500
1,525
1,540
1,565
1,580
SESAGOA
171
177
180
186
189
SUNPHARMA
609
614
622
627
634
TATAMOTORS
398
406
413
420
428
TATAPOWER
77
78
80
81
82
TATASTEEL
343
347
350
354
357
TCS
2,210
2,225
2,240
2,255
2,270
ULTRACEMCO
1,800
1,839
1,862
1,901
1,925
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Daily Technical Report
March 05, 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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