Daily Technical Report
March 10, 2014
Sensex (21920) / Nifty (6527)
Exhibit 1: Nifty Weekly Chart
The last session of the week opened higher as indicated by the
SGX Nifty. As the day progressed, the buying momentum
became stronger and as a result, our benchmark index
advanced by nearly two percent. On the sectoral front,
Banking, Capital goods, Oil & Gas and Realty sectors
contributed major portion of the rally; whereas Healthcare, IT
and TECK counters remained under pressure. The advance to
decline ratio was in favor of declining counters. (A=1354
D=1466)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20688 / 6150 and 19556 / 5856 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20980 / 6236 and 20737 / 6167 levels, respectively.
The weekly chart now clearly exhibits a breakout from the
‘Bullish Flag’ pattern.
Trading strategy:
Source: Falcon
Nifty has now come out of the multi-year congestion zone and
has now entered a new charting territory all together. Looking
Actionable points:
at the higher degree chart pattern of many heavyweight
constituents along with the humongous rise in volumes clearly
View
Neutral
indicates a broad based buying in our markets and hence, it’s
not wise to expect a pull back or profit booking in the near
Support Levels
6450 - 6400
term. A minor 1 - 2 days correction is possible and hence, any
Resistance Levels
6600 - 6630
dip (if any) towards 6450 - 6400 should be used to create
long positions. We are of the opinion that eventually we would
move beyond the immediate resistance zone of 6600 - 6630,
which is the 161%, Fibonacci retracement level of the fall from
6356 to 5933. The weekly chart now clearly exhibits a
breakout from the ‘Bullish Flag’ pattern. September 2013 lows
of 5150 - 5100 are considered as a low of the ‘Pole’ and the
entire consolidation from 6356 to 5933 completes this ‘Bullish
Flag’ pattern. The theoretical target of this pattern comes at
7000 - 7100 levels. We would advise traders not to go short in
this optimism; because it has now become a buy-on-dips
market.
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Daily Technical Report
March 10, 2014
Bank Nifty Outlook - (11885)
Exhibit 2: Bank Nifty Daily Chart
The banking index too opened higher and became the
major reason for Friday's historical day. During the first
half, almost all sector constituents witnessed massive
buying interest in the market. Index soared by whooping
six percent within a blink of an eye. This resulted in a
breakout from the multi year 'Downward Sloping Trend
Line'. Considering ongoing momentum, we expect the
Bank Nifty to move towards 12000 - 12230 levels. On
the flip side, 11500 - 11450 levels would now act as an
immediate support zone for the index.
Actionable points:
View
Neutral
Support Levels
11500 - 11450
Resistance levels
12000 - 12230
Source: Falcon
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Daily Technical Report
March 10, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,385
21,653
21,807
22,074
22,228
NIFTY
6,368
6,448
6,493
6,572
6,617
BANKNIFTY
11,107
11,496
11,722
12,111
12,337
ACC
1,176
1,219
1,244
1,287
1,312
AMBUJACEM
169
175
181
188
193
ASIANPAINT
469
475
480
486
490
AXISBANK
1,292
1,350
1,387
1,444
1,481
BAJAJ-AUTO
1,912
1,933
1,969
1,990
2,026
BANKBARODA
599
624
641
667
684
BHARTIARTL
280
291
298
309
317
BHEL
168
177
182
190
196
BPCL
396
407
413
424
431
CAIRN
324
327
331
334
338
CIPLA
371
376
379
384
387
COALINDIA
254
259
263
268
271
DLF
148
157
163
172
177
DRREDDY
2,593
2,659
2,747
2,814
2,902
GAIL
369
379
385
394
401
GRASIM
2,673
2,718
2,751
2,796
2,829
HCLTECH
1,434
1,461
1,483
1,510
1,532
HDFC
830
839
846
856
863
HDFCBANK
662
687
701
726
740
HEROMOTOCO
1,947
1,978
2,018
2,048
2,088
HINDALCO
117
121
123
127
129
HINDUNILVR
543
547
551
554
558
ICICIBANK
1,100
1,151
1,190
1,242
1,281
IDFC
101
103
105
107
108
INDUSINDBK
410
427
440
457
470
INFY
3,635
3,688
3,761
3,813
3,887
ITC
328
333
336
341
345
JINDALSTEL
249
253
257
261
265
JPASSOCIAT
42
45
47
50
52
KOTAKBANK
681
696
707
722
733
LT
1,108
1,153
1,188
1,233
1,268
LUPIN
930
948
971
989
1,012
M&M
935
959
976
1,000
1,016
MARUTI
1,601
1,668
1,707
1,775
1,814
NMDC
128
130
132
134
136
NTPC
115
116
116
117
118
ONGC
301
308
313
321
326
PNB
581
599
612
630
642
POWERGRID
96
98
99
100
101
RANBAXY
357
364
369
376
381
RELIANCE
807
838
856
887
905
RELINFRA
385
393
401
409
417
SBIN
1,550
1,600
1,632
1,682
1,714
SESAGOA
181
184
186
189
192
SUNPHARMA
598
605
616
623
633
TATAMOTORS
400
404
410
415
421
TATAPOWER
77
78
79
80
81
TATASTEEL
361
366
370
375
379
TCS
2,113
2,171
2,210
2,268
2,308
ULTRACEMCO
1,916
1,945
1,971
2,000
2,027
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Daily Technical Report
March 10, 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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