Daily Technical Report
February 07, 2014
Sensex (20311) / Nifty (6036)
Exhibit 1: Nifty Hourly Chart
Yesterday, our benchmark index opened on a muted note
considering mixed global cues. After posting a high of 6048,
we witnessed sudden slump in the market, which dragged the
index well inside the negative territory. However, a gradual
recovery throughout the remaining session pulled the index
higher to close with modest gains. On the sectoral front, the
Realty and Capital Goods counters closed in the red; whereas
the FMCG and Consumer Durables were among the major
gainers. The advance to decline ratio was in favor of the
declining
counters.
(A=1241
D=1318)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20601 / 6125 and 19415 / 5818 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20685 / 6143 and 20556 / 6113 levels, respectively.
The ‘Shooting Star’ pattern on the weekly chart has now
been confirmed.
The Weekly ‘RSI-Smoothened’ and the ‘ADX (9)’ indicator
are now signaling a negative crossover
Source: Falcon
Trading strategy:
Actionable points:
Yesterday's price action can be precisely described as the
'Roller
- Coaster Ride' for the market participants. Many
View
Neutral
intraday traders might have got whipsawed by the sharp selloff
Support Levels
5965 - 5933
and then the entire recovery from the lows. During the course,
the Nifty managed to maintain its 'Higher Top Higher Bottom'
Resistance Levels
6100 - 6120
formation seen on the hourly chart. This clearly indicates that
the bulls are not easily willing to give up and hence, managed
to defend 5970 on a closing basis for the third time. The index
is now on the verge of breaking out from the 'Inverse Head &
Shoulder' pattern (please refer the exhibit) formed on the hourly
chart. Any sustainable move beyond 6048 may push the index
towards 6100 - 6120 levels. On the flip-side, 5965 - 5930
levels remains to be a key support zone for our benchmark
index.
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Daily Technical Report
February 07, 2014
Bank Nifty Outlook - (10205)
Exhibit 2: Bank Nifty Hourly Chart
Yesterday, the Bank Nifty too opened quietly in-line with
our benchmark index. During the initial hour, index
managed to move beyond 10267 and everything looked
certain for an up move. But, from nowhere, suddenly
bears struck and the Bank Nifty tanked more than a
percent in the blink of an eye. Despite this bulls stood firm
and eventually lifted the index to close on flat note. Going
forward, only a sustainable move above 10322 levels
would attract some buying interest in the market. In this
scenario, the Bank Nifty may rally towards 10406 (gap
area formed on 30th Jan 2013) - 10500 levels. On the
flip-side, 10100 - 9944 levels would act as key supports
in coming trading session.
Actionable points:
View
Neutral
Support Levels
10100 - 9944
Resistance levels
10322 - 10406
Source: Falcon
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Daily Technical Report
February 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,971
20,141
20,250
20,419
20,528
NIFTY
5,934
5,985
6,017
6,068
6,100
BANKNIFTY
9,998
10,102
10,212
10,315
10,425
ACC
978
998
1,012
1,032
1,045
AMBUJACEM
150
153
155
158
160
ASIANPAINT
473
479
483
489
493
AXISBANK
1,075
1,089
1,113
1,126
1,150
BAJAJ-AUTO
1,847
1,872
1,888
1,912
1,928
BANKBARODA
521
530
543
551
565
BHARTIARTL
309
312
316
319
323
BHEL
151
154
156
159
161
BPCL
339
346
353
360
366
CAIRN
321
326
329
335
338
CIPLA
402
406
413
417
424
COALINDIA
248
257
263
273
279
DLF
131
133
136
138
142
DRREDDY
2,576
2,588
2,601
2,613
2,627
GAIL
340
348
357
365
373
GRASIM
2,431
2,475
2,505
2,549
2,579
HCLTECH
1,347
1,378
1,395
1,426
1,442
HDFC
761
773
785
797
809
HDFCBANK
622
634
642
655
662
HEROMOTOCO
1,940
1,962
1,982
2,004
2,024
HINDALCO
102
104
105
107
109
HINDUNILVR
561
574
581
594
601
ICICIBANK
931
945
960
973
988
IDFC
91
92
93
94
95
INDUSINDBK
379
385
392
397
404
INFY
3,521
3,542
3,563
3,584
3,605
ITC
313
319
322
328
331
JINDALSTEL
235
239
244
248
253
JPASSOCIAT
35
36
38
39
41
KOTAKBANK
639
650
663
674
687
LT
958
967
978
987
998
LUPIN
891
900
911
920
931
M&M
855
876
888
909
921
MARUTI
1,574
1,607
1,626
1,659
1,678
NMDC
138
141
143
145
147
NTPC
130
132
133
135
136
ONGC
262
265
269
272
276
PNB
533
541
554
563
576
POWERGRID
95
95
96
97
97
RANBAXY
324
330
337
343
350
RELIANCE
800
808
816
824
832
RELINFRA
351
357
361
366
370
SBIN
1,468
1,486
1,512
1,531
1,557
SESAGOA
179
181
184
186
189
SUNPHARMA
575
580
586
591
598
TATAMOTORS
344
351
356
362
367
TATAPOWER
72
74
75
76
77
TATASTEEL
351
356
362
367
373
TCS
2,125
2,150
2,170
2,195
2,215
ULTRACEMCO
1,631
1,664
1,683
1,716
1,736
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Daily Technical Report
February 07, 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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