Daily Technical Report
October 07, 2013
Sensex (19916) / NIFTY (5907)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark index opened with minor losses on
the back of weak global cues. Subsequently, the bulls resumed
their previous day's trend and gained nearly a percent post
midsession. However, significant profit booking in the last hour
of trade led to close on a muted note. On the sectoral front,
the Realty, Auto and Metal counters closed with minor gains;
whereas the Power, Capital Goods and Banking sector
remained under pressure throughout the day. The advance to
decline ratio was marginally in favor of the advancing
counters. (A=1203 D=1155) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19375 / 5771 and 18734 / 5639 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19660 / 5818 and 19429 / 5791 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised.
The index sneaked below the low (Spinning Top low of
5798) of September 20, 2013 weekly candle; but failed to
close below it.
Source: Falcon
On a closing basis, the ‘Lower Top - Lower Bottom’
Actionable points:
formation on the weekly chart is still intact (Nifty).
View
Bearish Below 5885
The 50% and 61.8% Fibonacci retracement levels of the
fall from 6143 (high on September 19, 2013) to 5700
Expected Targets
5834 - 5800
(low on October 01, 2013) are placed at 5922 and 5974,
Resistance Level
5951
respectively.
Trading strategy:
Except Monday’s session, all the remaining sessions ended in
In this case, the Nifty may slide towards 5700 - 5630 levels.
the favor of the bulls. After testing 5700, the index bounced
On the flipside, any sustainable move beyond previous
back sharply from the lows and moved beyond the resistance
week’s high of 5990 may negate the bearish stance in the
level of 5877 mark on Thursday’s session. The strong rally was
shorter term. As a result, we may witness an extended rally
towards 6048 or higher levels. Considering the charts of the
mainly influenced by the significant appreciation seen in Indian
index heavyweights and the overall wave structure on the
Rupee (INR). This up move was quite surprising for many
traders including us. The index has now closed tad below the
weekly chart, we advise traders to initiate long or short
50% Fibonacci retracement level (5922) of the recent the fall
positions in the index only above 6048 or below 5885 levels,
from 6143 (high on September 19, 2013) to 5700 (low on
respectively. Further, we expect the India Volatility Index to
October 01, 2013). Also, the current daily candle resembles a
rise significantly and thus, markets are likely to give sharp
‘Shooting Star’ Japanese candlestick pattern. The said pattern
moves on either side in the coming trading sessions.
indicates uncertainty amongst market participants when it
occurs at the important resistance level. Hence, considering the
overall wave structure and the weekly Lower Top Lower Bottom
formation, we are of the opinion that if the index sustains
below Friday’s low of 5885, then we may witness a corrective
move in the coming week.
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Daily Technical Report
October 07, 2013
Bank Nifty Outlook - (10197)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty too opened tad lower in-line
with our benchmark index and traded within the narrow
range to close marginally above the opening tick. As
mentioned in our previous report, prices hovering around
the 38.2 % Fibonacci retracement level (10210) of the
recent fall from 11219 (high on September 19, 2013) to
9588 (low of September 30, 2013). The current daily
candle resembles a 'Doji' Japanese Candlestick pattern. An
occurrence of such candle near important resistance level
indicates indecisiveness amongst market participants. The
said pattern will be confirmed once the Bank Nifty sustains
below Friday's low of 10111. In this scenario, we expect
the index to fall towards 9888 - 9750 levels. Also, this
price development would confirm a “trendline breakdown”
on the daily chart. This may lead to a severe correction in
the index and 9500 or even lower levels may be tested.
On the flipside, the 10328 mark would now act as an
immediate resistance level for the Bank Nifty. A close
above 10328 levels would negate the said “Doji” pattern
and may extend the relief rally towards 10535.
Source: Falcon
Actionable points:
View
Bearish Below 10111
Support Levels
10000 - 9888
Resistance Levels
10328
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Daily Technical Report
October 07, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX z
19,459
19,678
19,804
20,024
20,149
NIFTY
5,762
5,836
5,877
5,951
5,992
BANKNIFTY
9,765
9,994
10,118
10,347
10,470
ACC
1,087
1,113
1,129
1,156
1,171
AMBUJACEM
178
184
188
194
198
ASIANPAINT
448
459
468
480
489
AXISBANK
1,020
1,062
1,093
1,135
1,166
BAJAJ-AUTO
1,990
2,055
2,090
2,155
2,190
BANKBARODA
489
507
517
535
545
BHARTIARTL
306
315
320
330
335
BHEL
139
142
144
147
149
BPCL
318
327
332
341
346
CAIRN
313
320
324
331
335
CIPLA
431
433
437
440
444
COALINDIA
287
295
305
312
323
DLF
132
136
138
141
143
DRREDDY
2,375
2,403
2,426
2,453
2,477
GAIL
319
326
330
337
342
GRASIM
2,575
2,646
2,691
2,762
2,807
HCLTECH
1,058
1,081
1,098
1,122
1,139
HDFC
771
787
796
811
820
HDFCBANK
599
618
628
647
657
HEROMOTOCO
1,982
2,006
2,031
2,055
2,079
HINDALCO
108
112
114
118
120
HINDUNILVR
594
602
611
619
628
ICICIBANK
893
915
928
950
963
IDFC
90
92
93
96
97
INDUSINDBK
376
387
396
408
417
INFY
3,008
3,022
3,035
3,049
3,062
ITC
332
335
341
344
350
JINDALSTEL
229
235
239
245
248
JPASSOCIAT
34
36
37
39
40
KOTAKBANK
680
690
698
707
715
LT
795
812
822
838
848
LUPIN
842
852
859
869
877
M&M
821
836
849
864
876
MARUTI
1,358
1,385
1,403
1,430
1,447
NMDC
117
121
123
126
128
NTPC
142
143
145
146
147
ONGC
261
264
266
269
271
PNB
457
464
470
477
484
POWERGRID
98
99
100
101
101
RANBAXY
350
356
361
367
372
RELIANCE
814
831
840
856
865
RELINFRA
369
379
385
395
402
SBIN
1,610
1,635
1,650
1,675
1,690
SESAGOA
172
180
185
194
199
SUNPHARMA
585
593
601
609
617
TATAMOTORS
329
337
343
352
357
TATAPOWER
77
79
80
82
84
TATASTEEL
271
278
284
291
297
TCS
1,931
1,978
2,007
2,054
2,084
ULTRACEMCO
1,775
1,833
1,873
1,931
1,971
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Daily Technical Report
October 07, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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