Daily Technical Report
February 09, 2015
Sensex (28718) / Nifty (8661)
Exhibit 1: Nifty Daily Chart
On Friday, we witnessed a flat opening in our market
considering quiet global cues. As the day progressed, the
selling pressure aggraved in the individual stocks, which
dragged the index lower to close at the lowest point of the
week. Barring IT and FMCG, all other sectors ended in the
negative territory amongst which the Banking, Auto, Oil &
Gas and Healthcare were the major losers. The advance to
decline ratio was strongly in favor of the declining counters.
(A=804 D=2067) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27671 / 8325 and 24140 / 7232 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28682 / 8657 and 27724 / 8329 levels, respectively.
Source: Falcon
Trading strategy:
We witnessed a range bound activity within 200 points
Actionable points:
throughout the week. However, the bias was clearly on the
negative side as all trading sessions during the week
View
Neutral
managed to close with losses. In our previous report, we
Resistance Levels
8720 - 8750
had clearly mentioned about the stiff resistance level of
Support Levels
8650 - 8580
8850. This level proved its importance as several attempts
of crossing this hurdle got sold into. The banking
conglomerates continued their underperformance on the
Considering the ongoing pessimism in the banking
back of poor quarterly numbers. However, in last couple of
conglomerates and the weakness seen in some of the non -
sessions, we observed some weakness in the non-banking
banking stocks in the latter half, if the index manages to give
counters as well, which could be the worrisome factor in the
a close below the 8650 mark then we may witness further
coming week. The index has precisely met with our
correction towards 8500 - 8450 levels, which are 50% and
mentioned target of 8650 and has now closed tad above it.
61.8% retracement levels of the recent up move. However, if
This level can be seen as an important support for the Nifty
the bulls manage to defend this support convincingly then
as it coincides with the daily ’20 EMA’ as well as the 38.2%
the index may bounce back towards 8780 - 8850 levels.
Considering current price activity in the market, we would
Fibonacci retracement level of the recent up move from
advise traders to trade with appropriate stop losses and
8065.45 (low on January 07, 2015) to 8996.60 (high on
avoid taking undue risks.
January 30, 2015). Hence, in the coming week, 8650 level
would act as a crucial support for the Nifty.
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Daily Technical Report
February 09, 2015
Bank Nifty Outlook - (18787)
Exhibit 2: Bank Nifty Daily Chart
The
banking
conglomerates
continued
their
underperformance throughout the week as the Bank Nifty
fell by more than five percent and ended the week almost
at the lowest point. On the daily chart, we are now
witnessing a breakdown from the ‘Upward Sloping
Channel’ (please refer the exhibit). Hence, going forward,
the lower trend line levels of 19200 - 19500 would act as
a strong resistance zone for the banking index. On the
flipside, considering ongoing momentum in the banking
space, the possibility of testing 18500 - 18300 levels
cannot be ruled out. Traders are advised to trade with a
proper exit strategy and avoid taking undue risks.
Actionable points:
View
Neutral
Resistance Levels
19200 - 19500
Support Levels
18500 - 18300
Source: Falcon
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Daily Technical Report
February 09, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
28,487
28,602
28,763
28,878
29,038
NIFTY
8,597
8,629
8,678
8,710
8,758
BANKNIFTY
18,503
18,645
18,882
19,024
19,262
ACC
1,461
1,484
1,505
1,528
1,548
AMBUJACEM
244
246
248
250
252
ASIANPAINT
774
786
800
812
827
AXISBANK
534
549
560
575
586
BAJAJ-AUTO
1,930
2,077
2,167
2,314
2,404
BANKBARODA
166
171
174
179
183
BHARTIARTL
355
362
366
373
377
BHEL
253
259
269
275
285
BPCL
713
722
736
744
758
CAIRN
246
250
253
257
260
CIPLA
624
640
661
677
698
COALINDIA
353
359
364
370
376
DLF
153
158
165
170
177
DRREDDY
2,977
3,011
3,064
3,098
3,151
GAIL
401
410
417
427
434
GRASIM
3,699
3,752
3,835
3,888
3,971
HCLTECH
1,914
1,934
1,966
1,986
2,017
HDFC
1,226
1,253
1,272
1,299
1,317
HDFCBANK
1,032
1,043
1,061
1,072
1,090
HEROMOTOCO
2,718
2,747
2,800
2,829
2,882
HINDALCO
143
145
148
150
152
HINDUNILVR
891
898
907
915
923
ICICIBANK
320
325
332
337
345
IDFC
162
164
167
169
171
INDUSINDBK
824
834
851
862
879
INFY
2,163
2,197
2,222
2,256
2,282
ITC
363
368
371
377
380
JINDALSTEL
136
139
143
146
150
KOTAKBANK
1,247
1,257
1,273
1,283
1,298
LT
1,649
1,666
1,680
1,697
1,711
LUPIN
1,534
1,551
1,570
1,586
1,605
M&M
1,120
1,135
1,158
1,172
1,195
MARUTI
3,465
3,484
3,509
3,527
3,552
NMDC
133
137
139
143
145
NTPC
137
139
140
141
142
ONGC
340
345
353
359
367
PNB
164
167
171
175
179
POWERGRID
140
142
143
145
147
RELIANCE
887
899
914
926
941
SBIN
281
286
290
295
299
SSLT
203
207
210
214
217
SUNPHARMA
894
910
937
953
979
TATAMOTORS
541
551
561
570
581
TATAPOWER
78
80
82
84
86
TATASTEEL
358
364
372
377
386
TCS
2,530
2,553
2,574
2,597
2,618
TECHM
2,806
2,833
2,877
2,904
2,948
ULTRACEMCO
2,963
2,986
3,018
3,041
3,073
WIPRO
626
635
645
653
663
ZEEL
355
358
363
366
370
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Daily Technical Report
February 09, 2015
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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