Daily Technical Report
December 06, 2013
Sensex (20958) / Nifty (6241)
Exhibit 1: Nifty Daily Chart
On Thursday, our benchmark indices opened substantially
higher as indicated by the SGX Nifty. Our market advanced
nearly two percent during the initial trade but failed to sustain
at higher levels as the index trimmed a decent portion of gains
and eventually closed near days low. The Banking
conglomerates were clearly the major leaders along with the
Capital Goods and PSU counters whereas the Healthcare,
FMCG and IT sectors underperformed the index. The advance
to decline ratio was marginally in favor of the declining
counters. (A=1253 D=1258)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20160 / 5994 and 19095 / 5733 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20664 / 6139 and 20187 / 6005 levels, respectively.
The monthly momentum oscillators are still positively
poised.
Source: Falcon
On the daily chart, we are now observing a breakout from
the ‘Triangular’ pattern.
Actionable points:
Trading strategy:
View
Neutral
Yesterday, the bulls were completely overwhelmed as the exit
Support Levels
6232 - 6209
poll results indicated that BJP (Bhartiya Janata Party) may have
Resistance Levels
6301 - 6343
a thumping victory in the state elections. The momentum lifted
the index towards the psychological 6300 mark. However, the
bulls opted for a profit booking and as a result, the Nifty
gradually descended to close marginally above a percent
mark. Although the comparative closing gains were reasonably
higher, the overall intraday activity was mildly negative. Going
forward, we expect the index to remain within the trading
range of 6301 to 6209 just ahead of assembly election result
on coming Monday. Traders are advised to remain light on
positions and revise stop losses in individual stocks to
Wednesday’s low, to protect their profits.
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Daily Technical Report
December 06, 2013
Bank Nifty Outlook - (11665)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, undoubtedly the Banking sector dictated the
strong rally in our market as they opened substantially
higher and eventually, posted a mammoth four and half
a percent gains. The Bank Nifty was clearly out performer
as the Nifty shed some part of its early morning gains, but
the Bank Nifty kept on making new intraday highs to
close at the highest point of the session. On the daily
chart, we are now observing a 'Breakaway Gap' (please
refer the exhibit), which is a sign of extreme optimism. The
Bank Nifty has now closed marginally below the
important swing high of 11737. In an extreme bullish
scenario, if the index manages to hold yesterday's upside
gap, then we may witness a near term rally towards
12000 - 12200 once it breaks and closes above 11737.
On the flipside, immediate support levels are seen around
11469 - 11347.
Source: Falcon
Actionable points:
View
Neutral
Support Levels
11469 - 11347
Resistance Levels
11737 - 11811
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Daily Technical Report
December 06, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,781
20,869
21,018
21,106
21,254
NIFTY
6,189
6,215
6,258
6,284
6,326
BANKNIFTY
11,390
11,528
11,607
11,744
11,823
ACC
1,092
1,099
1,110
1,117
1,127
AMBUJACEM
183
185
186
188
189
ASIANPAINT
500
502
506
508
511
AXISBANK
1,218
1,230
1,240
1,252
1,262
BAJAJ-AUTO
1,911
1,926
1,949
1,964
1,987
BANKBARODA
657
663
670
676
683
BHARTIARTL
330
333
336
339
342
BHEL
165
168
170
173
175
BPCL
349
354
358
363
367
CAIRN
315
317
320
322
325
CIPLA
380
384
389
393
398
COALINDIA
268
274
279
285
289
DLF
152
154
157
158
161
DRREDDY
2,355
2,385
2,430
2,460
2,505
GAIL
338
342
345
348
351
GRASIM
2,629
2,663
2,685
2,719
2,741
HCLTECH
1,083
1,096
1,114
1,127
1,145
HDFC
813
820
830
837
846
HDFCBANK
665
676
683
695
702
HEROMOTOCO
2,024
2,037
2,053
2,066
2,082
HINDALCO
120
121
122
123
125
HINDUNILVR
556
561
569
574
582
ICICIBANK
1,096
1,116
1,128
1,148
1,160
IDFC
105
109
112
116
118
INDUSINDBK
427
433
438
443
448
INFY
3,307
3,329
3,364
3,386
3,421
ITC
301
305
312
316
322
JINDALSTEL
277
279
283
286
289
JPASSOCIAT
53
54
56
57
58
KOTAKBANK
746
754
763
771
779
LT
1,056
1,071
1,081
1,096
1,105
LUPIN
837
845
861
870
886
M&M
927
935
948
957
969
MARUTI
1,650
1,675
1,692
1,717
1,734
NMDC
138
140
142
144
145
NTPC
140
142
145
147
150
ONGC
285
288
291
294
296
PNB
568
575
587
594
606
POWERGRID
95
95
96
97
98
RANBAXY
428
434
444
450
459
RELIANCE
863
867
872
876
881
RELINFRA
426
432
437
443
449
SBIN
1,825
1,841
1,862
1,877
1,898
SESAGOA
175
178
182
185
190
SUNPHARMA
559
568
583
592
608
TATAMOTORS
380
385
393
398
406
TATAPOWER
82
83
84
84
85
TATASTEEL
414
418
420
424
426
TCS
1,951
1,969
2,001
2,019
2,052
ULTRACEMCO
1,832
1,852
1,885
1,905
1,938
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Daily Technical Report
December 06, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
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