Daily Technical Report
April 11, 2014
Sensex (22715) / Nifty (6796)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened on a flat note as indicated by
the SGX Nifty. Subsequently, index remained within a narrow
trading range of nearly half a percent throughout the session
and eventually closed precisely at previous day’s closing level.
On the sectoral front, the Power, Capital Goods and Realty
counters were among the major gainers; whereas the Health
Care, IT and FMCG sectors remained under pressure
throughout the session. The advance to decline ratio was
strongly in favor of the advancing counters. (A=1551
D=1251)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21286 / 6343 and 19838 / 5940 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22180 / 6631 and 21330 / 6358 levels, respectively.
The daily momentum oscillators are negatively poised.
Source: Falcon
Trading strategy:
Actionable points:
A strong closing on Wednesday was followed by a muted
View
Bearish below 6777
session as most of the index heavyweight constituents showed
mixed movements. On the daily chart, we are now observing a
Expected Targets
6725 - 6705
small ‘Upward Sloping Channel’ (please refer the exhibit).
Resistance Levels
6820 - 6860
Yesterday, index made several attempts to move beyond the
127% Fibonacci retracement level (6820) of the fall from
6776.75 (the hourly swing high) to 6650.40 (the hourly swing
low). This level coincides with the upper end of the mentioned
‘Channel’ pattern. Yesterday’s price action resulted in a
formation of ‘Narrow Range Body’. An occurrence of such
candle near the resistance level indicates uncertainty among
market participants. Considering an extreme overbought
position of daily momentum oscillators, the index may witness
some bit of correction if it manages to sustain below
yesterday’s low of 6777. In this scenario, the index may
immediately test lower end of the ‘Channel’ pattern i.e. 6725 -
6705 levels. On the upside, a sustainable move beyond 6820
may extend the rally towards the 161% Fibonacci retracement
level (6840 - 6860) of the recent intraday fall.
www.angelbroking.com
1
Daily Technical Report
April 11, 2014
Bank Nifty Outlook - (12949)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a flat note and
remained range bound after seeing a sharp up move
during Wednesday’s session. Unlike the benchmark
index, the Bank Nifty is placed slightly above its resistance
level of the 127% Fibonacci retracement level (12850) of
the fall from 12225.95 (high on December 09, 2013) to
9944 (low on February 04, 2014). This indicates strength
in the index. But on the contrary, yesterday’s daily candle
indicates some bit of uncertainty as it resembles a ‘long
Legged Doji’ Japanese candlestick pattern. Hence, if the
Bank Nifty sustains below yesterday’s low of 12881, then
we may witness some profit booking in the index. In this
scenario, the possibility of testing 12754 - 12656 cannot
be rule out. On the flipside, 13050 - 13150 are seen as
immediate resistance levels for the banking index.
Actionable points:
Source: Falcon
View
Neutral
Resistance Levels
13050 - 13150
Support Levels
12881 - 12754 - 12656
www.angelbroking.com
2
Daily Technical Report
April 11, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,569
22,642
22,717
22,790
22,865
NIFTY
6,756
6,776
6,798
6,818
6,839
BANKNIFTY
12,788
12,869
12,962
13,043
13,136
ACC
1,341
1,365
1,384
1,408
1,427
AMBUJACEM
205
209
213
216
220
ASIANPAINT
533
537
544
548
554
1,457
1,480
1,499
1,522
1,541
AXISBANK
BAJAJ-AUTO
1,995
2,009
2,025
2,039
2,055
BANKBARODA
767
777
788
798
808
BHARTIARTL
312
316
320
324
329
BHEL
179
183
185
189
192
BPCL
431
441
447
458
464
CAIRN
347
353
358
364
368
CIPLA
390
394
398
402
406
COALINDIA
281
287
290
296
299
DLF
171
175
180
184
189
DRREDDY
2,482
2,516
2,574
2,609
2,667
GAIL
367
372
376
382
386
GRASIM
2,775
2,808
2,851
2,883
2,927
HCLTECH
1,326
1,342
1,365
1,381
1,405
HDFC
908
918
926
936
944
HDFCBANK
729
734
741
747
754
HEROMOTOCO
2,166
2,187
2,221
2,242
2,276
HINDALCO
138
140
143
145
147
HINDUNILVR
599
608
614
624
629
ICICIBANK
1,219
1,233
1,251
1,266
1,284
IDFC
120
122
125
127
129
INDUSINDBK
501
507
514
519
526
INFY
3,143
3,172
3,215
3,244
3,287
ITC
339
341
346
348
352
JINDALSTEL
275
278
283
286
291
JPASSOCIAT
54
57
59
62
64
767
785
799
817
830
KOTAKBANK
LT
1,279
1,296
1,312
1,330
1,345
LUPIN
928
941
963
976
998
M&M
984
1,002
1,015
1,034
1,046
MARUTI
1,892
1,926
1,950
1,984
2,007
NMDC
145
147
150
152
155
NTPC
119
121
123
125
126
ONGC
312
317
320
325
328
PNB
759
771
783
795
806
POWERGRID
105
107
107
109
109
RANBAXY
443
453
467
477
491
RELIANCE
957
963
968
975
980
RELINFRA
435
469
494
528
553
SBIN
1,970
1,999
2,019
2,049
2,069
SESAGOA
192
195
199
202
206
SUNPHARMA
591
603
623
635
655
TATAMOTORS
418
424
430
436
442
TATAPOWER
82
85
86
89
90
TATASTEEL
404
411
418
425
432
TCS
2,097
2,111
2,130
2,145
2,163
ULTRACEMCO
2,185
2,215
2,236
2,266
2,287
www.angelbroking.com
3
Daily Technical Report
April 11, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4