Daily Technical Report
September 09, 2014
Sensex (27320) / Nifty (8174)
Exhibit 1: Nifty Daily Chart
The opening session of the week began the trading with an
upside gap amid mixed global cues. Subsequently, the
index maintained its positive bias and kept on moving
higher to close with more than a percent gains. On the
sectoral front, excluding Consumer durable, all the sectors
closed in the green. The Oil & Gas, Banking and IT
counters we the major gainers in yesterdays up move. The
advance to decline ratio was strongly in favor of the
advancing counters. (A=2084 D=917) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25147 / 7523 and 21829 / 6529 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26458 / 7925 and 25098 / 7495 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Our market kicked off the week on a positive note and then
extended early morning gains to post yet another new all
Support Levels
8140 - 8120
time high. Despite forming three narrow range body
Resistance Levels
8180 - 8220
formations, index maintained its strong upward bias and
tested our mentioned resistance level. Going forward, we
remain positive on the market with slightly cautious
approach as its trading around the higher end of the
'Upward Sloping Channel' (please refer the exhibit). This
resistance has now shifted slightly higher around the 8180 -
8220. On the flipside,
8140
-
8120 is seen as an
immediate support zone. Although, we are trading on the
index with slightly cautious to positive bias, we continue to
expect an outperformance from the individual stocks.
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Daily Technical Report
September 09, 2014
Bank Nifty Outlook - (16207)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened higher
considering positive mood across the broader market.
During the remaining session, the benchmark index and
the Bank Nifty moved hand in hand to close with a
percent gain. As mentioned in our previous report, the
Bank Nifty once again retested our target of
16200.
Looking at the current chart structure of few index
heavyweights like, the SBI and HDFC Bank, we expect the
index to continue its northward journey to reach 16350 -
16450 in the near term. On the flipside, 16000 would
provide a psychological support for the index.
Actionable points:
View
Bullish
Expected Targets
16350 - 16450
Support Level
16000
Source: Falcon
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Daily Technical Report
September 09, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,063
27,191
27,273
27,402
27,483
NIFTY
8,106
8,140
8,160
8,194
8,214
BANKNIFTY
15,986
16,096
16,160
16,270
16,333
ACC
1,508
1,529
1,543
1,564
1,578
AMBUJACEM
210
215
217
222
225
ASIANPAINT
638
657
669
688
700
AXISBANK
411
416
420
425
428
BAJAJ-AUTO
2,311
2,335
2,359
2,383
2,407
BANKBARODA
878
884
889
895
900
BHARTIARTL
398
401
404
407
410
BHEL
220
222
224
226
228
BPCL
682
691
697
706
713
CAIRN
329
334
337
341
344
CIPLA
556
560
563
566
570
COALINDIA
357
366
371
379
384
DLF
167
172
175
180
184
DRREDDY
2,959
2,981
2,999
3,021
3,040
GAIL
446
450
455
460
465
GRASIM
3,512
3,585
3,630
3,703
3,748
HCLTECH
1,638
1,652
1,668
1,682
1,697
HDFC
1,035
1,044
1,055
1,063
1,074
HDFCBANK
842
854
861
872
879
HEROMOTOCO
2,702
2,742
2,796
2,835
2,890
HINDALCO
166
170
172
176
178
HINDUNILVR
728
737
743
752
758
ICICIBANK
1,540
1,554
1,563
1,577
1,586
IDFC
141
142
144
145
147
INDUSINDBK
611
616
619
624
627
INFY
3,710
3,746
3,768
3,804
3,826
ITC
348
351
353
356
358
JINDALSTEL
230
234
237
242
245
KOTAKBANK
1,050
1,063
1,074
1,088
1,099
LT
1,611
1,620
1,626
1,636
1,642
LUPIN
1,321
1,330
1,338
1,347
1,355
M&M
1,367
1,381
1,400
1,414
1,434
MARUTI
2,830
2,873
2,899
2,941
2,967
MCDOWELL-N
2,214
2,244
2,282
2,311
2,350
NMDC
180
182
185
187
190
NTPC
138
139
142
143
145
ONGC
444
449
453
459
462
PNB
927
936
942
952
957
POWERGRID
130
131
134
135
137
RELIANCE
1,024
1,031
1,035
1,042
1,046
SBIN
2,511
2,539
2,555
2,583
2,599
SSLT
280
282
284
286
288
SUNPHARMA
852
860
866
874
880
TATAMOTORS
499
505
508
514
517
TATAPOWER
86
87
88
89
90
TATASTEEL
507
512
516
521
525
TCS
2,580
2,611
2,631
2,662
2,682
TECHM
2,443
2,465
2,482
2,505
2,522
ULTRACEMCO
2,650
2,684
2,705
2,738
2,759
WIPRO
572
582
589
599
606
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Daily Technical Report
September 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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