Daily Technical Report
April 09, 2014
Sensex (22343) / Nifty (6695)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on a flat note as
indicated by the SGX Nifty. After a small up move, our
benchmark index corrected sharply and traded with a negative
bias for the major part of the session. However, a decent
recovery during the final hour led to a flat close. On the
sectoral front, the Realty, Consumer Durables and Power
sectors were among the major losers; whereas the Metal and
FMCG somehow managed to close in the positive territory. The
advance to decline ratio was strongly in favor of the advancing
counters. (A=1410 D=1178)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21195 / 6313 and 19773 / 5920 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22033 / 6583 and 21185 / 6312 levels, respectively.
The daily momentum oscillators are negatively poised.
Source: Falcon
Trading strategy:
Actionable points:
On Monday, our benchmark index slipped nearly a percent
from early morning high. This was quite in-line with the
View
Neutral
expectation and in the process, Nifty almost precisely tested our
Resistance Level
6725 - 6777
mentioned target of 6643. However, we observed a smart
Support Levels
6643 - 6575
recovery in some of the index heavyweights, which pulled the
index from day’s low and ended the session at Friday’s closing
level. Looking at the hourly chart, it can be concluded that the
hourly ’89 EMA’ acted as a strong support for the index. Going
forward, considering the negative placement of daily ‘RSI-
Smoothened’ momentum oscillator, we reiterate that short term
traders should remain light on positions and adopt a
conservative approach. Only a move beyond 6643 would lead
to further weakness and as a result, the lower levels of 6575 -
6540 can be tested. On the upside, 6725 - 6777 are seen an
immediate resistance levels for the Nifty.
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Daily Technical Report
April 09, 2014
Bank Nifty Outlook - (12506)
Exhibit 2: Bank Nifty Daily Chart
On Monday, the banking index opened on a flat note
and corrected sharply after posting early morning high of
12615. However, the intraday fall got arrested near the
hourly ’89 EMA’, which played a sheet anchor role for the
Bank Nifty as the index managed to recover decent
portion of its losses. Going forward, if the Bank Nifty
sustains below 12430 then we may witness an immediate
correction towards 12350 -12250 levels, which can be
considered as a strong support zone for the banking
index with a medium term perspective. On the flipside,
12615 - 12666 levels would act as immediate resistance
levels.
Actionable points:
View
Neutral
Resistance Levels
12615 - 12666
Source: Falcon
Support Levels
12430 - 12350
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Daily Technical Report
April 09, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,057
22,200
22,341
22,484
22,625
NIFTY
6,615
6,655
6,690
6,730
6,765
BANKNIFTY
12,345
12,426
12,520
12,601
12,696
ACC
1,360
1,370
1,381
1,390
1,402
AMBUJACEM
200
205
207
212
215
ASIANPAINT
519
529
537
547
555
1,394
1,408
1,424
1,438
1,453
AXISBANK
BAJAJ-AUTO
1,978
2,000
2,029
2,051
2,080
BANKBARODA
729
740
749
760
769
BHARTIARTL
311
314
317
320
323
BHEL
173
175
178
181
184
BPCL
424
431
443
450
462
CAIRN
336
339
341
344
346
CIPLA
382
389
400
407
418
COALINDIA
273
278
282
288
291
DLF
162
167
172
177
183
DRREDDY
2,559
2,583
2,613
2,637
2,667
GAIL
357
361
365
368
372
GRASIM
2,785
2,816
2,846
2,876
2,906
HCLTECH
1,373
1,390
1,401
1,418
1,429
HDFC
872
884
893
904
913
HDFCBANK
718
722
727
731
736
HEROMOTOCO
2,196
2,218
2,236
2,258
2,276
HINDALCO
132
135
137
139
142
HINDUNILVR
590
598
603
611
616
ICICIBANK
1,182
1,196
1,216
1,229
1,249
IDFC
118
120
123
125
128
INDUSINDBK
490
494
500
504
509
INFY
3,230
3,261
3,288
3,320
3,346
ITC
338
342
344
348
350
JINDALSTEL
263
272
288
297
313
JPASSOCIAT
51
53
54
57
58
746
758
765
777
784
KOTAKBANK
LT
1,255
1,269
1,282
1,297
1,310
LUPIN
940
950
969
979
997
M&M
992
1,003
1,011
1,022
1,029
MARUTI
1,840
1,873
1,904
1,937
1,968
NMDC
139
141
143
145
147
NTPC
117
118
120
121
123
ONGC
321
323
327
329
332
PNB
731
741
750
760
768
POWERGRID
105
106
107
108
109
RANBAXY
415
430
449
465
484
RELIANCE
924
934
944
955
965
RELINFRA
433
443
453
462
473
SBIN
1,888
1,905
1,916
1,933
1,943
SESAGOA
187
191
193
197
199
SUNPHARMA
565
576
586
597
607
TATAMOTORS
396
400
405
409
414
TATAPOWER
81
82
83
84
85
TATASTEEL
395
401
404
410
413
TCS
2,102
2,128
2,147
2,173
2,192
ULTRACEMCO
2,119
2,172
2,205
2,259
2,292
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Daily Technical Report
April 09, 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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