Daily Technical Report
May 07, 2014
Sensex (22508) / Nifty (6715)
Exhibit 1: Nifty Daily Chart
On Tuesday, our Benchmark indices opened on a positive note
as indicated by the SGX nifty. Initially, the index witnessed
sudden spurt in the market .However, in the later part, the
index paired down all the early morning gains and finally
managed to close with minor gain. On the sectoral front, the
Capital goods and Oil & Gas counters outperformed the
benchmark indices; whereas the IT, and TECK sectors continue
to remain under pressure. The advance to decline ratio was in
favor of the declining counters. (A=1330 D=1414)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21651 / 6452 and 20070 / 6008 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22463 / 6714 and 21727 / 6483 levels, respectively.
The weekly ‘RSI’ momentum oscillator is signaling a
Source: Falcon
negative crossover.
Actionable points:
Trading strategy:
View
Bearish
Expected Targets
6600 - 6550
This was the third consecutive session where we witnessed
Resistance Levels
6741 - 6780
narrower movement and neither bulls nor bears could take
full control of the market. Since there is no major change in
the chart structure, we reiterate that the Nifty is likely to
continue its downward movement, i.e. towards 6600 -
6550 levels in the coming trading sessions. On the flipside,
6744 - 6780 are seen as immediate resistance levels.
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Daily Technical Report
May 07, 2014
Bank Nifty Outlook - (12966)
Exhibit 2: Bank Nifty Daily Chart
On Tuesday, the Bank nifty opened more than half a
percent higher and posted a high of 13013. Since then,
the banking index slipped in to consolidation mode but
bias mainly remained positive and finally managed to
close with more than half a percent gain. As mentioned in
our previous reports, the banking index is moving in an
‘Upward Sloping Channel’ (Please refer the exhibit). Since
there is no major changes in chart structure, we continue
to reiterate our view that, if the index manages to sustain
below Wednesday's low of 12738 then we may witness
further correction towards 12600 - 12500 levels. On the
flipside, immediate resistance is seen at 13015 level. Any
closing above this level would restrict ongoing fall and
would open up possibilities of the rally towards 13125 -
13260 levels.
Actionable points:
Source: Falcon
View
Neutral
Support Levels
12738 - 12600
Resistance Levels
13015 - 13125
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Daily Technical Report
May 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,402
22,455
22,529
22,582
22,656
NIFTY
6,679
6,697
6,720
6,739
6,762
BANKNIFTY
12,870
12,918
12,965
13,013
13,061
ACC
1,260
1,276
1,290
1,306
1,320
AMBUJACEM
194
196
200
203
207
ASIANPAINT
506
511
517
522
529
AXISBANK
1,508
1,523
1,543
1,557
1,578
BAJAJ-AUTO
1,874
1,887
1,905
1,918
1,936
BANKBARODA
791
799
809
816
826
BHARTIARTL
307
311
317
321
327
BHEL
176
177
180
181
183
BPCL
462
465
469
472
477
CAIRN
334
334
335
336
337
CIPLA
386
388
392
395
398
COALINDIA
294
295
297
298
300
DLF
137
139
141
142
145
DRREDDY
2,714
2,729
2,742
2,757
2,770
GAIL
365
368
371
373
377
GRASIM
2,591
2,610
2,638
2,657
2,685
HCLTECH
1,358
1,370
1,382
1,394
1,405
HDFC
861
869
882
891
904
HDFCBANK
709
715
720
725
730
HEROMOTOCO
2,143
2,163
2,191
2,211
2,239
HINDALCO
134
136
138
141
143
HINDUNILVR
547
550
556
559
565
ICICIBANK
1,257
1,267
1,273
1,282
1,289
IDFC
107
108
110
111
112
INDUSINDBK
472
481
487
496
502
INFY
3,139
3,152
3,168
3,181
3,198
ITC
342
345
348
351
354
JINDALSTEL
234
239
243
247
251
KOTAKBANK
795
801
807
812
818
LT
1,282
1,291
1,298
1,307
1,314
LUPIN
983
993
1,001
1,011
1,019
M&M
1,051
1,058
1,064
1,071
1,076
MARUTI
1,870
1,890
1,903
1,923
1,936
MCDOWELL-N
2,734
2,756
2,777
2,798
2,820
NMDC
146
148
149
151
153
NTPC
113
114
115
115
117
ONGC
332
335
338
341
344
PNB
771
778
787
794
804
POWERGRID
100
101
103
104
106
RELIANCE
940
952
959
971
979
RELINFRA
497
505
515
523
533
SBIN
2,029
2,041
2,052
2,064
2,075
SSLT
177
178
180
182
184
SUNPHARMA
616
621
625
631
635
TATAMOTORS
411
415
419
423
426
TATAPOWER
75
76
78
79
81
TATASTEEL
396
399
402
405
407
TCS
2,172
2,185
2,204
2,217
2,235
TECHM
1,762
1,782
1,802
1,821
1,842
ULTRACEMCO
2,005
2,014
2,027
2,036
2,049
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Daily Technical Report
May 07, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Sameet Chavan
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Technical Analyst
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