Daily Technical Report
September 07, 2015
Sensex (25202) / Nifty (7655)
Exhibit 1: Nifty Daily Chart
Our markets opened marginally lower on Friday citing
negative cues from SGX Nifty. Post opening, the indices
continued with its broader negative trend and formed ‘Lower
Top Lower Bottom’ throughout the session. Subsequently, the
Nifty index breached its recent low and ended the session
down by 2.15%. All sectors ended well inside the negative
territory; amongst which the Realty, Power, Healthcare and
Banking were the major contributors. The advance to decline
ratio was strongly in favor of the declining counters. (A=541
D=2157) (Source-www.bseindia.com).
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27465 / 8301 and 25922 / 7807 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 26691 / 8053 and 27517 / 8317 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The Nifty continued to be in the corrective mode and ended
the week with a loss of more than 4%. In the concluded week,
View
Neutral
the index posted the highest weekly loss in the last four years.
Resistance Levels
7740 - 7810
As indicated in our previous weekly report, the pessimism
Support Level
7590 - 7470
resumed as trading began for the week on Monday; the Nifty
faced resistance around the 50% retracement level of the
previous corrective move. On Tuesday, the Nifty witnessed a
gap down opening owing to negative global cues; the
downward momentum accelerated thereon, which resulted in
a further correction. Although we saw marginal recovery in
Thursday’s session, it was again sold into on Friday, in line with
the ‘Sell on Rise’ view which we have been suggesting in our
daily reports. If we observe medium term charts, the
immediate support levels for the Nifty are seen around 7590
(which is the 38.2% retracement level of the entire ‘Impulsive’
upmove from 5119 to 9119) and 7470 (100% price extension
of the down move from 9119 to 7940). The Nifty may give
pullback moves from the above mentioned support zone;
however, the upmove, if any, will just be a pullback rally as we
have witnessed in the recent past. On any pullback moves, the
Nifty is likely to face a strong resistance around 7850 and
7940. The volatility factor continues to rule the markets and
thus, traders are advised to stay with the broader trend and
use any pullback move as an opportunity to create short
positions near the resistance areas rather than looking for any
bottom fishing.
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Daily Technical Report
September 07, 2015
Bank Nifty Outlook - (16129)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty opened with the downside gap of 111 points
on Friday and started falling from the initial trades. The fall
was so immense that the banking index breached the
psychological support level of 16000 with an ease. However,
due to some buying interest witnessed in the second half of
the session, the Bank Nifty trimmed off some of its intraday
losses to give a close with the deep cut of 2.57 percent. With
the huge loss of 6.29 percent on weekly basis, the ‘RSI’
oscillator has breached its crucial support of 40 levels in the
weekly chart, which indicates that weakness could continue
in upcoming sessions too. Thus, rather than doing bottom
fishing at currents levels, traders should use sell on rise
strategy in banking counters. Going forward, the immediate
support is placed at 15800 - 15650 levels; whereas, the
16444 - 16650 levels will now act as crucial resistance for
the index.
Source: Falcon
Actionable points:
View
Neutral
Resistance Levels
15800 - 15650
Support Level
16444 - 16650
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Daily Technical Report
September 07, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,709
24,956
25,365
25,612
26,022
NIFTY
7,518
7,586
7,696
7,764
7,874
BANKNIFTY
15,658
15,893
16,169
16,404
16,680
ACC
1,294
1,319
1,359
1,385
1,425
AMBUJACEM
205
208
213
217
222
ASIANPAINT
778
795
810
827
842
AXISBANK
450
459
471
480
492
BAJAJ-AUTO
2,158
2,185
2,210
2,236
2,262
BANKBARODA
161
168
172
178
182
BHARTIARTL
338
344
348
354
359
BHEL
201
204
207
209
213
BOSCHLTD
21,275
21,547
21,853
22,125
22,430
BPCL
807
829
842
864
877
CAIRN
141
144
146
149
151
CIPLA
625
637
659
671
692
COALINDIA
334
341
345
352
356
DRREDDY
3,918
3,985
4,093
4,160
4,268
GAIL
264
273
284
292
304
GRASIM
3,274
3,324
3,374
3,424
3,473
HCLTECH
919
929
947
958
975
HDFC
1,113
1,127
1,146
1,160
1,178
HDFCBANK
968
982
994
1,008
1,020
HEROMOTOCO
2,231
2,261
2,295
2,325
2,360
HINDALCO
71
73
75
76
78
HINDUNILVR
814
822
831
839
849
ICICIBANK
249
253
259
264
270
IDEA
144
147
149
151
153
INDUSINDBK
808
824
834
850
860
INFY
1,040
1,057
1,084
1,101
1,128
ITC
311
314
318
321
325
KOTAKBANK
579
593
608
622
638
LT
1,495
1,514
1,540
1,559
1,584
LUPIN
1,811
1,835
1,865
1,889
1,919
M&M
1,077
1,094
1,118
1,134
1,158
MARUTI
3,996
4,030
4,085
4,118
4,173
NMDC
93
96
99
102
105
NTPC
111
113
115
117
120
ONGC
215
220
226
232
238
PNB
120
126
129
134
137
POWERGRID
120
122
124
126
129
RELIANCE
812
824
837
849
862
SBIN
219
222
227
230
235
VEDL
89
91
94
96
99
SUNPHARMA
829
844
867
881
904
TATAMOTORS
308
316
323
330
338
TATAPOWER
54
55
57
59
61
TATASTEEL
210
214
222
226
234
TCS
2,491
2,519
2,567
2,595
2,643
TECHM
513
521
534
543
556
ULTRACEMCO
2,830
2,872
2,934
2,976
3,038
WIPRO
533
544
558
568
582
YESBANK
617
632
650
665
683
ZEEL
350
355
365
370
379
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Daily Technical Report
September 07, 2015
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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