Daily Technical Report
November 08, 2013
Sensex (20823) / Nifty (6187)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened quietly considering
mixed global cues. After a range bound activity during the first
half, the index suddenly surged higher. However, strong selling
pressure post the midsession once again pulled our market
significantly lower to close in the negative territory. On the
sectoral front, the IT and Metal packs somehow managed to
close in the positive territory; whereas the Realty, Consumer
Durables and Banking counters became the major culprits in
yesterday's sharp intraday fall. The advance to decline ratio
was in favor of the declining counters. (A=1080
D=1402)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19928 / 5929 and 18958 / 5698 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20740 / 6162 and 19988 / 5947 levels, respectively.
Source: Falcon
The monthly momentum oscillators are now positively
poised.
On the monthly chart, we are observing a breakout from
Actionable points:
the ‘Multiple Resistance Zone’.
View
Bearish below 6180
Trading strategy:
Expected Targets
6132 - 6079
Resistance Level
6289
During yesterday's session, we witnessed dual sentiments in the
market as the index suddenly surged higher but later the
positive momentum fizzled out and the whole rise got sold into.
This price action led to a sharp cut of nearly one and half
percent from the day's high to close just a tad below the 6200
mark. Considering yesterday's price action and the placement
of daily momentum oscillators, we are of the view that any
sustainable move below 6180 may lead to a further correction
towards 6132 - 6079 levels. On the flipside, yesterday's high
of 6289 would act as important resistance level for the index.
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Daily Technical Report
November 08, 2013
Bank Nifty Outlook - (11055)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened on a flat note and quite
similar to our benchmark index, the Bank Nifty too
witnessed immense volatility during the session. The index
rose sharply just before the midsession, but failed to
traverse beyond the hourly '20-EMA'. Moreover, the
selling pressure intensified near day's high and as a
result, the Bank Nifty nosedived to close with more than
two percent loss. Going forward, if Bank Nifty sustains
below yesterday’s low of 11024 then we may see a
further corrective move towards 10951 - 10797 levels.
On the flipside, 11400 would act as an immediate
resistance for the index. Only closing above this level
would open up possibilities for a sharp up move towards
11510 - 11736 levels.
Actionable points:
View
Neutral
Support Levels
10951 - 10797
Resistance Level
11400
Source: Falcon
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
08/11/2013
Infosys Ltd
Cash
Buy
3358 - 3338
3357.60
3309
3410
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Daily Technical Report
November 08, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,575
20,699
20,921
21,045
21,267
NIFTY
6,111
6,149
6,219
6,257
6,327
BANKNIFTY
10,786
10,920
11,159
11,294
11,533
ACC
1,088
1,102
1,115
1,129
1,142
AMBUJACEM
176
178
181
184
187
ASIANPAINT
542
546
552
557
563
AXISBANK
1,125
1,148
1,189
1,212
1,253
BAJAJ-AUTO
2,035
2,068
2,089
2,122
2,142
BANKBARODA
574
589
617
632
660
BHARTIARTL
339
344
351
356
363
BHEL
130
132
135
137
140
BPCL
339
348
360
369
381
CAIRN
306
310
315
318
324
CIPLA
414
418
424
428
434
COALINDIA
289
293
297
300
305
DLF
142
145
152
155
162
DRREDDY
2,364
2,388
2,405
2,428
2,446
GAIL
335
338
342
345
349
GRASIM
2,624
2,656
2,702
2,734
2,781
HCLTECH
1,073
1,088
1,106
1,121
1,139
HDFC
825
833
846
855
867
HDFCBANK
646
656
667
676
687
HEROMOTOCO
2,069
2,091
2,112
2,134
2,155
HINDALCO
112
115
117
119
121
HINDUNILVR
579
584
592
597
605
ICICIBANK
1,021
1,036
1,064
1,079
1,107
IDFC
103
105
109
111
114
INDUSINDBK
416
422
433
440
451
INFY
3,271
3,314
3,357
3,401
3,443
ITC
311
316
320
325
329
JINDALSTEL
235
238
242
245
249
JPASSOCIAT
45
46
47
48
50
KOTAKBANK
720
727
737
744
754
LT
936
947
966
977
996
LUPIN
864
870
879
885
894
M&M
880
889
903
912
926
MARUTI
1,577
1,594
1,619
1,636
1,662
NMDC
133
135
139
141
144
NTPC
150
151
153
155
157
ONGC
278
281
284
287
291
PNB
526
536
553
563
580
POWERGRID
94
94
95
96
97
RANBAXY
393
399
405
411
418
RELIANCE
868
877
891
900
915
RELINFRA
424
431
444
451
464
SBIN
1,695
1,724
1,776
1,805
1,857
SESAGOA
193
196
199
202
206
SUNPHARMA
596
601
607
612
618
TATAMOTORS
367
373
384
391
402
TATAPOWER
80
81
83
84
86
TATASTEEL
325
335
343
353
360
TCS
2,049
2,085
2,117
2,153
2,185
ULTRACEMCO
1,897
1,916
1,939
1,958
1,981
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Daily Technical Report
November 08, 2013
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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