Daily Technical Report
November 07, 2014
Sensex (27916) / Nifty (8338)
Exhibit 1: Nifty Daily Chart
On Wednesday, our market opened on a flat note amid
quiet global cues. Subsequently, the benchmark index
remained in a narrow range to close with very nominal
gains. On the sectoral front, the Metal counters remained
under pressure along with Power and Realty; whereas the
Banking and Healthcare sectors managed to close in the
green. The advance to decline ratio was in favor of the
advancing counters. (A=1619 D=1394) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25996 / 7780 and 22637 / 6774 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26707 / 8010 and 26003 / 7784 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The last session on Wednesday was a replica of Monday's
View
Neutral
session. After a muted start, the Nifty traded within a
Support Levels
8300 - 8250
narrow range to end the session slightly in the positive
Resistance Levels
8400 - 8450
territory. Due to lethargic movement throughout the
session, the overall chart structure remained unchanged.
Hence, we maintain our view that the trend is strongly
bullish and we continue to mention the near term targets
of 8450 - 8550 levels, which is the 127% ‘Price Extension’
zone. Last two day's movement can be considered as a
breather before the next leap. 8300 - 8250 are likely to act
as important support levels for the Nifty.
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Daily Technical Report
November 07, 2014
Bank Nifty Outlook - (17353)
Exhibit 2: Bank Nifty Daily Chart
On Wednesday too, the Bank Nifty completely
outperformed our benchmark index by adding another
percent to the bull's kitty. Similar to Monday's session,
the banking conglomerates picked up some upward
momentum and traded with a positive bias throughout
the day. In the process, the Bank Nifty met with our
expected targets of
17300
-
17400. Going forward,
looking at the current momentum, the banking index
may continue its rally towards 17500 - 17600 levels.
However, its not advisable to trade in the index at current
levels due to unfavorable risk to reward ratio. On the
downside,
17200
-
17150 levels are seen as an
immediate support zone for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
17500 - 17600
Source: Falcon
Support Levels
17200 - 17150
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Daily Technical Report
November 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,775
27,846
27,928
27,998
28,081
NIFTY
8,300
8,319
8,342
8,361
8,385
BANKNIFTY
17,045
17,199
17,312
17,466
17,579
ACC
1,473
1,479
1,488
1,495
1,504
AMBUJACEM
217
220
224
227
231
ASIANPAINT
649
653
659
663
669
AXISBANK
437
447
454
465
471
BAJAJ-AUTO
2,522
2,546
2,586
2,610
2,649
BANKBARODA
933
943
954
964
975
BHARTIARTL
372
378
389
395
406
BHEL
249
254
257
261
264
BPCL
722
731
738
748
755
CAIRN
269
273
279
283
289
CIPLA
641
650
660
669
679
COALINDIA
335
342
352
359
369
DLF
122
124
128
130
134
DRREDDY
3,137
3,194
3,230
3,287
3,323
GAIL
482
490
498
506
515
GRASIM
3,494
3,527
3,552
3,585
3,610
HCLTECH
1,530
1,568
1,589
1,627
1,648
HDFC
1,073
1,087
1,107
1,121
1,141
HDFCBANK
904
909
914
919
925
HEROMOTOCO
2,888
2,926
2,981
3,019
3,074
HINDALCO
150
153
159
162
167
HINDUNILVR
733
741
745
752
757
ICICIBANK
1,632
1,652
1,666
1,685
1,700
IDFC
150
152
154
156
159
INDUSINDBK
697
710
718
731
739
INFY
4,015
4,070
4,112
4,167
4,209
ITC
354
357
358
361
362
JINDALSTEL
153
158
165
170
178
KOTAKBANK
1,087
1,108
1,124
1,144
1,161
LT
1,644
1,655
1,666
1,676
1,687
LUPIN
1,346
1,364
1,377
1,395
1,408
M&M
1,227
1,242
1,259
1,273
1,290
MARUTI
3,251
3,270
3,299
3,318
3,347
NMDC
153
156
162
165
170
NTPC
142
144
146
148
150
ONGC
396
400
404
407
411
PNB
935
943
951
959
968
POWERGRID
140
141
143
145
147
RELIANCE
976
984
996
1,004
1,016
SBIN
2,693
2,737
2,769
2,813
2,844
SSLT
241
246
255
260
269
SUNPHARMA
849
860
869
881
890
TATAMOTORS
514
525
532
543
551
TATAPOWER
88
90
92
94
97
TATASTEEL
467
473
483
488
498
TCS
2,561
2,580
2,609
2,628
2,657
TECHM
2,483
2,547
2,597
2,661
2,711
ULTRACEMCO
2,472
2,504
2,551
2,583
2,630
WIPRO
549
554
562
566
574
ZEEL
342
348
355
361
368
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Daily Technical Report
November 07, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
-
Technical Analyst
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