Daily Technical Report
December 08, 2014
Sensex (28458) / Nifty (8538)
Exhibit 1: Nifty Daily Chart
On Friday, the benchmark index opened marginally higher
as indicated by the pre-opening session. However, these
gains were very short lived as the index started correcting
dsuring the intial hour and then remained under pressure
throughout the session to close marginally in the negative
territory. The FMCG, Realty and Consumer Durables sectors
were among the major gainers; whereas the Healthcare, IT
and Oil & Gas counters remained under pressure. The
advance to decline ratio was in favor of the declining
counters. (A=1358 D=1603) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 26898 / 8053 and 23250 / 6954 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28180 / 8444 and 26953 / 8058 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
We witnessed mixed sentiments from market participants
View
Neutral
right from the initial trades of the week. The Nifty struggled
Support Levels
8500 - 8450
to sustain itself above the 8600 mark. Twice during the
Resistance Level
8630
week, the Nifty registered new highs; but failed to sustain
itself at the higher levels due to strong selling pressure in
some of the index heavyweights. However, on the other
However, a breach of the mentioned support level (8490)
hand, buying in some of the other index heavyweights
may trigger some selling pressure in the market. In this
balanced the Nifty. As a result, a significant fall in the index
scenario, we may witness an immediate correction towards
8350 - 8300 levels. Considering the current price action, it’s
was averted and it was able to sustain itself well above the
advisable to stick to a stock centric approach with a proper
8500 mark. Barring the oversold condition of the
exit strategy.
momentum oscillators, we are not observing any major
developments on the charts. Hence, we would like to
maintain our view that as long as the Nifty sustains above
the important support level of 8490 (hourly ’89 EMA’), it is
likely to trade with a positive bias. In this scenario, the index
may continue with its upward direction towards 8625 -
8650 levels.
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Daily Technical Report
December 08, 2014
Bank Nifty Outlook - (18757)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened marginally
higher in-line with our benchmark index. However, the
index witnessed a modest profit booking from the
morning high and then consolidated for the remaining
part of the day. Going forward, if the upward momentum
sustains in the banking conglomerates then we expect the
index to test 18850 - 18950 levels. On the flipside,
18600 - 18550 are seen as immediate support levels for
the index.
Actionable points:
View
Neutral
Resistance Levels
18850 - 18950
Support Levels
18600 - 18550
Source: Falcon
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Daily Technical Report
December 08, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
28,264
28,361
28,506
28,604
28,749
NIFTY
8,486
8,512
8,550
8,576
8,615
BANKNIFTY
18,610
18,684
18,779
18,853
18,949
ACC
1,447
1,472
1,491
1,516
1,536
AMBUJACEM
226
231
235
240
243
ASIANPAINT
772
778
788
794
804
AXISBANK
491
495
500
504
510
BAJAJ-AUTO
2,596
2,608
2,623
2,635
2,650
BANKBARODA
1,064
1,085
1,102
1,122
1,140
BHARTIARTL
359
363
370
374
380
BHEL
267
270
274
277
281
BPCL
692
701
717
725
741
CAIRN
257
258
260
262
264
CIPLA
634
641
653
659
671
COALINDIA
353
355
357
359
362
DLF
149
156
160
166
170
DRREDDY
3,328
3,362
3,420
3,454
3,512
GAIL
459
464
472
477
485
GRASIM
3,446
3,465
3,496
3,515
3,546
HCLTECH
1,570
1,583
1,606
1,619
1,642
HDFC
1,103
1,109
1,116
1,122
1,129
HDFCBANK
932
938
941
946
950
HEROMOTOCO
3,148
3,167
3,201
3,220
3,254
HINDALCO
160
161
165
166
170
HINDUNILVR
805
813
820
828
835
ICICIBANK
355
357
361
364
368
IDFC
157
159
161
162
165
INDUSINDBK
774
781
788
795
802
INFY
2,025
2,048
2,082
2,105
2,139
ITC
379
385
389
395
398
JINDALSTEL
145
149
152
156
159
KOTAKBANK
1,213
1,227
1,238
1,252
1,263
LT
1,599
1,614
1,634
1,649
1,670
LUPIN
1,456
1,465
1,480
1,489
1,504
M&M
1,255
1,274
1,287
1,307
1,319
MARUTI
3,379
3,394
3,406
3,421
3,433
NMDC
138
139
140
141
142
NTPC
140
140
141
142
143
ONGC
358
362
368
372
378
PNB
1,074
1,098
1,113
1,137
1,153
POWERGRID
135
136
137
138
139
RELIANCE
948
953
960
965
972
SBIN
313
315
318
321
324
SSLT
234
238
242
246
250
SUNPHARMA
803
812
828
838
854
TATAMOTORS
518
522
526
530
534
TATAPOWER
88
88
90
90
92
TATASTEEL
454
458
463
467
472
TCS
2,523
2,551
2,600
2,628
2,678
TECHM
2,558
2,588
2,640
2,670
2,722
ULTRACEMCO
2,432
2,459
2,486
2,513
2,540
WIPRO
568
573
582
588
596
ZEEL
368
370
373
375
378
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Daily Technical Report
December 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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