Daily Technical Report
January 08, 2015
Sensex (26987) / Nifty (8127)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened on flat note amid
mixed global cues. Subsequently, the Nifty corrected a bit
during the first half; but, post the midsession; we witnessed
a complete recovery from the lows to close with very
negligible cut. On the sectoral front, the Banking, IT and
Metal sectors traded with a negative bias; whereas the Oil &
Gas counters managed to bounce back sharply along with
the Capital Goods and Consumer Durables. The advance
to decline ratio was in favor of the declining counters.
(A=1339 D=1506) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27089 / 8121 and 23525 / 7066 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
Source: Falcon
at 27601 / 8285 and 27085 / 8126 levels, respectively.
Actionable points:
Trading strategy:
The brutal session (for the bulls) on Tuesday was followed
View
Neutral
by a flat opening in our market considering quiet global
Resistance Levels
8150 - 8180
cues. During the first half, the Nifty resumed its previous
Support Levels
8000 - 7960
day’s down move and corrected towards our mentioned
level of 8050 (low was 8065.45). However, the index found
an intraday support precisely at the
78.6% Fibonacci
retracement level of the recent up move from 7961.35 to
8445.90 and hence, we witnessed a modest recovery
throughout the second half. As a result, the Nifty closed tad
above the 8100 mark by posting very nominal losses.
Yesterday’s session can be termed as a breather after a
sharp fall. Looking at the daily chart, it can be concluded
that if the index manages to stay beyond yesterday’s high of
8151.20 then we may witness some bounce towards 8180
- 8220. However, the overall view on the market remains
bearish and we expect the index to test 8000 - 7960 levels
in next few sessions. Any bounce towards mentioned
resistance levels can be used to exit long positions or to
create short positions in the market.
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Daily Technical Report
January 08, 2015
Bank Nifty Outlook - (18304)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, unlike our benchmark index, the Bank Nifty
opened marginally lower and traded with a negative bias
throughout the session and hence, the index managed to
trim by more than half a percent. The index is now
trading well below the daily ’20 EMA’, indicates near term
weakness. Although, the Bank Nifty managed to find a
support around the ‘Upward Sloping Trend Line’ (please
refer the exhibit), we expect the index to eventually violate
it and correct towards
18100
-
18000 levels. The
momentum on the downside may reinforce once the
index sneaks below yesterday’s low of 18211.50. On the
flipside,
18500 would now act as an immediate
resistance level for the banking index.
Actionable points:
View
Neutral
Resistance Levels
18550 - 18650
Support Levels
18400 - 18200
Source: Falcon
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Daily Technical Report
January 08, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,637
26,773
26,912
27,048
27,188
NIFTY
8,021
8,061
8,106
8,147
8,192
BANKNIFTY
18,062
18,183
18,333
18,454
18,603
ACC
1,314
1,341
1,363
1,390
1,412
AMBUJACEM
216
218
220
223
225
ASIANPAINT
751
761
770
780
789
AXISBANK
489
494
500
505
510
BAJAJ-AUTO
2,408
2,428
2,452
2,471
2,495
BANKBARODA
1,034
1,050
1,062
1,078
1,090
BHARTIARTL
347
351
355
359
362
BHEL
244
249
255
260
266
BPCL
631
638
644
651
656
CAIRN
225
227
231
234
238
CIPLA
598
605
611
618
625
COALINDIA
365
370
377
382
389
DLF
129
132
135
138
140
DRREDDY
2,974
3,007
3,042
3,075
3,110
GAIL
409
415
424
430
439
GRASIM
3,343
3,380
3,407
3,444
3,471
HCLTECH
1,458
1,479
1,513
1,534
1,569
HDFC
1,084
1,091
1,103
1,111
1,122
HDFCBANK
929
937
944
952
959
HEROMOTOCO
2,932
2,953
2,988
3,008
3,043
HINDALCO
142
146
150
153
158
HINDUNILVR
768
785
796
813
824
ICICIBANK
329
334
340
345
351
IDFC
151
153
155
157
159
INDUSINDBK
776
784
795
803
814
INFY
1,938
1,951
1,963
1,976
1,988
ITC
346
350
357
361
368
JINDALSTEL
145
148
151
154
157
KOTAKBANK
1,218
1,245
1,274
1,301
1,331
LT
1,474
1,487
1,499
1,512
1,523
LUPIN
1,345
1,361
1,382
1,398
1,418
M&M
1,190
1,207
1,219
1,236
1,248
MARUTI
3,349
3,394
3,426
3,470
3,503
NMDC
132
134
137
139
143
NTPC
138
140
142
144
145
ONGC
322
330
336
344
349
PNB
195
199
204
208
213
POWERGRID
132
135
137
140
142
RELIANCE
828
841
850
863
872
SBIN
292
296
299
303
307
SSLT
201
205
208
213
216
SUNPHARMA
793
801
808
817
824
TATAMOTORS
483
489
494
500
506
TATAPOWER
77
77
79
80
81
TATASTEEL
376
382
390
397
404
TCS
2,363
2,390
2,435
2,462
2,506
TECHM
2,476
2,500
2,537
2,562
2,599
ULTRACEMCO
2,574
2,617
2,655
2,698
2,736
WIPRO
535
538
541
545
548
ZEEL
356
360
365
370
375
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Daily Technical Report
January 08, 2015
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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