Daily Technical Report
November 07, 2013
Sensex (20895) / Nifty (6215)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened quietly and similar to
Tuesday’s session, we witnessed selling pressure as the day
progressed. As a result, our benchmark index eventually closed
in the negative territory. The Consumer Durables, Banking,
Realty and Metal counters were among the major draggers;
whereas the IT, Power and Healthcare sectors outperformed
our benchmark index. The advance to decline ratio was in
favor of the advancing counters. (A=1296 D=1158)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19907 / 5926 and 18959 / 5698 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20731 / 6160 and 19995 / 5952 levels, respectively.
The monthly momentum oscillators are now positively
poised.
On the monthly chart, we are observing a breakout from
the ‘Multiple Resistance Zone’.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, it was the second consecutive session where we
witnessed a lethargic movement; but the bias remained bearish
View
Neutral
throughout the session. During the session, the Nifty sneaked
Resistance Level
6305 - 6358
marginally below the mentioned support level of 6222 and
Support Level
6160 - 6070
eventually, closed around it. Looking at the daily chart, it can
be clearly seen that the index is now placed exactly at the
convergence point of two trend lines (please refer the exhibit).
Hence, yesterday’s low of 6208 can be considered as a
support in the near term. A close below this level may apply
brakes on the ongoing optimism. In this scenario, we expect a
decline towards the immediate support levels of 6160 - 6070.
On the flipside, 6250 - 6305 levels would act as immediate
resistances for the index. At present, we advise traders to adopt
a stock specific approach and keep revising stop losses in
order to safeguard their profits.
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Daily Technical Report
November 07, 2013
Bank Nifty Outlook - (11293)
Exhibit 2: Bank Nifty Daily Chart
In-line with our benchmark index, the Bank Nifty too
opened on a subdued note. Subsequently, the index
experienced substantial selling pressure and shed nearly
two percent to become the primary sector in applying
pressure on the benchmark index. On the daily chart, we
can observe that the Bank Nifty has now precisely given a
pull back towards the ‘Horizontal Line’ support zone
(please refer the exhibit). Hence, in case of a bullish
scenario if Bank Nifty manages to hold the 11300 mark
then any sustainable move beyond 11400 would attract
buying interest among market participants. We then
expect 11550 - 11650 levels to be re-tested in coming
trading sessions. On the flipside, a fall and close below
11170 may result in immediate correction towards 11070
- 11000 levels.
Actionable points:
View
Neutral
Support Levels
11219 - 11170
Source: Falcon
Resistance Levels
11400 - 11550
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
07/11/2013
Raymond Ltd.
Cash
Buy
Buy Above 283
275.90
273
299
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Daily Technical Report
November 07, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,750
20,822
20,934
21,006
21,118
NIFTY
6,170
6,193
6,231
6,254
6,292
BANKNIFTY
11,117
11,205
11,358
11,445
11,598
ACC
1,081
1,097
1,118
1,133
1,154
AMBUJACEM
176
178
182
185
189
ASIANPAINT
535
544
550
558
564
AXISBANK
1,185
1,199
1,219
1,234
1,254
BAJAJ-AUTO
2,012
2,044
2,072
2,104
2,132
BANKBARODA
618
631
651
663
683
BHARTIARTL
346
351
358
363
370
BHEL
135
138
141
144
148
BPCL
360
365
373
378
386
CAIRN
314
316
320
322
326
CIPLA
418
421
424
428
431
COALINDIA
293
296
299
301
304
DLF
149
153
158
162
168
DRREDDY
2,352
2,375
2,400
2,423
2,448
GAIL
340
342
345
348
351
GRASIM
2,695
2,720
2,760
2,786
2,825
HCLTECH
1,058
1,071
1,091
1,104
1,124
HDFC
818
829
843
854
868
HDFCBANK
657
663
671
677
685
HEROMOTOCO
2,055
2,081
2,106
2,132
2,157
HINDALCO
112
114
116
117
120
HINDUNILVR
581
584
590
594
599
ICICIBANK
1,062
1,071
1,086
1,095
1,109
IDFC
107
109
112
113
116
INDUSINDBK
433
438
446
451
458
INFY
3,261
3,284
3,298
3,320
3,335
ITC
314
316
319
322
325
JINDALSTEL
238
241
245
248
253
JPASSOCIAT
46
47
48
49
51
KOTAKBANK
718
725
737
743
755
LT
951
957
968
975
986
LUPIN
859
867
875
883
891
M&M
885
892
902
909
919
MARUTI
1,589
1,602
1,623
1,636
1,657
NMDC
136
139
142
145
149
NTPC
144
148
151
155
158
ONGC
278
280
283
285
288
PNB
536
548
568
580
600
POWERGRID
95
95
96
97
98
RANBAXY
391
400
407
415
422
RELIANCE
880
889
904
914
929
RELINFRA
434
440
451
457
468
SBIN
1,752
1,781
1,833
1,862
1,914
SESAGOA
191
194
198
201
206
SUNPHARMA
575
589
599
612
622
TATAMOTORS
383
387
394
398
405
TATAPOWER
81
83
84
86
87
TATASTEEL
327
330
336
339
345
TCS
2,040
2,066
2,085
2,110
2,129
ULTRACEMCO
1,919
1,933
1,949
1,963
1,979
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Daily Technical Report
November 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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