Daily Technical Report
January 10, 2014
Sensex (20713) / Nifty (6168)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened quietly in-line muted
global cues. During the session, the index yet again remained
within a narrow trading range with mildly negative bias and
eventually closed with very nominal losses. On the sectoral
front, the Capital Goods and Realty counters among the major
losers; whereas the Metal and Oil & Gas sectors managed to
close in the green. The advance to decline ratio was in favor of
the
declining
counters.
(A=1149 D=1395)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20486 / 6096 and 19289 / 5786 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20882 / 6218 and 20471 / 6093 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday's session was almost a replica of the previous trading
View
Neutral
session. The index oscillated well within the price band of
Support Levels
6144 - 6094
Tuesday’s candle. Hence, there is no major change in the daily
as well as hourly chart structure. The ‘Bullish Homing Pigeon’
Resistance Levels
6222 - 6290
Japanese candlestick pattern mentioned in our earlier report
has neither been activated nor been deactivated. Thus, any
closing beyond 6222 level (would confirm the pattern) may
result in a rally towards the immediate resistance zone of 6290
- 6360 levels. On the flipside, the above mentioned pattern
will get negated if the index violates Tuesday’s low of 6144
and closes below it. This may result in a decline towards the
next support level of 6096 (daily ’89 EMA’) or the index may
even test the 5970 (crucial swing low of November 13, 2013)
mark.
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Daily Technical Report
January 10, 2014
Bank Nifty Outlook - (10970)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a subdued note
in line with our benchmark indices. Banking
conglomerates showed some weakness during the session
and thus the banking index eventually closed below the
psychological support level of 11000. Going forward, the
bias remains negative and any sustainable move below
10892 would be an opportunity to create fresh short
positions. In case of this bearish scenario, the index may
slide towards 10780 - 10630 levels. On the flipside, only
a move above Tuesday's high of 11155 may result in a
near term rally towards 11208 - 11300 levels.
Actionable points:
View
Bearish below 10892
Expected Targets
10780 - 10630
Resistance levels
11155 - 11300
Source: Falcon
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Daily Technical Report
January 10, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,589
20,651
20,715
20,777
20,840
NIFTY
6,128
6,148
6,168
6,188
6,208
BANKNIFTY
10,830
10,900
10,995
11,065
11,160
ACC
1,025
1,039
1,065
1,079
1,104
AMBUJACEM
167
169
172
174
178
ASIANPAINT
483
486
489
493
496
AXISBANK
1,156
1,171
1,191
1,205
1,225
BAJAJ-AUTO
1,885
1,897
1,907
1,920
1,930
BANKBARODA
609
615
622
628
636
BHARTIARTL
324
327
330
333
336
BHEL
159
161
163
165
168
BPCL
312
318
323
330
334
CAIRN
321
323
325
327
329
CIPLA
396
400
404
407
411
COALINDIA
287
291
294
299
302
DLF
154
157
160
162
165
DRREDDY
2,498
2,542
2,570
2,614
2,641
GAIL
337
342
345
351
354
GRASIM
2,540
2,570
2,592
2,622
2,644
HCLTECH
1,226
1,255
1,273
1,303
1,320
HDFC
793
797
802
807
812
HDFCBANK
653
658
662
667
671
HEROMOTOCO
2,049
2,058
2,069
2,079
2,090
HINDALCO
110
111
113
115
117
HINDUNILVR
550
552
556
558
562
ICICIBANK
1,030
1,040
1,053
1,064
1,076
IDFC
100
101
102
103
104
INDUSINDBK
406
411
417
423
429
INFY
3,386
3,418
3,450
3,483
3,514
ITC
311
313
315
317
319
JINDALSTEL
251
258
262
268
272
JPASSOCIAT
47
48
49
51
52
KOTAKBANK
702
706
711
715
720
LT
948
960
982
994
1,016
LUPIN
922
928
937
943
951
M&M
873
884
901
911
928
MARUTI
1,766
1,789
1,824
1,847
1,882
NMDC
135
137
140
142
144
NTPC
128
131
132
135
137
ONGC
267
274
278
284
288
PNB
594
600
606
612
618
POWERGRID
98
98
99
99
100
RANBAXY
462
469
476
482
489
RELIANCE
841
846
850
855
859
RELINFRA
394
398
405
409
416
SBIN
1,611
1,626
1,644
1,658
1,677
SESAGOA
188
194
198
204
208
SUNPHARMA
595
601
605
611
615
TATAMOTORS
361
365
368
372
376
TATAPOWER
79
80
81
82
83
TATASTEEL
381
386
393
398
404
TCS
2,206
2,224
2,240
2,258
2,273
ULTRACEMCO
1,664
1,676
1,688
1,701
1,712
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Daily Technical Report
January 10, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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