Daily Technical Report
December 09, 2014
Sensex (28119) / Nifty (8438)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on a flat note amid
mixed global cues. However, the index remained under
pressure throughout the session due to sharp correction in
some of the index heavyweights. As a result, the Nifty ended
the session with more than a percent loss. Barring FMCG,
all other sectors closed in the negative territory amongst
which the IT, Banking and Capital Goods were the major
losers. The advance to decline ratio was strongly in favor of
the declining counters. (A=1151 D=1797) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 26898 / 8053 and 23250 / 6954 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
Source: Falcon
at 28180 / 8444 and 26953 / 8058 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
For the first time after October 16, 2014, our benchmark
index (Nifty) closed with a single day loss of more than a
Support Levels
8432 - 8350
percent. Yesterday, the Nifty opened on a subdued note;
Resistance Levels
8490 - 8520
but, immediately started correcting during the initial hour. In
the process, the Nifty sneaked below the hourly support
level of 8490. As expected, a breach of this important level
triggered intraday pessimism in the market. Eventually, the
Nifty managed to close tad below the 8450 mark. On the
daily chart, we are now observing ’20 Day EMA’ around
8440, which can be considered as yet another crucial
support for the index. Going forward, if the Nifty manages
to sustain below yesterday’s low of 8432 then the index may
extend this correction towards 8350 level. It will be then
supported by a negative placement of the daily ‘RSI-
Smoothened’ momentum oscillator. On the flipside, 8490 -
8520 levels are now seen as intraday resistances for the
index.
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Daily Technical Report
December 09, 2014
Bank Nifty Outlook - (18510)
Exhibit 2: Bank Nifty Daily Chart
Yesterday’s Bank Nifty’s movement was quite similar to
the benchmark index as it opened quietly and then
witnessed a decent correction of more than a percent.
Going forward, looking at the negative placement of the
daily ‘RSI-Smoothened’ momentum oscillator, if the
banking index sustains below 18486 level then we may
expect an immediate correction towards 18300 - 18250
leves. On the flipside, 18590 - 18650 levels are now
seen as intraday resistances for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
18590 - 18650
Support Levels
18486 - 18300
Source: Falcon
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Daily Technical Report
December 09, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,839
27,979
28,237
28,377
28,635
NIFTY
8,358
8,398
8,472
8,512
8,586
BANKNIFTY
18,282
18,396
18,601
18,714
18,919
ACC
1,436
1,457
1,487
1,508
1,538
AMBUJACEM
223
227
234
238
244
ASIANPAINT
773
783
796
807
820
AXISBANK
491
494
498
501
506
BAJAJ-AUTO
2,576
2,595
2,616
2,636
2,657
BANKBARODA
1,048
1,067
1,096
1,114
1,143
BHARTIARTL
362
366
370
374
379
BHEL
254
261
268
274
281
BPCL
669
679
698
708
726
CAIRN
255
257
258
260
261
CIPLA
635
644
649
658
663
COALINDIA
352
358
363
369
374
DLF
154
157
162
165
169
DRREDDY
3,249
3,282
3,344
3,377
3,439
GAIL
461
464
468
471
476
GRASIM
3,351
3,394
3,454
3,497
3,556
HCLTECH
1,511
1,535
1,565
1,589
1,619
HDFC
1,089
1,098
1,114
1,123
1,138
HDFCBANK
912
920
932
940
952
HEROMOTOCO
3,106
3,133
3,169
3,196
3,232
HINDALCO
154
156
161
163
168
HINDUNILVR
807
813
821
828
835
ICICIBANK
347
350
356
360
366
IDFC
155
157
159
160
162
INDUSINDBK
760
772
781
792
801
INFY
1,921
1,946
1,982
2,007
2,044
ITC
389
394
397
401
404
JINDALSTEL
142
145
150
154
159
KOTAKBANK
1,219
1,232
1,243
1,257
1,268
LT
1,569
1,585
1,611
1,627
1,653
LUPIN
1,436
1,446
1,462
1,473
1,489
M&M
1,205
1,227
1,266
1,288
1,327
MARUTI
3,321
3,351
3,395
3,425
3,469
NMDC
138
139
140
141
142
NTPC
138
139
141
142
143
ONGC
359
364
368
372
376
PNB
1,085
1,098
1,116
1,129
1,148
POWERGRID
134
135
137
138
139
RELIANCE
929
937
950
958
971
SBIN
308
311
315
317
321
SSLT
226
229
235
239
245
SUNPHARMA
810
819
829
838
849
TATAMOTORS
503
509
520
526
537
TATAPOWER
87
88
90
91
92
TATASTEEL
441
446
456
462
472
TCS
2,443
2,478
2,536
2,571
2,630
TECHM
2,570
2,591
2,607
2,628
2,644
ULTRACEMCO
2,459
2,486
2,505
2,532
2,551
WIPRO
557
562
571
577
586
ZEEL
366
370
375
380
385
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Daily Technical Report
December 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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