Daily Technical Report
July 07, 2014
Sensex (25962) / Nifty (7752)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a muted note
and traded in a narrow range for the first half. However, we
witnessed sudden fall in the market which was followed by a
strong recovery to end the session with half a percent gain.
On the sectoral front, the Oil & Gas and Realty sector
managed to outperformed the benchmark index; whereas
Metal and Capital Goods counters remained under
pressure. The advance to decline ratio was in favor of the
declining
counters.
(A=1636 D=1418) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23630/ 7072 and 20888/ 6251 levels, respectively
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25251 / 7569 and 23585 / 7047 levels, respectively
Source: Falcon
Trading strategy:
Actionable points:
The concluded week had begun on a positive note and the
View
Neutral
optimism was maintained till the last trade of the week. In
Support Levels
7695 - 7661
the process, our benchmark index (Nifty) managed to
Resistance Levels
7780 - 7800
surpass its recent high of 7700.05 (posted on June 11,
2014). Honestly, we didn’t expect the level to be overcome
so soon. As a result, we had to negate our view when the
Hence, it’s advisable for traders to keep booking profits on
Nifty closed beyond the ‘Downward Sloping Channel’ seen
every rise and trade with a proper exit strategy. Fresh
on the daily chart. The Nifty has now closed at a new all-
shorting without a proper reversal signal is not advisable as
time-high level and looking at the momentum we expect it
the higher degree trend is strongly bullish. On the lower side,
to continue its upward movement in the coming week (at
7661 - 7623 would act as immediate support levels for the
least in the first half). The reason to hold such an opinion is
Nifty.
that the Nifty corrected slightly during the first half on
Friday, but took a sharp reversal immediately after filling
the upside gap, created on July
02,
2014. Hence,
considering the hourly chart, we expect this momentum to
push the index towards 7850 - 7880 levels, which is the
161% ‘Price Extension’ (please refer the exhibit) of the entire
rally seen from
4531.15 (low during the month of
December 2011) to 6229.45 (high during the month of
May 2013). However, as of now, we are not expecting any
major up move beyond these mentioned levels
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Daily Technical Report
July 07, 2014
Bank Nifty Outlook - (15556)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened on a flat note
and the entire day’s movement was quite similar to the
benchmark index. During the first half, we witnessed a
decent correction towards the hourly 89EMA level of
15300. As expected, this technical tool provided a strong
support and in the process, we witnessed a sharp
recovery towards the fag end of the session. Going
forward, looking at the momentum and the hourly chart
structure, there is a high possibility of testing 15726 -
15750 levels. On the flipside 15380 - 15300 are seen as
immediate support levels for the banking index.
Actionable points:
View
Neutral
Support Levels
15726 - 15750
Resistance Levels
15380 - 15300
Source: Falcon
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Daily Technical Report
July 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,545
25,754
25,868
26,076
26,190
NIFTY
7,627
7,689
7,724
7,786
7,820
BANKNIFTY
15,204
15,380
15,481
15,658
15,759
ACC
1,387
1,419
1,453
1,485
1,520
AMBUJACEM
217
220
224
228
231
ASIANPAINT
580
584
589
593
597
AXISBANK
1,903
1,919
1,934
1,950
1,965
BAJAJ-AUTO
2,268
2,283
2,297
2,312
2,326
BANKBARODA
850
863
872
885
894
BHARTIARTL
333
336
341
344
348
BHEL
255
259
261
265
268
BPCL
587
593
603
609
619
CAIRN
360
362
363
365
367
CIPLA
436
443
448
454
460
COALINDIA
384
389
393
398
402
DLF
213
216
217
220
222
DRREDDY
2,617
2,648
2,671
2,702
2,725
GAIL
451
458
463
470
475
GRASIM
3,316
3,353
3,392
3,429
3,467
HCLTECH
1,462
1,471
1,478
1,487
1,494
HDFC
985
999
1,008
1,022
1,031
HDFCBANK
826
842
850
865
874
HEROMOTOCO
2,544
2,564
2,592
2,612
2,641
HINDALCO
169
171
173
175
176
HINDUNILVR
613
619
624
631
636
ICICIBANK
1,423
1,443
1,455
1,475
1,487
IDFC
131
132
134
135
137
INDUSINDBK
547
558
568
579
589
INFY
3,176
3,211
3,235
3,270
3,293
ITC
328
331
333
336
338
JINDALSTEL
316
321
326
330
336
KOTAKBANK
867
875
885
892
902
LT
1,707
1,725
1,743
1,761
1,780
LUPIN
1,070
1,079
1,092
1,101
1,113
M&M
1,199
1,215
1,225
1,240
1,250
MARUTI
2,600
2,621
2,638
2,659
2,675
MCDOWELL-N
2,390
2,422
2,466
2,498
2,541
NMDC
180
182
184
186
189
NTPC
153
156
158
161
162
ONGC
406
414
419
427
432
PNB
949
964
981
997
1,014
POWERGRID
137
140
143
147
150
RELIANCE
991
1,011
1,024
1,045
1,058
RELINFRA
761
776
789
805
818
SBIN
2,636
2,667
2,691
2,722
2,746
SSLT
300
302
307
309
313
SUNPHARMA
700
705
709
714
719
TATAMOTORS
462
466
470
474
478
TATAPOWER
103
105
107
109
110
TATASTEEL
524
530
538
544
551
TCS
2,388
2,399
2,412
2,424
2,437
TECHM
2,086
2,101
2,117
2,132
2,148
ULTRACEMCO
2,537
2,569
2,601
2,633
2,665
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Daily Technical Report
July 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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