Daily Technical Report
June 09, 2014
Sensex (25396) / Nifty (7583)
Exhibit 1: Nifty Daily Chart
The concluding session of the week opened with an upside
gap of more than half a percent as indicated by the pre-
opening session. This optimism remained till the last trade
of the session and as a result, index closed at the highest
point ever. On the sectoral front, the Oil & Gas and Realty
counters were among the major gainers; whereas Metal, IT
and Teck sector completely underperformed the benchmark
index. The advance to decline ratio was strongly in favor of
the advancing counters. (A=2143 D=972) (Source-
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Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22428 / 6690 and 20359 / 6094 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
23918 / 7137 and 22441 / 6696 levels, respectively.
Actionable points:
Trading strategy:
During the concluded week, the benchmark Nifty closed in
View
Neutral
the positive in four of the five trading sessions. This is a
Support Levels
7433 - 7380
clear sign of a strong uptrend. A sizable intra-week rally
Resistance Levels
7470 - 7360
pushed the Nifty well beyond its previous all time high of
7563.50 (attained on May 16, 2014) and has closed the
However, in our opinion, stock specific movement is likely to
week at a record high level. Honestly speaking, we did not
continue in the market and hence, we advise traders to stick
expect our market to post new highs so soon. But we have
to a stock centric approach. On the flipside, 7470 - 7360
to follow and respect this price action. Considering the
are seen as an important support level for the Nifty.
current chart structure, if the ongoing optimism persists in
the market, then we may have an extended rally towards
7650 - 7700 levels. But we cannot advise creating fresh
long positions on the Nifty at current levels as there is
neither a clear trade set up nor a favorable risk to reward
ratio. In such a euphoric situation, it becomes very difficult
to gauge the precise top for the market. Hence, those who
are holding existing long positions in the Nifty are advised
to remain in the trade so long as the previous day’s low on
a specific day is not broken.
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Daily Technical Report
June 09, 2014
Bank Nifty Outlook - (15543)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened with an upside
gap in line with our benchmark index. during the session,
we witnessed strong buying interest among market
participants and as a result, the Bank Nifty surpassed its
important resistance level of 15414. This resulted in a
decent intraday rally of nearly two percent. Considering
current optimism, if the Banking index manages to sustain
above
15600 then we may have an extended rally
towards 15740 - 15800 levels. On the fipside, 15414 -
15300 would act as immediate support levels for the
banking index.
Actionable points:
View
Bullish above 15600
Expected Targets
15740 - 15800
Support Levels
15414 - 15300
Source: Falcon
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Daily Technical Report
June 09, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,026
25,211
25,315
25,500
25,605
NIFTY
7,463
7,523
7,558
7,618
7,653
BANKNIFTY
15,225
15,384
15,480
15,639
15,735
ACC
1,414
1,426
1,437
1,450
1,461
AMBUJACEM
225
228
230
233
235
ASIANPAINT
498
502
507
511
517
AXISBANK
1,929
1,951
1,967
1,990
2,006
BAJAJ-AUTO
1,958
2,003
2,029
2,074
2,099
BANKBARODA
872
888
902
918
932
BHARTIARTL
342
349
358
365
374
BHEL
255
259
261
265
268
BPCL
598
613
632
647
665
CAIRN
358
366
372
381
387
CIPLA
383
389
393
400
404
COALINDIA
384
387
392
396
400
DLF
216
225
229
238
243
DRREDDY
2,294
2,324
2,342
2,372
2,390
GAIL
383
403
413
433
443
GRASIM
3,223
3,269
3,336
3,382
3,450
HCLTECH
1,306
1,317
1,326
1,337
1,345
HDFC
895
915
927
947
959
HDFCBANK
792
804
812
824
832
HEROMOTOCO
2,550
2,617
2,658
2,725
2,766
HINDALCO
162
166
169
172
176
HINDUNILVR
610
625
635
651
661
ICICIBANK
1,440
1,463
1,483
1,506
1,527
IDFC
133
135
136
138
139
INDUSINDBK
529
537
542
551
556
INFY
2,928
2,965
2,988
3,025
3,048
ITC
330
334
336
339
342
JINDALSTEL
325
332
338
345
351
KOTAKBANK
850
876
892
919
935
LT
1,661
1,676
1,688
1,703
1,715
LUPIN
918
933
942
957
967
M&M
1,178
1,205
1,223
1,250
1,267
MARUTI
2,362
2,377
2,395
2,410
2,428
MCDOWELL-N
2,832
2,842
2,851
2,861
2,870
NMDC
186
188
192
195
199
NTPC
159
162
166
169
172
ONGC
408
437
453
482
499
PNB
986
1,004
1,014
1,032
1,042
POWERGRID
125
127
128
129
130
RELIANCE
1,091
1,107
1,120
1,136
1,149
RELINFRA
758
772
785
799
811
SBIN
2,697
2,719
2,737
2,758
2,776
SSLT
294
300
309
316
324
SUNPHARMA
586
593
602
609
618
TATAMOTORS
424
432
436
444
448
TATAPOWER
107
109
111
113
114
TATASTEEL
544
552
561
569
577
TCS
2,031
2,058
2,083
2,109
2,134
TECHM
1,860
1,885
1,904
1,929
1,948
ULTRACEMCO
2,548
2,611
2,660
2,724
2,773
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Daily Technical Report
June 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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