Daily Technical Report
January 01, 2014
Sensex (21171) / Nifty (6304)
Exhibit 1: Nifty Daily Chart
Yesterday our market opened slightly higher in-line with other
Asian bourses. The benchmark index then yet again slipped
into consolidation mode for the entire trading session and
eventually closed marginally below the opening level. Oil &
Gas and Metal counters somehow managed to close in the
green but Realty, IT and Banking sectors underperformed our
benchmark index. The advance to decline ratio was strongly in
favor of the advancing counters. (A=1347 D=1167)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20428 / 6078 and 19264 / 5779 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20959 / 6240 and 20476 / 6094 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
The last trading session of the calendar year 2013 ended
above the psychological level of 6300. As a result, the Nifty
View
Neutral
has posted the highest ever monthly as well as quarterly
Support Levels
6259 - 6170
closing. However, the overall intraday trading range was very
Resistance Levels
6344 - 6363
narrow and lethargic. Hence, the trading range of 6320 to
6250 is still intact. As mentioned in our previous reports, we
continue with our view that only a move beyond 6320 or below
6250 will be a trend deciding move for the index. In the bullish
scenario, a closing above 6320 would result in an upside rally
towards 6380 - 6415; whereas on the downside, 6180 - 6150
levels can be expected if the index remains below 6250.
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Daily Technical Report
January 01, 2014
Bank Nifty Outlook - (11385)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty too opened marginally higher in line with
the Benchmark index. Throughout the session, the
banking index too traded in the narrow range and finally
closed on a flat note. Since there is no major change in
chart structure, we continue to reiterate our view that, if
the Bank Nifty sustains below yesterday’s low of 11316,
then a further decline towards 11200 - 11074 can be
expected. On the upside, 11552 - 11622 levels are
immediate resistance levels for the banking index in
coming trading sessions.
Actionable points:
View
Neutral
Support Levels
11316 - 11200
Resistance levels
11552 - 11622
Source: Falcon
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Daily Technical Report
January 01, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,067
21,119
21,175
21,227
21,283
NIFTY
6,273
6,288
6,303
6,318
6,333
BANKNIFTY
11,265
11,325
11,377
11,437
11,488
ACC
1,089
1,099
1,105
1,115
1,122
AMBUJACEM
180
182
182
183
184
ASIANPAINT
484
487
490
493
496
AXISBANK
1,267
1,283
1,293
1,309
1,319
BAJAJ-AUTO
1,891
1,901
1,911
1,921
1,931
BANKBARODA
635
640
646
651
656
BHARTIARTL
323
326
330
334
337
BHEL
173
175
178
180
183
BPCL
342
345
350
353
357
CAIRN
321
322
324
325
327
CIPLA
397
399
402
404
406
COALINDIA
287
288
291
292
295
DLF
163
165
167
168
170
DRREDDY
2,506
2,520
2,535
2,549
2,564
GAIL
338
340
343
345
347
GRASIM
2,682
2,698
2,723
2,739
2,764
HCLTECH
1,226
1,244
1,256
1,274
1,286
HDFC
784
790
796
801
807
HDFCBANK
654
660
666
672
678
HEROMOTOCO
2,055
2,065
2,077
2,087
2,098
HINDALCO
120
122
122
123
124
HINDUNILVR
563
567
572
576
580
ICICIBANK
1,086
1,092
1,101
1,107
1,115
IDFC
104
107
108
111
113
INDUSINDBK
413
417
420
423
426
INFY
3,454
3,470
3,496
3,511
3,537
ITC
318
320
322
324
326
JINDALSTEL
258
259
262
264
266
JPASSOCIAT
52
53
54
55
56
KOTAKBANK
720
724
730
734
739
LT
1,059
1,064
1,069
1,075
1,079
LUPIN
898
903
908
914
919
M&M
929
936
947
955
966
MARUTI
1,741
1,753
1,769
1,780
1,796
NMDC
139
140
143
144
147
NTPC
136
136
137
137
138
ONGC
285
287
290
292
294
PNB
617
622
627
631
636
POWERGRID
98
99
100
100
101
RANBAXY
448
451
455
457
462
RELIANCE
882
889
894
900
905
RELINFRA
418
422
425
429
432
SBIN
1,740
1,753
1,763
1,776
1,786
SESAGOA
199
201
203
204
206
SUNPHARMA
561
564
569
572
576
TATAMOTORS
372
374
376
378
380
TATAPOWER
88
90
91
93
94
TATASTEEL
420
422
425
426
429
TCS
2,135
2,154
2,169
2,188
2,203
ULTRACEMCO
1,728
1,746
1,758
1,776
1,788
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Daily Technical Report
January 01, 2014
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
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