Daily Technical Report
March 07, 2014
Sensex (21514) / Nifty (6401)
Exhibit 1: Nifty Daily Chart
Yesterday, once again our market opened slightly higher as
indicated by the SGX Nifty. During the initial hour, Nifty
corrected marginally but immediately recovered from the lows
and managed to keep the momentum intact till the closing
point of the day. On the sectoral front, excluding Healthcare,
all the sectors closed in the positive territory. The Realty, Power,
and Oil & Gas counters were the major gainers in yesterdays
up move. The advance to decline ratio was strongly in favor of
advancing
counters.
(A=1664
D=1074)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20660 / 6142 and 19547 / 5854 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20881 / 6205 and 20698 / 6155 levels, respectively.
The 78.6% Fibonacci retracement level of the fall from
6355.60 (high on January 23, 2014) to 5933.30 (low on
Source: Falcon
February 04, 2014) is placed at 6265.
Actionable points:
Trading strategy:
The bulls were unstoppable as they continued marching higher
View
Neutral
for the third consecutive session. In the process, our benchmark
Support Levels
6356 - 6287
index surpassed swing high of 6356 and posted a highest ever
Resistance Levels
6450 - 6470
closing at the 6400 mark. A move above 6300 was quite
unexpected for us; but eventually, we had to succumb to the
momentum and change our stance once the index moved
beyond 6356 level. The daily chart now exhibits a breakout
from the 'Horizontal Line' resistance. Considering the
momentum, the Nifty may even cross it’s all time high of 6415
and may move towards 6450 - 6470 levels, which coincides
with the 127% retracement of fall from 6356 to 5933. On the
flipside, 6356 now remains to be an important support level
for the index.
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Daily Technical Report
March 07, 2014
Bank Nifty Outlook - (11278)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened slightly higher in
line with the benchmark index. It was the banking index
who contributed heavily in the strong up trend. The
heavyweight constituents like, ICICI Bank and Axis bank
continued their massive run, which reflected in the Bank
Nifty as it managed to break the strong resistance level of
11248. Looking at the momentum, the index may extend
the rally towards 11350 - 11400 levels. On the other
hand, 11150 - 11100 levels would act as a key support
for the index in coming trading sessions.
Actionable points:
View
Neutral
Source: Falcon
Support Levels
11150 - 11100
Resistance levels
11350 - 11400
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Daily Technical Report
March 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,261
21,387
21,456
21,583
21,652
NIFTY
6,316
6,358
6,382
6,425
6,449
BANKNIFTY
11,047
11,163
11,233
11,349
11,419
ACC
1,140
1,176
1,197
1,234
1,255
AMBUJACEM
168
171
173
176
178
ASIANPAINT
470
472
475
477
479
AXISBANK
1,296
1,313
1,324
1,341
1,352
BAJAJ-AUTO
1,903
1,931
1,947
1,975
1,991
BANKBARODA
603
609
616
622
629
BHARTIARTL
282
284
285
287
288
BHEL
163
168
172
177
180
BPCL
379
390
397
408
415
CAIRN
323
327
330
334
337
CIPLA
373
376
382
385
391
COALINDIA
250
254
256
259
261
DLF
142
147
150
155
159
DRREDDY
2,796
2,812
2,827
2,843
2,859
GAIL
373
378
382
387
391
GRASIM
2,596
2,671
2,710
2,785
2,825
HCLTECH
1,456
1,474
1,487
1,505
1,517
HDFC
817
827
835
845
852
HDFCBANK
664
670
674
680
683
HEROMOTOCO
1,953
1,983
2,000
2,029
2,046
HINDALCO
112
117
119
123
125
HINDUNILVR
543
546
550
553
557
ICICIBANK
1,089
1,111
1,126
1,149
1,164
IDFC
102
103
104
105
105
INDUSINDBK
412
416
420
425
429
INFY
3,800
3,816
3,833
3,849
3,866
ITC
329
332
333
336
338
JINDALSTEL
242
248
252
257
261
JPASSOCIAT
38
41
43
45
47
KOTAKBANK
672
680
686
693
699
LT
1,109
1,126
1,136
1,152
1,162
LUPIN
965
974
984
993
1,003
M&M
943
949
955
961
967
MARUTI
1,603
1,627
1,642
1,666
1,681
NMDC
130
131
132
133
135
NTPC
112
114
116
118
120
ONGC
297
303
306
312
316
PNB
580
587
595
603
610
POWERGRID
95
96
97
99
100
RANBAXY
362
367
371
376
380
RELIANCE
804
813
819
828
834
RELINFRA
345
371
390
417
436
SBIN
1,553
1,565
1,574
1,587
1,596
SESAGOA
181
184
186
189
191
SUNPHARMA
612
617
623
628
635
TATAMOTORS
400
404
408
412
416
TATAPOWER
77
78
78
79
80
TATASTEEL
352
358
362
368
371
TCS
2,216
2,229
2,244
2,256
2,272
ULTRACEMCO
1,868
1,914
1,941
1,987
2,013
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Daily Technical Report
March 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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