Daily Technical Report
October 07, 2014
Sensex (26568) / Nifty (7946)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a flat note
amid mixed global cues. Subsequently, index maintained a
range bound movement throughout the session and
eventually managed to close with very negligible losses. On
the sectoral front, excluding IT and TECK sectors, all the
sectors closed in the red. The Oil & Gas, Metal and Banking
counters remained under pressure. The advance to decline
ratio was in favor of the declining counters. (A=1248
D=1681) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25678 / 7675 and 22160 / 6629 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26770 / 8011 and 25564 / 7642 levels, respectively.
Trading strategy:
Source: Falcon
As expected, the truncated week displayed lethargic
movement and the Nifty eventually closed with a marginal
Actionable points:
loss. But having said that we cannot neglect a massive
intraday price movement seen on Tuesday post the RBI
View
Neutral
Monetary Policy announcement. In this course of action,
Support Levels
7934 - 7870
initially the Nifty surged higher and gained nearly a
Resistance Levels
8000 - 8040
percent. But as mentioned in our previous report, the 8040
mark on the Nifty acted as a stiff resistance. As a result, the
Nifty witnessed a complete u-turn after posting a weekly
Further, we would like to inform you that such corrections
high of 8030.90, and plummeted well below the 8000
are essential for a longer term bull run. We maintain our
mark. Apart from this development, we didn’t see any
view that traders can use all such meaningful dips to
interesting price action in the market during the truncated
accumulate value buying propositions.
week. Due to an overall range-bound movement, the chart
structure remains unchanged. In fact, the 8040 mark has
now earned huge significance. Considering the daily ‘Lower
Top Lower Bottom’ formation, we maintain our near term
negative stance on the market as long as the Nifty does not
overcome the 8040 mark. Only a sustainable move above
this level may again bring back the optimistic mood in our
market. Since the 7840 level on the Nifty is a crucial
support in the near term and the current corrective phase is
part of a longer term bull run, it’s advisable to short
aggressively only after the confirmation of a breakdown
below 7840.
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Daily Technical Report
October 07, 2014
Bank Nifty Outlook - (15316)
Exhibit 2: Bank Nifty Daily Chart
On Wednesday, the banking index opened slightly lower
and maintained its negative bias throughout the session.
In the process, the banking index shed nearly half a
percent to close tad above the 15300 mark. Since there is
no major change in the overall chart structure, we
reiterate that a sustainable move below 15300 would
reinforce the pessimism in the index. In this scenario, the
index may retest 15150 level. On the flipside, 15400 -
15600 levels are seen as immediate resistance for the
index.
Actionable points:
View
Neutral
Resistance Levels
15400 - 15600
Support Level
15150
Source: Falcon
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Daily Technical Report
October 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,464
26,516
26,600
26,652
26,735
NIFTY
7,912
7,929
7,953
7,970
7,994
BANKNIFTY
15,215
15,266
15,322
15,372
15,428
ACC
1,370
1,381
1,398
1,409
1,426
AMBUJACEM
207
209
212
213
216
ASIANPAINT
620
626
633
639
646
AXISBANK
371
375
378
383
386
BAJAJ-AUTO
2,303
2,320
2,345
2,362
2,388
BANKBARODA
871
885
896
910
922
BHARTIARTL
398
401
404
407
410
BHEL
196
198
200
202
204
BPCL
641
647
656
662
670
CAIRN
297
300
307
310
317
CIPLA
615
620
626
630
636
COALINDIA
339
342
345
348
351
DLF
147
149
151
152
154
DRREDDY
3,141
3,171
3,224
3,254
3,307
GAIL
427
433
443
449
459
GRASIM
3,426
3,460
3,510
3,544
3,594
HCLTECH
1,694
1,717
1,736
1,759
1,778
HDFC
1,031
1,041
1,049
1,059
1,067
HDFCBANK
856
862
867
873
877
HEROMOTOCO
2,809
2,842
2,884
2,917
2,960
HINDALCO
150
152
155
158
161
HINDUNILVR
724
730
739
745
755
ICICIBANK
1,406
1,418
1,430
1,442
1,454
IDFC
133
134
137
139
141
INDUSINDBK
587
594
608
615
629
INFY
3,672
3,760
3,810
3,898
3,948
ITC
359
362
366
368
372
JINDALSTEL
161
166
170
175
179
KOTAKBANK
996
1,004
1,009
1,017
1,023
LT
1,427
1,437
1,452
1,462
1,478
LUPIN
1,367
1,377
1,390
1,399
1,412
M&M
1,339
1,364
1,380
1,405
1,421
MARUTI
2,884
2,927
3,005
3,048
3,125
NMDC
162
164
166
169
170
NTPC
137
138
139
140
141
ONGC
396
399
405
408
413
PNB
861
870
879
888
897
POWERGRID
133
134
136
138
140
RELIANCE
913
920
933
940
953
SBIN
2,388
2,406
2,430
2,448
2,472
SSLT
266
268
272
275
279
SUNPHARMA
843
852
859
868
875
TATAMOTORS
495
499
503
507
511
TATAPOWER
78
80
82
83
85
TATASTEEL
439
444
451
456
462
TCS
2,707
2,741
2,772
2,806
2,837
TECHM
2,440
2,480
2,510
2,551
2,581
ULTRACEMCO
2,607
2,628
2,644
2,665
2,681
WIPRO
591
603
611
623
630
ZEEL
306
310
313
317
321
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Daily Technical Report
October 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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