Daily Technical Report
May 08, 2014
Sensex (22324) / Nifty (6653)
Exhibit 1: Nifty Daily Chart
On Wednesday, our Benchmark index opened on a negative
note as indicated by the SGX Nifty. This pessimism was
continued throughout the session and as a result, the index
closed at the lowest point of the day by shedding almost a
percent. On the sectoral front, only Consumer Durables and
Power sectors somehow managed to close in the green;
whereas the IT and TECK sectors were the major culprits in
yesterday's fall. The advance to decline ratio was in favor of the
declining
counters.
(A=1234
D=1493)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21647 / 6457 and 20067 / 6007 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22446 / 6708 and 21709 / 6477 levels, respectively.
The weekly ‘RSI’ momentum oscillator is signaling a
negative crossover.
Source: Falcon
Trading strategy:
Actionable points:
View
Bearish
After a couple of mixed trading sessions, it was the bears
Expected Targets
6600 - 6550
that held their nerves and eventually managed to pull the
Resistance Levels
6718 - 6744
index well below the 6700 mark on a closing basis. The
index was under tremendous pressure right from the
morning on the back of massive sell off seen in all
heavyweights IT conglomerates. We have been mentioning
in our previous report that the Nifty is likely to retest 6650
mark and may even slip below it. Yesterday's price action
led to a formation of ‘Lower Top Lower Bottom’ on the daily
chart, which signifies further weakness in the index. Hence,
Going forward, we expect this fall to continue towards 6600
- 6550 levels. On the flipside, 6718 - 6744 would act as
immediate resistance levels for the index.
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Daily Technical Report
May 08, 2014
Bank Nifty Outlook - (12938)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened slightly lower than
the previous close; but considering the overall intraday
movement, it had completely outperformed the
benchmark index by closing with minor losses.
Technically speaking, due to narrower price action there
is no major change in the price structure. As mentioned in
our previous reports, the banking index is continuously
moving in an ‘Upward Sloping Channel’ (Please refer the
exhibit). We continue to reiterate our view that if the index
manages to sustain below 12738 then we may witness
further correction towards 12600 - 12500 levels. On the
flipside, 13000 - 13020 levels are seen as immediate
resistance zone for the banking index.
Actionable points:
View
Neutral
Support Levels
12738 - 12600
Resistance Levels
13020 - 13125
Source: Falcon
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Daily Technical Report
May 08, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,134
22,229
22,381
22,476
22,628
NIFTY
6,596
6,624
6,671
6,700
6,747
BANKNIFTY
12,805
12,872
12,944
13,011
13,084
ACC
1,249
1,260
1,279
1,290
1,308
AMBUJACEM
190
192
196
198
201
ASIANPAINT
497
501
508
512
519
AXISBANK
1,498
1,518
1,537
1,557
1,576
BAJAJ-AUTO
1,832
1,850
1,879
1,897
1,926
BANKBARODA
790
796
805
812
821
BHARTIARTL
300
306
311
316
322
BHEL
176
177
179
181
183
BPCL
463
468
474
479
485
CAIRN
330
332
336
339
342
CIPLA
372
377
387
392
402
COALINDIA
291
293
296
298
300
DLF
138
139
140
142
143
DRREDDY
2,715
2,729
2,741
2,755
2,768
GAIL
353
359
367
373
381
GRASIM
2,578
2,595
2,618
2,635
2,658
HCLTECH
1,259
1,290
1,347
1,377
1,434
HDFC
829
841
862
874
895
HDFCBANK
702
709
718
725
734
HEROMOTOCO
2,125
2,142
2,168
2,185
2,211
HINDALCO
132
133
136
138
140
HINDUNILVR
547
550
554
557
561
ICICIBANK
1,248
1,259
1,268
1,280
1,288
IDFC
107
108
109
110
112
INDUSINDBK
481
487
492
498
503
INFY
2,976
3,022
3,096
3,142
3,216
ITC
343
345
348
350
352
JINDALSTEL
238
240
243
245
248
KOTAKBANK
793
802
809
818
825
LT
1,275
1,285
1,299
1,309
1,323
LUPIN
962
976
1,000
1,014
1,037
M&M
1,052
1,057
1,065
1,070
1,078
MARUTI
1,860
1,871
1,889
1,900
1,918
MCDOWELL-N
2,756
2,765
2,779
2,788
2,802
NMDC
148
149
150
151
152
NTPC
113
114
116
117
118
ONGC
329
332
337
340
345
PNB
766
773
783
790
800
POWERGRID
101
102
103
103
104
RELIANCE
949
955
963
969
977
RELINFRA
497
505
512
519
527
SBIN
2,027
2,052
2,068
2,093
2,109
SSLT
176
177
179
181
183
SUNPHARMA
617
624
631
638
644
TATAMOTORS
412
414
418
420
424
TATAPOWER
76
76
77
78
79
TATASTEEL
393
396
400
404
407
TCS
2,107
2,136
2,170
2,199
2,232
TECHM
1,678
1,707
1,756
1,785
1,834
ULTRACEMCO
1,919
1,944
1,985
2,010
2,051
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Daily Technical Report
May 08, 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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