Daily Technical Report
October 10, 2013
Sensex (20249) / NIFTY (6007)
Exhibit 1: Nifty Daily Chart
On Wednesday, our benchmark indices opened lower on the
back of weakness seen in US bourses. However, we witnessed
strong buying interest near day's low, which eventually pushed
our market significantly higher to close with nearly one and
half percent gains. On the Sectoral front, except Consumer
durables all other sectors closed in the green. The rally was
mainly led by the Realty, Healthcare, IT and Banking counters.
The advance to decline ratio was strongly in favor of the
advancing counters.
(A=1408 D=1025) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19418 / 5782 and 18767 / 5647 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19761 / 5852 and 19506 / 5811 levels, respectively.
On a closing basis, the ‘Lower Top - Lower Bottom’
formation on the weekly chart is still intact (Nifty).
Source: Falcon
The 61.8% Fibonacci retracement level of the fall from
6143 (high on September 19, 2013) to 5700 (low on
October 01, 2013) is placed at 5974.
Actionable points:
Trading strategy:
Yesterday, it was the fourth consecutive session where market
View
Neutral
showed dual sentiments as the opening tick was in favor of the
Resistance Level
6040 - 6100
bears and later a strong recovery by the bulls lead to
Support Levels
5951 - 5885
significant gains in the second half. Incremental buying
interest was seen after the announcement of September month
trade deficit numbers which were far better than expectations.
In the process, the Nifty surpassed 6000 mark and closed
marginally above it. The bearish implications of the “Shooting
star” Japanese candlestick pattern mentioned in our earlier
reports are now negated. Considering the current wave
structure, we may witness extension of this up move only if the
Nifty manages to sustain above yesterday's high of 6016. In
this scenario, we may expect the index to test 6040 - 6100
levels. On the flipside, 5950- 5885 levels would now act as
immediate support for Nifty.
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Daily Technical Report
Octobe10, 2013
Bank Nifty Outlook - (10335)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened lower and recovered
sharply from early morning lows to close with almost two
percent gain. The 'Doji' Japanese Candlestick pattern
mentioned in our earlier report has now been negated as the
index closed above
10329. Although, the weekly chart
structure of Bank nifty is still bearish, the possibility
continuation of this relief rally cannot be ruled out. Going
forward, the “89 day EMA” placed at the 10512 level would
act as an immediate resistance for bank nifty. Any closing
above this level would open up the possibility of an extended
rally up to 10650-10760 levels. On the flipside, 10150 -
9947 levels may provide decent support for the bank nifty in
coming trading sessions.
Actionable points:
View
Neutral
Support Levels
10150 - 9947
Resistance Levels
10512
Source: Falcon
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Daily Technical Report
Octobe10, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,667
19,958
20,118
20,409
20,569
NIFTY
5,828
5,918
5,967
6,056
6,105
BANKNIFTY
9,801
10,068
10,214
10,481
10,627
ACC
1,098
1,105
1,118
1,125
1,137
AMBUJACEM
190
193
195
198
200
ASIANPAINT
447
458
465
477
484
AXISBANK
1,031
1,055
1,070
1,094
1,109
BAJAJ-AUTO
2,067
2,110
2,145
2,188
2,223
BANKBARODA
507
519
526
537
544
BHARTIARTL
319
327
331
338
343
BHEL
139
144
146
151
153
BPCL
333
337
342
346
351
CAIRN
318
321
324
326
329
CIPLA
425
428
433
436
441
COALINDIA
288
292
295
299
302
DLF
133
140
144
151
156
DRREDDY
2,340
2,372
2,404
2,436
2,467
GAIL
327
331
333
337
340
GRASIM
2,638
2,672
2,698
2,732
2,758
HCLTECH
1,089
1,100
1,112
1,124
1,136
HDFC
770
786
796
812
821
HDFCBANK
613
631
641
659
669
HEROMOTOCO
1,975
2,018
2,044
2,087
2,113
HINDALCO
117
118
119
121
122
HINDUNILVR
603
607
609
613
615
ICICIBANK
891
921
938
968
985
IDFC
90
93
95
99
101
INDUSINDBK
381
396
405
421
430
INFY
2,962
3,036
3,084
3,158
3,205
ITC
341
345
348
352
354
JINDALSTEL
241
245
247
252
254
JPASSOCIAT
36
38
39
41
42
KOTAKBANK
671
695
709
733
748
LT
805
825
837
857
869
LUPIN
874
894
907
927
939
M&M
835
843
851
859
868
MARUTI
1,376
1,387
1,397
1,408
1,418
NMDC
119
123
126
130
132
NTPC
140
143
144
147
149
ONGC
263
268
271
277
280
PNB
452
464
471
483
490
POWERGRID
97
98
99
100
101
RANBAXY
371
376
381
386
391
RELIANCE
825
843
855
873
886
RELINFRA
393
403
409
419
424
SBIN
1,556
1,583
1,600
1,627
1,644
SESAGOA
181
183
184
186
187
SUNPHARMA
596
621
636
661
677
TATAMOTORS
347
351
354
357
360
TATAPOWER
83
84
85
87
88
TATASTEEL
287
295
300
308
313
TCS
2,025
2,058
2,078
2,111
2,130
ULTRACEMCO
1,901
1,936
1,955
1,990
2,010
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Daily Technical Report
Octobe10, 2013
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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