Daily Technical Report
October 11, 2013
Sensex (20273) / NIFTY (6021)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a subdued opening in our market
considering quiet trading mood across the globe.
Subsequently, the index oscillated within a narrow trading
range to close with very minor gains. On the Sectoral front, the
Auto, Metal and IT counters managed to close in the positive
territory; whereas the Banking and Oil & Gas sectors remained
under pressure throughout the session. The advance to decline
ratio was strongly in favor of the advancing counters.
(A=1427 D=1013) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19438 / 5788 and 18768 / 5648 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19811 / 5868 and 19509 / 5813 levels, respectively.
On a closing basis, the ‘Lower Top - Lower Bottom’
formation on the weekly chart is still intact (Nifty).
The 78.6% Fibonacci retracement level of the fall from
6143 (high on September 19, 2013) to 5700 (low on
October 01, 2013) is placed at 6048.
Source: Falcon
Actionable points:
Trading strategy:
The index has finally managed to hold its early morning trend.
View
Neutral
However, yesterday’s session was lackluster and range bound.
Resistance Level
6040 - 6100
The Nifty has now approached the
78.6% Fibonacci
Support Levels
5951 - 5885
retracement level
(6048). Also, yesterday’s daily candle
resembles a 'Narrow Range' body formation. An occurrence of
such candle near strong resistance indicates uncertainty and
hence, a sustainable move below 5979 would trigger selling
pressure in the market. In this scenario, we may witness a
correction up to 5950 - 5885 levels. On the flipside, the
immediate resistance is seen at 6035. Any move beyond this
level may push the index towards 6080-6100 levels. While the
global markets are cheerful as indicated by the SGX Nifty, we
believe that traders should wait and watch out for the Infosys
results which will have a substantial impact on the sentiment on
the bourses.
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Daily Technical Report
October 11, 2013
Bank Nifty Outlook - (10289)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty showed slightly different movement
as compared to benchmark index. The Bank Nifty remained
under pressure for the major part of the session and despite
so many intraday ups and downs. The index is now trading
around the 50% Fibonacci retracement level of the recent
fall. Also, it is trading consistently below the daily' 89 EMA'
level of 10500, indicates weakness. Momentum oscillators
are not positively poised and the overall chart structure is not
positive. Hence, going forward, we may witness a significant
correction if it moves below 10199. In this scenario, lower
levels of 10100 - 10000 can be expected. On the flipside,
10372 - 10500 would act as strong resistance for the Bank
nifty.
Actionable points:
View
Neutral
Support Levels
10199 - 9947
Resistance Levels
10512
Source: Falcon
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Daily Technical Report
October 11, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,056
20,165
20,244
20,352
20,432
NIFTY
5,957
5,989
6,012
6,043
6,066
BANKNIFTY
10,114
10,202
10,287
10,374
10,459
ACC
1,107
1,119
1,129
1,140
1,150
AMBUJACEM
193
195
197
198
200
ASIANPAINT
460
470
477
486
493
AXISBANK
1,035
1,051
1,072
1,087
1,109
BAJAJ-AUTO
2,086
2,114
2,145
2,173
2,204
BANKBARODA
524
530
535
541
546
BHARTIARTL
326
329
333
336
340
BHEL
144
146
148
149
151
BPCL
336
340
343
346
350
CAIRN
317
320
322
325
327
CIPLA
427
430
434
437
442
COALINDIA
289
291
295
298
302
DLF
145
147
149
152
154
DRREDDY
2,371
2,384
2,404
2,417
2,436
GAIL
326
329
332
335
339
GRASIM
2,664
2,713
2,741
2,790
2,818
HCLTECH
1,102
1,110
1,120
1,128
1,138
HDFC
789
799
806
815
822
HDFCBANK
625
633
641
649
657
HEROMOTOCO
2,007
2,028
2,059
2,080
2,111
HINDALCO
113
115
118
120
123
HINDUNILVR
588
595
605
611
622
ICICIBANK
924
936
946
959
969
IDFC
95
96
97
99
99
INDUSINDBK
401
408
414
421
427
INFY
3,056
3,092
3,126
3,162
3,197
ITC
341
344
348
350
354
JINDALSTEL
243
248
252
257
262
JPASSOCIAT
39
39
40
41
41
KOTAKBANK
687
696
710
719
733
LT
832
839
847
854
862
LUPIN
908
923
932
947
956
M&M
845
856
862
874
880
MARUTI
1,388
1,405
1,415
1,431
1,442
NMDC
124
128
130
133
135
NTPC
144
146
147
149
151
ONGC
269
271
273
276
278
PNB
466
470
475
480
485
POWERGRID
98
98
99
100
100
RANBAXY
377
385
392
401
408
RELIANCE
842
851
857
866
872
RELINFRA
404
409
414
418
423
SBIN
1,595
1,614
1,627
1,646
1,658
SESAGOA
181
184
186
190
192
SUNPHARMA
628
634
642
648
657
TATAMOTORS
344
358
366
380
388
TATAPOWER
82
83
84
85
87
TATASTEEL
302
305
308
311
314
TCS
2,051
2,066
2,082
2,096
2,113
ULTRACEMCO
1,929
1,952
1,973
1,997
2,018
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Daily Technical Report
October 11, 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
Sacchitanand Uttekar
-
Technical Analyst
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