Daily Technical Report
July 08, 2014
Sensex (26100) / Nifty (7787)
Exhibit 1: Nifty Daily Chart
Yet another week opened on a higher note considering
strong closing on Friday. Subsequently, index corrected a bit
from early morning high; but a modest recovery towards
the latter part led to a close at the highest point of the day.
On the sectoral front, the IT, Power and Healthcare sectors
were among the major gainers; whereas the Bankning and
Oil & Gas counters remained under pressure. The advance
to decline ratio was in favor of the advancing counters.
(A=1715 D=1359) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23630/ 7072 and 20888/ 6251 levels, respectively
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25251 / 7569 and 23585 / 7047 levels, respectively
Source: Falcon
Trading strategy:
Actionable points:
Friday’s sharp recovery during the final hour was followed
by a gap up opening in our market. Yesterday’ price action
View
Neutral
was a replica of the previous session as the index
Support Level
7755
rebounded after filling up early morning gap. But, the
Resistance Levels
7850 - 7880
overall range was relatively smaller. Since, there is no major
change in the chart structure, we continue to mention that
looking at the current momentum and the hourly chart,
index is likely to extend this rally towards 7850 -
7880
levels, which is the 161% ‘Price Extension’ (please refer the
exhibit) of the entire rally seen from 4531.15 (low during
the month of December 2011) to 6229.45 (high during the
month of May 2013). On the down side, yesterday’s low of
7755 would act as an immediate support level for the Nifty.
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Daily Technical Report
July 08, 2014
Bank Nifty Outlook - (15368)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly higher;
but as the day progressed, we witnessed tremendous
selling pressure in most of the banking heavyweights. As
a result, the Bank Nifty completely underperformed our
benchmark index by closing more than one percent lower
from the previous close. However, the index is now
trading marginally above the hourly ’89 EMA’, which we
feel is likely to act as a strong support on a closing basis.
The moving average is placed around
15300. Any
intraday reversal near this level would push the index
higher to test 15450 - 15550 levels.
Actionable points:
View
Neutral
Support Level
15300
Resistance Levels
15450 - 15550
Source: Falcon
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Daily Technical Report
July 08, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,941
26,021
26,072
26,152
26,203
NIFTY
7,741
7,764
7,778
7,801
7,815
BANKNIFTY
15,193
15,280
15,437
15,524
15,680
ACC
1,432
1,442
1,454
1,464
1,476
AMBUJACEM
219
221
224
226
229
ASIANPAINT
579
586
591
599
604
AXISBANK
1,900
1,911
1,927
1,938
1,954
BAJAJ-AUTO
2,261
2,282
2,301
2,322
2,341
BANKBARODA
850
857
870
877
890
BHARTIARTL
336
340
344
348
351
BHEL
260
262
264
267
269
BPCL
578
585
593
601
609
CAIRN
356
359
363
367
371
CIPLA
440
445
449
454
458
COALINDIA
388
393
396
400
404
DLF
215
219
222
226
229
DRREDDY
2,623
2,677
2,718
2,772
2,813
GAIL
451
456
463
467
474
GRASIM
3,313
3,338
3,376
3,401
3,439
HCLTECH
1,462
1,485
1,499
1,522
1,535
HDFC
995
1,008
1,016
1,029
1,037
HDFCBANK
821
831
846
855
871
HEROMOTOCO
2,563
2,590
2,609
2,636
2,655
HINDALCO
170
172
174
176
178
HINDUNILVR
614
621
625
632
637
ICICIBANK
1,428
1,439
1,454
1,466
1,481
IDFC
134
138
141
145
148
INDUSINDBK
544
550
560
567
577
INFY
3,216
3,281
3,324
3,389
3,432
ITC
327
331
334
337
340
JINDALSTEL
321
324
328
331
335
KOTAKBANK
838
855
869
885
900
LT
1,731
1,740
1,748
1,757
1,764
LUPIN
1,060
1,069
1,082
1,091
1,104
M&M
1,215
1,227
1,237
1,249
1,259
MARUTI
2,598
2,618
2,639
2,660
2,681
MCDOWELL-N
2,328
2,365
2,422
2,459
2,517
NMDC
178
180
183
185
188
NTPC
157
159
160
163
164
ONGC
407
411
418
423
430
PNB
955
962
974
981
993
POWERGRID
143
144
146
147
149
RELIANCE
1,012
1,020
1,028
1,036
1,044
RELINFRA
782
792
800
810
818
SBIN
2,652
2,669
2,691
2,707
2,730
SSLT
302
305
308
311
313
SUNPHARMA
691
707
724
740
756
TATAMOTORS
469
474
477
482
485
TATAPOWER
108
110
111
112
113
TATASTEEL
528
532
538
541
547
TCS
2,378
2,433
2,466
2,521
2,553
TECHM
2,103
2,120
2,135
2,152
2,167
ULTRACEMCO
2,507
2,533
2,575
2,601
2,643
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Daily Technical Report
July 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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