Daily Technical Report
September 11, 2015
Sensex (25622) / Nifty (7788)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened with a percent downside
gap on the back of weak overnight cues from the US
bourses. The index corrected further in the first half; but,
we witnessed a sharp recovery from day’s low during the
latter part of the day and thus, the Nifty managed to
trim major portion of losses to eventually end the session
with 0.39 percent cut. Barring Capital Goods, Auto and
FMCG, all other sectoral indices closed inside the
negative territory amongst which the Consumer
Durables, IT and Metal were the major losers. The
advance to decline ratio was in favor of the declining
counters. (A=1123 D=1478) (Source: www.bseindia.com).
Formations
The ’89-day EMA’ and the
’89-week EMA’ are
placed at 27465
/
8301 and 25922 /
7807 levels,
respectively.
The ’20-day EMA’ and the
‘20-week EMA’ are
Source: Falcon
placed at 26691
/
8053 and 27517
/
8317 levels,
respectively.
Actionable points:
Trading strategy:
View
Neutral
After two days of smart recovery, our benchmark index
Resistance Levels
7850 - 7950
surprisingly opened with a downside gap as the
Support Level
7678
sentiments from the global bourses continued to
influence our market. Wednesday’s upside gap was
As a result, we may witness an extension of this up
filled by yesterday’s downside gap and thus, the bears
move towards the daily ’20-EMA’ placed at 7950. On
showed their dominance in the initial hour by extending
the flipside, yesterday’s low of 7678 would now act an
losses slightly below the 7700 mark. Despite this intraday
immediate support for the index. Having said that we
weakness, we maintained our stance and avoided
reiterate our view that traders shouldn’t be
shorting considering the positive placement of the daily
aggressively participating in this bounce as we are not
‘RSI-Smoothened’ oscillator (as mentioned in our
interpreting this as a trend reversal sign. Momentum
previous report). The Nifty precisely took a support at the
traders should only look for small moves with strict stop
50% Fibonacci retracement level (7690) of the up move
losses and it’s advisable to keep booking profits in their
from 7539.50 to 7846.05. As expected, we witnessed
existing longs.
smart recovery post the midsession and in the process,
the index completely filled its morning downside gap
and eventually closed tad below the 7800 mark. Going
forward, the immediate resistance remains at 7850 (the
hourly ’89-EMA’) and a sustainable breakout beyond this
level may lead to a confirmation of the ‘Inverse Head &
Shoulder’ pattern on the hourly chart.
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Daily Technical Report
September 11, 2015
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (16598)
Yesterday, the Bank Nifty opened with a downside
gap of around 300 points on the back of negative
cues from the global bourses. Post the initial down
ticks, we witnessed a responsive buying from the lower
levels and as a result, the banking index continued to
make ‘Higher Highs Higher Lows’ throughout the
session. Eventually, the volatile session ended with a
marginal loss of 0.20 percent. We reiterate our view
that the Bank Nifty may continue to move towards its
immediate resistance of 38.20% retracement level of
the entire fall from
18896.45 to 15762.20, which is
placed at 16960 - 17030 levels. On the downside,
16200 will now act as a crucial support for the index.
Actionable points:
View
Neutral
Resistance Levels
16960 - 17030
Source: Falcon
Support Levels
16200
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Daily Technical Report
September 11, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,102
25,362
25,548
25,808
25,994
NIFTY
7,621
7,704
7,762
7,846
7,904
BANKNIFTY
15,981
16,289
16,500
16,809
17,020
ACC
1,331
1,355
1,370
1,394
1,409
AMBUJACEM
203
207
210
214
217
ASIANPAINT
792
800
808
817
825
AXISBANK
466
474
481
489
495
BAJAJ-AUTO
2,174
2,238
2,279
2,344
2,384
BANKBARODA
170
174
178
182
185
BHARTIARTL
343
347
350
353
356
BHEL
200
209
214
222
227
BOSCHLTD
20,481
21,235
21,764
22,518
23,047
BPCL
809
824
834
849
859
CAIRN
141
146
150
155
158
CIPLA
634
644
651
661
667
COALINDIA
331
335
338
341
344
DRREDDY
3,925
3,949
3,984
4,008
4,043
GAIL
285
288
291
295
297
GRASIM
3,402
3,434
3,457
3,489
3,512
HCLTECH
893
905
920
932
947
HDFC
1,137
1,150
1,162
1,175
1,188
HDFCBANK
987
999
1,008
1,020
1,029
HEROMOTOCO
2,273
2,311
2,338
2,376
2,402
HINDALCO
73
75
76
78
79
HINDUNILVR
766
778
790
802
813
ICICIBANK
251
259
265
273
278
IDEA
143
146
148
151
153
INDUSINDBK
820
843
859
883
899
INFY
1,047
1,064
1,078
1,094
1,108
ITC
308
311
313
316
319
KOTAKBANK
602
618
629
646
657
LT
1,529
1,572
1,599
1,642
1,668
LUPIN
1,766
1,792
1,811
1,837
1,856
M&M
1,132
1,151
1,167
1,186
1,203
MARUTI
4,189
4,245
4,282
4,338
4,374
NMDC
98
100
101
103
104
NTPC
116
118
119
121
122
ONGC
221
224
227
230
233
PNB
128
131
133
136
138
POWERGRID
119
121
123
125
127
RELIANCE
849
858
864
873
879
SBIN
221
224
227
230
233
VEDL
93
96
98
102
104
SUNPHARMA
817
828
836
848
855
TATAMOTORS
322
338
347
363
373
TATAPOWER
57
59
60
62
63
TATASTEEL
227
234
238
245
250
TCS
2,499
2,522
2,550
2,574
2,602
TECHM
520
527
532
539
544
ULTRACEMCO
2,872
2,918
2,948
2,995
3,025
WIPRO
545
548
554
558
563
YESBANK
679
696
708
725
737
ZEEL
369
380
388
400
407
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Daily Technical Report
September 11, 2015
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website:
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Research Team
Sameet Chavan
-
Technical Analyst
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