Daily Technical Report
October 08, 2014
Sensex (26272) / Nifty (7852)
Exhibit 1: Nifty Daily Chart
The opening session of the week started half a percent
lower as indicated by the SGX Nifty. Subsequently, the index
maintained its pessimism throughout the session and
eventually managed to shed more than a percent to close
almost at the lowest point of the day. All sectors managed
to close in the negative territory among which the Metal,
Healthcare, Capital Goods, Consumer Durables and
Banking were the major losers. The advance to decline ratio
was strongly in favor of the declining counters. (A=1087
D=1800) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25678 / 7675 and 22160 / 6629 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26770 / 8011 and 25564 / 7642 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday, our benchmark index opened lower and
View
Bearish below 7840
remained under selling pressure right from the opening
Expected Targets
7780 - 7750
trade. As mentioned in our previous report, the index traded
Resistance Levels
7880 - 7920
with a pessimistic bias throughout the session and met with
our targets of 7870 - 7840. The Nifty has now closed
marginally above the crucial support level of 7840. Any
sustainable move below this level may reinforce the
negativity in the market. As a result, the possibility of
correcting towards 7780 - 7750 cannot be ruled out. On
the flipside, 7880 - 7920 levels would now act as an
immediate resistance zone for the index.
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Daily Technical Report
October 08, 2014
Bank Nifty Outlook - (15180)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened lower in-line with
our benchmark index. However, the banking index
relatively outperformed our benchmark index as it
managed to restrict its losses tad below a percent. The
Bank Nifty has now reached a strong support zone of the
daily ’89 EMA’ placed around 15150 - 15100. Going
forward, any sustainable move below this crucial support
zone may lead to further correction towards 14900 -
14800 levels. On the flipside, 15300 - 15400 levels are
seen as immediate resistance for the index.
Actionable points:
View
Neutral
Resistance Levels
15300 - 15400
Support Levels
15100 - 14800
Source: Falcon
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Daily Technical Report
October 08, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,044
26,158
26,364
26,478
26,684
NIFTY
7,779
7,816
7,879
7,916
7,980
BANKNIFTY
15,041
15,110
15,228
15,297
15,414
ACC
1,335
1,352
1,372
1,389
1,409
AMBUJACEM
206
208
209
211
213
ASIANPAINT
618
624
631
636
643
AXISBANK
364
369
377
382
390
BAJAJ-AUTO
2,293
2,315
2,336
2,358
2,379
BANKBARODA
841
854
877
889
913
BHARTIARTL
397
400
403
406
409
BHEL
189
193
198
203
208
BPCL
636
643
652
659
668
CAIRN
282
286
295
300
309
CIPLA
578
590
610
622
642
COALINDIA
334
338
343
347
352
DLF
135
138
144
147
153
DRREDDY
3,008
3,054
3,134
3,180
3,261
GAIL
426
435
440
449
454
GRASIM
3,325
3,366
3,441
3,482
3,557
HCLTECH
1,681
1,705
1,741
1,765
1,800
HDFC
995
1,006
1,027
1,038
1,059
HDFCBANK
848
855
861
868
874
HEROMOTOCO
2,751
2,780
2,827
2,856
2,904
HINDALCO
143
145
150
153
157
HINDUNILVR
716
726
735
745
755
ICICIBANK
1,392
1,411
1,434
1,452
1,475
IDFC
134
135
136
138
139
INDUSINDBK
589
594
600
606
612
INFY
3,708
3,769
3,831
3,893
3,955
ITC
354
358
362
367
371
JINDALSTEL
157
160
165
168
174
KOTAKBANK
988
997
1,005
1,014
1,022
LT
1,373
1,394
1,426
1,447
1,480
LUPIN
1,347
1,358
1,375
1,386
1,403
M&M
1,312
1,334
1,367
1,389
1,422
MARUTI
2,896
2,917
2,956
2,977
3,016
NMDC
152
156
162
166
172
NTPC
137
139
140
142
144
ONGC
386
392
399
404
411
PNB
857
867
876
886
895
POWERGRID
134
136
137
138
139
RELIANCE
917
921
928
933
940
SBIN
2,319
2,343
2,383
2,407
2,447
SSLT
248
253
263
268
277
SUNPHARMA
808
822
845
859
883
TATAMOTORS
494
500
508
514
522
TATAPOWER
79
80
81
82
82
TATASTEEL
429
435
444
449
459
TCS
2,651
2,691
2,766
2,806
2,880
TECHM
2,477
2,496
2,520
2,538
2,562
ULTRACEMCO
2,501
2,529
2,578
2,606
2,655
WIPRO
606
612
617
623
628
ZEEL
301
305
310
313
318
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Daily Technical Report
October 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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