Daily Technical Report
April 06, 2015
Sensex (28260) / Nifty (8586)
Exhibit 1: Nifty Daily Chart
The last trading session of the truncated week, i.e.
Wednesday, began on a quiet note. However, a strong
buying interest in the latter half pushed the Nifty well inside
the positive territory. Barring IT, all other sectors ended in
the positive territory with the Banking, Auto, FMCG and
Healthcare counters being the major contributors to the
rally. The advance to decline ratio was strongly in favor of
the advancing counters. (A=1996 D=708) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
28226 / 8524 and 24807 / 7448 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
28408 / 8617 and 28183 / 8509 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Despite being a truncated week, the bulls completely out
View
Neutral
powered the bears after seeing a sharp cut from the recent
Resistance Levels
8600 - 8650
high. In-line with our view, the Nifty precisely respected the
Support Levels
8500 - 8454
strong support zone of 8280 - 8250, which is the lower end
of the weekly ‘Megaphone’ pattern. A decent bounce
towards the 8500 mark was also very much in line of our
estimation as mentioned in the previous weekly report; but
Wednesday’s extended move towards 8600 surprised us to
an extent. However, we are still observing a cluster of
resistance levels around 8600 - 8650 levels. Thus, before
we expect a further bounce towards 8800 - 8850, we
would first await a sustainable move beyond the
8650
mark. Until then the possibility of retesting 8400 - 8300
becomes quite high. To summarize this, actionable point on
the upside would be a breach of 8650 and on the lower
side, a move below Tuesday’s low of 8454 may bring back
the pessimistic mood in the market. Considering above
mentioned hypothesis, we would advise against being too
aggressive in the market and recommend trading with a
proper exit strategy.
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Daily Technical Report
April 06, 2015
Bank Nifty Outlook - (18618)
Exhibit 2: Bank Nifty Daily Chart
On Wednesday, the banking index too had a huge surge
in-line with the broader market. In fact, it was among the
major contributors by gaining more than two percent. The
index has now surpassed our mentioned resistance zone
of 18450 - 18500. However, we cannot neglect daily ’20
EMA’ which is placed around 18650. Going forward, a
sustainable move beyond
18650 may result into an
extended rally towards 18800 - 18900. On the flipside,
18400 would now be seen as an immediate support
level.
Actionable points:
View
Neutral
Resistance Levels
18650 - 18800
Source: Falcon
Support Level
18400
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Daily Technical Report
April 06, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,740
28,000
28,149
28,409
28,558
NIFTY
8,413
8,500
8,551
8,638
8,690
BANKNIFTY
17,935
18,277
18,473
18,814
19,010
ACC
1,539
1,562
1,577
1,600
1,615
AMBUJACEM
250
255
258
263
266
ASIANPAINT
226
228
232
235
239
AXISBANK
795
808
817
831
839
BAJAJ-AUTO
549
559
566
576
582
BANKBARODA
1,987
2,004
2,019
2,036
2,051
BHARTIARTL
159
164
167
172
175
BHEL
388
395
400
407
412
BPCL
785
794
806
816
828
CAIRN
209
211
213
215
218
CIPLA
697
703
710
716
723
COALINDIA
356
359
362
366
368
DRREDDY
3,469
3,501
3,534
3,566
3,599
GAIL
375
380
384
389
394
GRASIM
3,534
3,614
3,670
3,750
3,806
HCLTECH
918
930
946
958
974
HDFC
1,292
1,314
1,328
1,351
1,365
HDFCBANK
1,004
1,019
1,028
1,042
1,052
HEROMOTOCO
2,609
2,633
2,651
2,675
2,693
HINDALCO
125
129
131
134
136
HINDUNILVR
866
875
880
889
895
ICICIBANK
310
317
321
327
331
IDEA
179
184
187
193
196
IDFC
163
168
171
175
178
INDUSINDBK
863
894
911
942
960
INFY
2,135
2,155
2,177
2,196
2,219
ITC
321
327
330
336
339
KOTAKBANK
1,281
1,321
1,345
1,385
1,409
LT
1,709
1,722
1,730
1,743
1,752
LUPIN
1,988
2,013
2,029
2,054
2,070
M&M
1,166
1,184
1,196
1,214
1,226
MARUTI
3,510
3,577
3,667
3,735
3,825
NMDC
125
127
128
130
132
NTPC
145
147
148
149
151
ONGC
303
305
307
309
311
PNB
140
146
149
155
159
POWERGRID
144
145
146
147
148
RELIANCE
803
820
829
846
855
SBIN
259
266
270
278
282
SSLT
185
188
190
192
194
SUNPHARMA
990
1,035
1,065
1,110
1,140
TATAMOTORS
541
553
560
572
578
TATAPOWER
76
77
77
78
79
TATASTEEL
313
318
322
327
330
TCS
2,501
2,522
2,543
2,563
2,584
TECHM
624
628
633
638
643
ULTRACEMCO
2,832
2,858
2,883
2,910
2,935
WIPRO
614
623
630
640
646
YESBANK
793
820
836
863
879
ZEEL
337
339
342
344
346
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Daily Technical Report
April 06, 2015
Research Team Tel: 022 - 30940000
E-mail: [email protected]
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Technical Analyst
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