Daily Technical Report
December 10, 2013
Sensex (21326) / Nifty (6364)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a grand opening in our market as the
benchmark index began proceedings with a mammoth upside
gap of more than two percent, which was well over the
previous all time high of 6357. During the entire session the
market cooled off a bit but eventually posted an all time high
closing. Exuberance continued in the Banking and Capital
goods counters. There was no sector in the negative territory.
The advance to decline ratio was in favor of the declining
counters. (A=1201 D=1316)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20204 / 6008 and 19146 / 5747 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20756 / 6171 and 20298 / 6041 levels, respectively.
The monthly momentum oscillators are still positively
poised.
On the daily chart, the breakout from the ‘Triangular’
Source: Falcon
pattern is still intact.
Actionable points:
Trading strategy:
View
Neutral
It was a historical day for Indian equity markets as the 'Modi’
factor gave an adrenaline shot to the bulls. Finally, our index
Support Levels
6345 - 6300
has convincingly conquered 6357 to post a new all-time high.
Resistance Levels
6416 - 6450
The daily chart now exhibits a ’Breakaway Gap', indicates
euphoric reaction by market participants. Thus, despite
attaining our original target of 6400, we still maintain our
positive stance. With respect to the theoretical characteristics of
this gap, we can expect higher levels of 6450 - 6500 in days to
come. On the flipside, 6300 - 6280 levels may provide decent
support to our benchmark index. Traders should note that the
RSI momentum indicator on the daily chart clearly exhibits
negative divergence and is a sign of caution. A fall and close
below the 6280 mark would mean that the current momentum
is fading away, the negative divergence in RSI is taking effect
and long positions should be squared off.
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Daily Technical Report
December 10, 2013
Bank Nifty Outlook - (12066)
Exhibit 2: Bank Nifty Daily Chart
The banking conglomerates have played a vital role in
elevating our benchmark index over the past 4 trading
sessions. Yesterday too, we witnessed a massive gap up
opening in the Bank Nifty and despite minor profit
booking, eventually managed to close with a gain of
more than two and half a percent. The index has now
precisely met with our mentioned target of
12200.
However, the index still has some potential to move
towards 12400 - 12450 as the yesterday's euphoric
opening created a ’Runway Gap'. Considering ‘Change
of Polarity’ rule, the previous important resistance level of
11811 would now act as a strong support in the near
term.
Actionable points:
View
Neutral
Support Levels
11811 - 11579
Resistance Levels
12200 - 12400
Source: Falcon
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Daily Technical Report
December 10, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,163
21,245
21,364
21,446
21,565
NIFTY
6,304
6,334
6,375
6,404
6,445
BANKNIFTY
11,881
11,973
12,100
12,192
12,318
ACC
1,106
1,136
1,156
1,186
1,206
AMBUJACEM
184
189
192
196
199
ASIANPAINT
495
500
508
513
521
AXISBANK
1,269
1,286
1,314
1,332
1,360
BAJAJ-AUTO
1,943
1,961
1,974
1,992
2,006
BANKBARODA
680
689
703
713
727
BHARTIARTL
329
333
338
342
348
BHEL
166
169
173
176
180
BPCL
357
361
368
372
379
CAIRN
319
321
325
327
330
CIPLA
377
381
389
393
400
COALINDIA
284
287
293
297
302
DLF
153
159
163
169
172
DRREDDY
2,413
2,433
2,448
2,469
2,484
GAIL
345
349
352
356
359
GRASIM
2,729
2,764
2,784
2,819
2,839
HCLTECH
1,111
1,127
1,139
1,155
1,166
HDFC
803
812
827
836
851
HDFCBANK
677
687
702
712
727
HEROMOTOCO
2,077
2,100
2,124
2,147
2,171
HINDALCO
120
122
123
126
127
HINDUNILVR
546
553
562
569
577
ICICIBANK
1,184
1,193
1,200
1,209
1,215
IDFC
112
114
116
117
119
INDUSINDBK
447
457
465
475
482
INFY
3,285
3,312
3,348
3,375
3,411
ITC
307
310
314
317
321
JINDALSTEL
248
257
273
282
299
JPASSOCIAT
54
55
56
57
59
KOTAKBANK
742
753
771
781
799
LT
1,111
1,129
1,142
1,160
1,172
LUPIN
840
846
858
865
877
M&M
942
954
966
979
990
MARUTI
1,687
1,726
1,748
1,786
1,808
NMDC
139
141
143
146
148
NTPC
149
151
153
155
157
ONGC
296
301
304
308
312
PNB
593
602
617
626
641
POWERGRID
97
99
101
103
104
RANBAXY
418
426
438
446
458
RELIANCE
869
874
881
886
893
RELINFRA
436
442
447
453
458
SBIN
1,861
1,876
1,900
1,915
1,939
SESAGOA
181
187
190
195
198
SUNPHARMA
570
578
588
596
605
TATAMOTORS
382
388
395
401
408
TATAPOWER
86
87
90
92
94
TATASTEEL
412
417
424
429
436
TCS
1,982
1,993
2,012
2,023
2,042
ULTRACEMCO
1,869
1,899
1,920
1,950
1,972
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Daily Technical Report
December 10, 2013
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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