Daily Technical Report
January 07, 2015
Sensex (26987) / Nifty (8127)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a gap down opening in our market
on the back of negative global cues. The selling pressure
reinforced as the day progressed and thus, the benchmark
index (Nifty) closed with a mammoth loss of nearly three
percent. All sectors during the session witnessed a sharp cut
amongst which the Oil & Gas, Banking, Capital Goods and
Metal were the major draggers. Undoubtedly, the advance
to decline ratio was strongly in favor of the declining
counters. (A=644 D=2253) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27089 / 8121 and 23525 / 7066 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27601 / 8285 and 27085 / 8126 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday’s session was a nightmare for the bulls as the
View
Neutral
Nifty tumbled nearly three percent on worries about
Resistance Levels
8180 - 8250
Eurozone and sinking oil prices. As a result, we witnessed a
Support Levels
8050 - 8000
massive sell-off across the broader market and hence, the
index marked biggest intra-day loss since September 03,
2013. In our previous reports, we have been clearly
mentioning about our skepticism on the recent up move
and also about the cautious stance on the market. Looking
at yesterday’s massive fall in the market, we can now
conclude that our strategy of staying cautious in the recent
rally played out well for us. Going forward, we maintain our
negative view on the market and expect it to correct towards
8050 - 8000 levels. On the flipside, 8180 - 8250 levels
would now act as a strong resistance for the index. Any
bounce towards mentioned levels can be used to exit long
positions or to create short positions in the market.
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Daily Technical Report
January 07, 2015
Bank Nifty Outlook - (18431)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, similar to our benchmark index, the Bank Nifty
too opened with a downside gap and then witnessed a
sharp cut of more than three percent. With reference to
our last couple of reports, despite seeing a breakout from
the ‘Horizontal Line’ resistance, we maintain our cautious
stance on the banking index as well and didn’t give much
weightage to the technical development. In-line with our
view, this breakout on the daily chart can now be termed
as a whipsaw as the Bank Nifty completely negated the
significance of this price action and is now trading well
below the breakout point. Going forward, if the index
manages to slip below the 18400 mark (which is most
likely) then we may witness a continuation of this
corrective move towards 18200 - 18100 levels. On the
flipside, any bounce towards 18550 - 18650 can be used
to create short positions or exit existing long positions.
Actionable points:
View
Neutral
Resistance Levels
18550 - 18650
Support Levels
18400 - 18200
Source: Falcon
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Daily Technical Report
January 07, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,446
26,717
27,208
27,479
27,970
NIFTY
7,972
8,050
8,189
8,266
8,405
BANKNIFTY
18,078
18,255
18,565
18,741
19,051
ACC
1,336
1,360
1,394
1,418
1,453
AMBUJACEM
215
219
224
228
234
ASIANPAINT
731
744
763
776
796
AXISBANK
486
493
503
509
520
BAJAJ-AUTO
2,407
2,424
2,447
2,464
2,487
BANKBARODA
1,033
1,046
1,068
1,081
1,103
BHARTIARTL
345
350
353
357
361
BHEL
252
257
264
268
275
BPCL
616
628
641
653
667
CAIRN
232
234
237
239
242
CIPLA
597
606
619
627
640
COALINDIA
370
375
379
383
387
DLF
131
132
134
135
137
DRREDDY
3,009
3,037
3,084
3,112
3,159
GAIL
419
425
435
441
451
GRASIM
3,255
3,315
3,402
3,462
3,549
HCLTECH
1,493
1,514
1,544
1,566
1,596
HDFC
1,063
1,083
1,116
1,135
1,168
HDFCBANK
926
934
945
953
964
HEROMOTOCO
2,941
2,978
3,038
3,075
3,135
HINDALCO
148
151
154
156
159
HINDUNILVR
746
760
770
785
795
ICICIBANK
338
343
351
356
365
IDFC
152
154
157
159
162
INDUSINDBK
779
789
802
812
826
INFY
1,907
1,931
1,958
1,981
2,009
ITC
352
356
363
367
373
JINDALSTEL
143
148
156
160
168
KOTAKBANK
1,220
1,236
1,249
1,265
1,278
LT
1,466
1,485
1,515
1,534
1,564
LUPIN
1,361
1,378
1,404
1,421
1,446
M&M
1,189
1,200
1,212
1,224
1,236
MARUTI
3,349
3,372
3,406
3,429
3,462
NMDC
135
137
142
144
148
NTPC
134
137
141
143
147
ONGC
319
326
338
345
356
PNB
202
205
210
213
218
POWERGRID
132
134
136
138
140
RELIANCE
806
821
847
862
888
SBIN
291
295
303
308
316
SSLT
199
204
212
217
225
SUNPHARMA
791
800
812
821
833
TATAMOTORS
490
496
505
511
520
TATAPOWER
78
79
80
81
83
TATASTEEL
382
389
402
409
421
TCS
2,383
2,415
2,472
2,504
2,561
TECHM
2,487
2,511
2,540
2,565
2,594
ULTRACEMCO
2,599
2,635
2,687
2,723
2,775
WIPRO
534
539
548
554
562
ZEEL
352
360
369
377
386
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Daily Technical Report
January 07, 2015
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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