Daily Technical Report
March 11, 2014
Sensex (21935) / Nifty (6537)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened half a percent lower
on the back of negative cues from other Asian bourses.
However, index managed to recover immediately from the lows
and then remained range bound for the entire session to
eventually close with nominal gains. The Banking, Capital
Goods and Realty sectors continued their strong run; whereas
Healthcare, IT and Metal counters witnessed persistent profit
booking throughout the session. The advance to decline ratio
was in favor of advancing counters. (A=1426
D=1375)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20716 / 6159 and 19609 / 5871 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21071 / 6265 and 20851 / 6202 levels, respectively.
The weekly chart now clearly exhibits a breakout from the
‘Bullish Flag’ pattern.
Source: Falcon
Trading strategy:
Actionable points:
A strong closing on Friday was followed by a muted session;
but the bulls managed to maintain their dominance despite
View
Neutral
negative opening for the day. Yesterday’s session can be
Support Levels
6485 - 6450
considered as a breather or consolidation after a sharp rally.
Resistance Levels
6600 - 6620
There is no major change in the chart structure and hence, we
would maintain our stance that the index is likely to reach their
immediate resistance zone of 6600 - 6620, which is the 161%
Fibonacci retracement level of the fall from 6356 to 5933. On
the flipside, 6485 - 6450 levels are likely to provide decent
support in the near term. We advise traders to focus more on
the positional trading rather than the day trading; since the
volatility has now increased significantly.
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Daily Technical Report
March 11, 2014
Bank Nifty Outlook - (12108)
Exhibit 2: Bank Nifty Daily Chart
The opening session of the week started lower in-line with
the benchmark index. However, without wasting much
time, the banking index resumes its last week trend and
continued its outperformance by posting decent gains of
1.88 %, over the previous day’s close. We expect this
ongoing momentum to continue towards 12230, which is
the crucial swing high of the Bank Nifty. A sustainable
move beyond 12230 would push the index towards its
next resistance levels of 12500 - 12600. On the other
hand, the immediate support levels are seen around
11780 - 11750.
Actionable points:
View
Neutral
Support Levels
11780 - 11750
Source: Falcon
Resistance levels
12230 - 12500
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Daily Technical Report
March 11, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,703
21,819
21,921
22,037
22,140
NIFTY
6,454
6,496
6,529
6,571
6,604
BANKNIFTY
11,644
11,876
12,017
12,249
12,390
ACC
1,216
1,241
1,263
1,289
1,311
AMBUJACEM
177
180
183
185
188
ASIANPAINT
476
480
485
490
495
AXISBANK
1,370
1,398
1,420
1,448
1,470
BAJAJ-AUTO
1,925
1,965
1,990
2,030
2,055
BANKBARODA
630
641
657
668
684
BHARTIARTL
296
301
305
310
314
BHEL
179
184
188
193
197
BPCL
400
410
416
426
433
CAIRN
322
324
329
332
336
CIPLA
369
372
377
380
385
COALINDIA
253
256
260
263
268
DLF
161
166
170
175
179
DRREDDY
2,601
2,644
2,697
2,740
2,793
GAIL
374
377
384
388
394
GRASIM
2,697
2,724
2,756
2,783
2,816
HCLTECH
1,408
1,425
1,454
1,471
1,500
HDFC
820
835
846
862
873
HDFCBANK
687
711
724
748
761
HEROMOTOCO
1,967
1,991
2,010
2,035
2,054
HINDALCO
120
121
122
123
125
HINDUNILVR
544
551
555
562
566
ICICIBANK
1,165
1,179
1,197
1,211
1,229
IDFC
100
106
110
116
120
INDUSINDBK
432
450
461
479
489
INFY
3,598
3,635
3,682
3,719
3,767
ITC
332
334
336
338
340
JINDALSTEL
248
255
259
266
270
JPASSOCIAT
46
48
49
51
53
KOTAKBANK
681
717
736
771
791
LT
1,170
1,203
1,223
1,256
1,275
LUPIN
938
948
964
974
990
M&M
958
987
1,004
1,033
1,050
MARUTI
1,678
1,739
1,778
1,840
1,879
NMDC
125
127
129
131
134
NTPC
112
115
117
119
122
ONGC
303
311
319
328
335
PNB
593
613
626
646
659
POWERGRID
97
98
99
100
100
RANBAXY
352
358
363
369
374
RELIANCE
844
865
884
905
924
RELINFRA
387
396
405
413
422
SBIN
1,610
1,651
1,681
1,722
1,752
SESAGOA
180
182
185
187
189
SUNPHARMA
582
589
600
608
619
TATAMOTORS
386
391
399
404
412
TATAPOWER
77
78
79
80
82
TATASTEEL
357
361
366
369
374
TCS
2,075
2,109
2,169
2,202
2,262
ULTRACEMCO
1,927
1,959
1,984
2,015
2,040
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Daily Technical Report
March 11, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Sameet Chavan
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Technical Analyst
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