Daily Technical Report
November 05, 2014
Sensex (27860) / Nifty (8324)
Exhibit 1: Nifty Daily Chart
The opening session of the week began slightly higher amid
mixed global cues. However, these morning gains were very
short lived as the index came off marginally from the high
and then consolidated throughout the session. Most of the
sectors traded with a positive bias among which the Realty
was the top gainer. The Banking, Healthcare and IT ended
with nominal gains; whereas the Consumer Durables, Auto
and Oil & gas counters remained weak throughout the
session. The advance to decline ratio was strongly in favor
of the advancing counters. (A=1826 D=1158) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25996 / 7780 and 22637 / 6774 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26707 / 8010 and 26003 / 7784 levels, respectively.
Actionable points:
Trading strategy:
After a sharp two day’s rally, our benchmark index started
View
Neutral
this truncated week on an optimistic note. However, the
Support Levels
8300 - 8250
Nifty immediately pared down its early morning gains after
Resistance Levels
8400 - 8450
posting a new all time high of 8350.60. The overall activity
during the session was very lethargic and range bound.
Monday’s high precisely coincides with the 100% ‘Price
Extension’ of the previous rally from the recent low of
7723.85. Hence, it was quite evident for the Nifty to witness
some consolidation after reaching such an important level.
We maintain our view that the trend is strongly bullish and
continue to mention the near term targets of 8450 - 8550
levels, which is the 127% ‘Price Extension’ zone. Monday’s
movement can be considered as a breather before the next
leap.
8300 - 8250 are likely to act as important support
levels for the Nifty.
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Daily Technical Report
November 05, 2014
Bank Nifty Outlook - (17134)
Exhibit 2: Bank Nifty Daily Chart
On Monday, the banking index too opened higher and
corrected during the initial hour. However, the movement
during the remaining part of the session was slightly
different from the benchmark index. Post the opening
hour, the banking conglomerates picked up some upward
momentum and traded with a positive bias throughout
the day. As a result, the Bank Nifty managed to
outperform the benchmark index by closing with half a
percent gains. Going forward, looking at the current
momentum, the banking index may continue its rally
towards 17300 - 17400 levels. On the downside, 17000
- 16900 levels are seen as an immediate support zone
for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
17300 - 17400
Support Levels
17000 - 16900
Source: Falcon
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Daily Technical Report
November 05, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,687
27,774
27,872
27,958
28,056
NIFTY
8,271
8,298
8,324
8,351
8,377
BANKNIFTY
16,846
16,990
17,079
17,223
17,313
ACC
1,468
1,480
1,494
1,506
1,520
AMBUJACEM
224
226
228
229
231
ASIANPAINT
643
649
656
661
668
AXISBANK
434
439
443
449
453
BAJAJ-AUTO
2,518
2,546
2,579
2,607
2,639
BANKBARODA
912
931
943
962
974
BHARTIARTL
387
392
398
402
408
BHEL
247
250
254
257
261
BPCL
709
717
725
732
740
CAIRN
281
286
289
294
297
CIPLA
652
658
664
670
677
COALINDIA
347
353
364
370
381
DLF
117
123
126
132
135
DRREDDY
3,111
3,146
3,204
3,239
3,296
GAIL
473
486
510
523
547
GRASIM
3,477
3,504
3,527
3,554
3,577
HCLTECH
1,526
1,549
1,588
1,611
1,651
HDFC
1,086
1,103
1,114
1,132
1,143
HDFCBANK
898
904
912
918
926
HEROMOTOCO
2,875
2,943
2,996
3,065
3,118
HINDALCO
158
161
163
166
169
HINDUNILVR
723
731
737
746
751
ICICIBANK
1,598
1,622
1,636
1,660
1,674
IDFC
151
153
156
158
160
INDUSINDBK
693
701
713
720
732
INFY
3,999
4,042
4,076
4,120
4,154
ITC
351
353
355
358
360
JINDALSTEL
159
164
168
174
178
KOTAKBANK
1,087
1,099
1,110
1,122
1,133
LT
1,634
1,646
1,661
1,673
1,688
LUPIN
1,343
1,351
1,364
1,373
1,386
M&M
1,230
1,249
1,277
1,296
1,325
MARUTI
3,241
3,264
3,299
3,322
3,357
NMDC
161
163
168
171
176
NTPC
145
146
148
150
151
ONGC
400
402
405
407
410
PNB
913
931
944
963
975
POWERGRID
141
143
146
148
152
RELIANCE
982
992
1,001
1,011
1,019
SBIN
2,671
2,697
2,720
2,747
2,770
SSLT
253
257
260
265
268
SUNPHARMA
827
840
850
863
872
TATAMOTORS
522
526
531
536
541
TATAPOWER
92
93
94
94
96
TATASTEEL
480
485
490
494
499
TCS
2,538
2,564
2,607
2,633
2,675
TECHM
2,479
2,529
2,564
2,615
2,650
ULTRACEMCO
2,519
2,539
2,563
2,583
2,607
WIPRO
557
561
565
569
574
ZEEL
338
344
349
356
361
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Daily Technical Report
November 05, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
-
Technical Analyst
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