Daily Technical Report
October 09, 2013
Sensex (19984) / NIFTY (5928)
Exhibit 1: Nifty Daily Chart
On Tuesday, our benchmark indices opened higher with a
percent upside gap on the back of positive announcement by
the RBI with regards to the MSF rates. However, our market
failed to sustain at higher levels and eventually pared down a
major part of the opening gains during the second half. On
the Sectoral front, the Realty, Capital Goods, FMCG and
Banking counters managed to close in the positive territory;
whereas the Metal, IT and PSU sectors ended with minor
losses. The advance to decline ratio was marginally in favor of
the advancing counters.
(A=1269 D=1143) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19400 / 5778 and 18762 / 5646 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19711 / 5836 and 19481 / 5804 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised.
The index sneaked below the low (Spinning Top low of
Source: Falcon
5798) of September 20, 2013 weekly candle; but failed to
close below it.
Actionable points:
On a closing basis, the ‘Lower Top - Lower Bottom’
formation on the weekly chart is still intact (Nifty).
View
Bearish Below 5913
The 50% and 61.8% Fibonacci retracement levels of the
Expected Targets
5825 - 5780
fall from 6143 (high on September 19, 2013) to 5700
Resistance Level
5951 - 5989
(low on October 01, 2013) are placed at 5922 and 5974,
respectively.
Trading strategy:
The index has made a hat-trick of being directionless and was
extremely choppy for the third consecutive session. As a result,
we are now observing a cluster of 'Narrow Range Body'
formations on the daily chart. This indicates uncertainty among
participants and shows importance of the broader range of
6000 and 5800 levels. Hence, we maintain our bearish stance
as long as 5990 is not broken on closing basis. On the
downside, a sustainable move below yesterday's low of 5913
would trigger selling pressure in our market. In this scenario,
we expect the Nifty to retest 5825 levels. A fall below the 5800
mark would give a clear indication that all long positions
should be squared off as the market may then eventually test
5700 / 5550 levels.
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Daily Technical Report
October 09, 2013
Bank Nifty Outlook - (10141)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened with a mammoth three
percent upside gap after the announcement of yet another
measure by RBI to ease the liquidity. However, the bulls
used this up move to exit from long positions in banking
counters and the index trimmed almost all of its early
morning gains. There is no significant change in the
overall chart structure and thus, we reiterate our bearish
view on Bank Nifty. Going forward, we expect the index to
re-test 9877 levels once it falls below 10090. On the
flipside, 10328 - 10452 levels would now act as an
immediate resistance levels for the Bank Nifty.
Actionable points:
View
Bearish Below 10090
Expected Targets
9877 - 9775
Resistance Levels
10328 - 10452
Source: Falcon
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Daily Technical Report
October 09, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,810
19,897
20,024
20,110
20,237
NIFTY
5,872
5,900
5,941
5,969
6,010
BANKNIFTY
9,867
10,004
10,228
10,365
10,588
ACC
1,103
1,116
1,129
1,142
1,155
AMBUJACEM
190
192
195
197
200
ASIANPAINT
449
454
463
468
477
AXISBANK
1,020
1,044
1,081
1,105
1,142
BAJAJ-AUTO
2,061
2,088
2,124
2,152
2,188
BANKBARODA
503
511
525
534
548
BHARTIARTL
318
325
330
337
342
BHEL
141
142
145
147
150
BPCL
330
336
346
352
362
CAIRN
321
323
325
327
329
CIPLA
428
431
437
440
446
COALINDIA
290
293
298
301
305
DLF
134
137
140
142
146
DRREDDY
2,364
2,379
2,399
2,413
2,434
GAIL
329
331
335
337
341
GRASIM
2,647
2,677
2,696
2,725
2,744
HCLTECH
1,093
1,100
1,110
1,117
1,127
HDFC
766
779
798
811
831
HDFCBANK
609
621
638
650
666
HEROMOTOCO
1,984
2,002
2,032
2,051
2,081
HINDALCO
117
118
121
122
124
HINDUNILVR
602
606
610
614
619
ICICIBANK
921
929
941
949
961
IDFC
90
92
95
97
101
INDUSINDBK
378
390
409
421
440
INFY
3,006
3,020
3,036
3,050
3,066
ITC
336
342
345
351
354
JINDALSTEL
239
241
244
247
250
JPASSOCIAT
36
37
38
39
39
KOTAKBANK
668
682
699
712
730
LT
806
817
826
837
846
LUPIN
877
884
891
898
905
M&M
849
856
865
872
881
MARUTI
1,386
1,396
1,410
1,420
1,434
NMDC
121
122
123
124
125
NTPC
140
142
143
146
147
ONGC
264
267
268
270
272
PNB
452
460
472
480
492
POWERGRID
97
98
98
99
99
RANBAXY
365
372
380
386
395
RELIANCE
831
838
846
853
862
RELINFRA
388
396
401
408
413
SBIN
1,546
1,577
1,628
1,659
1,710
SESAGOA
182
184
187
189
192
SUNPHARMA
594
604
611
622
629
TATAMOTORS
344
347
353
357
363
TATAPOWER
81
83
84
85
86
TATASTEEL
289
293
299
303
309
TCS
2,031
2,046
2,072
2,087
2,113
ULTRACEMCO
1,874
1,910
1,930
1,965
1,986
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Daily Technical Report
October 09, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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