Daily Technical Report
November 11, 2013
Sensex (20666) / Nifty (6141)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark index opened marginally lower in-
line with other Asian bourses. The index then faced significant
selling pressure and as a result, the Nifty shed nearly a percent
by noon. However, some recovery towards the end led the
index to close with half a percent loss. On the sectoral front,
the Realty and Capital goods sectors closed in positive territory;
whereas the Consumer Durables, Banking and Oil & Gas
counters continued to be laggards. The advance to decline
ratio was in favor of the declining counters. (A=1096
D=1350)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19945 / 5934 and 18954 / 5697 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20733 / 6160 and 19973 / 5945 levels, respectively.
Source: Falcon
The monthly momentum oscillators are now positively
poised; whereas the daily and weekly momentum
oscillators are contradictory.
Actionable points:
On the monthly chart, we are observing a breakout from
the ‘Multiple Resistance Zone’ (on line chart).
View
Neutral
Support Levels
6120 - 6079
Resistance Level
6185 - 6208
Trading strategy:
All the four trading sessions during the week ended in the
negative territory, indicating skepticism among market
participants near historical highs. The higher degree chart
remains bullish, but the price movement seen during the week
has created doubts in the minds of the bulls. On the daily
chart, we observed that the Nifty broke down from the ‘Upward
Sloping Trend Line’ (please refer to the exhibit) a couple of
trading session ago and has now closed marginally above
another ‘Upward Sloping Trend Line’ (please refer to the
exhibit). This price development adds another point to the
perplexity. Going forward, we would advise traders to stick to
their bullish stance as long as the Nifty doesn’t close below the
important swing low of 6079. A fall and close below this level
would distort the daily higher top - higher bottom structure and
may result in a further decline in the Nifty towards 5950 -
5900 levels. On the other hand, so long as the Nifty manages
to hold above 6079, then the possibility of re-testing 6289 and
even 6357 cannot be ruled out. We continue to advise traders
to adopt a stock specific approach and trade with strict stop
losses.
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Daily Technical Report
November 11, 2013
Bank Nifty Outlook - (10913)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened marginally lower in-line
with the broader market and remained under selling
pressure for most part of the session. On the daily chart,
the Bank Nifty has closed tad below an important trend
line support. Also, momentum oscillators on the weekly
chart are negatively poised and indicate high probability
of further weakness in the near term. (Please refer
exhibit).Hence, going forward, if Bank Nifty sustains
below Friday's low of 10841, then we may see further
downside up to 10660 - 10500 levels. On the flip side,
11067 is an immediate resistance for the bank nifty. Only
a sustainable move beyond this level would open up the
possibilities for further up move towards 11228 - 11400
levels and also will negate the trend line breakdown.
Actionable points:
View
Neutral
Support Levels
10841 - 10660
Source: Falcon
Resistance Level
11400
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
11/11/2013
Tata Global
Future
Sell
Below 158.5
161.45
162.7
152
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Daily Technical Report
November 11, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,476
20,571
20,696
20,791
20,916
NIFTY
6,085
6,113
6,149
6,177
6,213
BANKNIFTY
10,715
10,814
10,941
11,040
11,166
ACC
1,065
1,077
1,097
1,109
1,129
AMBUJACEM
172
174
178
181
184
ASIANPAINT
540
548
555
563
570
AXISBANK
1,081
1,100
1,132
1,151
1,183
BAJAJ-AUTO
2,024
2,045
2,077
2,098
2,130
BANKBARODA
581
591
603
613
625
BHARTIARTL
337
340
347
350
357
BHEL
129
132
135
138
140
BPCL
346
349
354
357
362
CAIRN
307
309
311
313
316
CIPLA
417
420
423
426
430
COALINDIA
286
289
292
295
299
DLF
143
148
151
156
158
DRREDDY
2,369
2,385
2,410
2,427
2,452
GAIL
328
334
338
344
348
GRASIM
2,634
2,656
2,675
2,697
2,716
HCLTECH
1,083
1,099
1,116
1,131
1,148
HDFC
785
797
818
830
851
HDFCBANK
632
642
655
665
678
HEROMOTOCO
2,058
2,075
2,095
2,112
2,132
HINDALCO
113
115
116
118
120
HINDUNILVR
577
581
587
592
598
ICICIBANK
1,033
1,041
1,050
1,058
1,066
IDFC
103
104
107
108
110
INDUSINDBK
418
423
428
433
438
INFY
3,327
3,344
3,366
3,383
3,406
ITC
314
317
320
323
327
JINDALSTEL
236
238
240
243
245
JPASSOCIAT
45
46
47
48
49
KOTAKBANK
709
718
726
735
743
LT
932
954
966
988
1,000
LUPIN
868
876
885
893
902
M&M
858
868
883
894
908
MARUTI
1,530
1,555
1,583
1,608
1,635
NMDC
134
135
137
139
140
NTPC
149
151
152
154
156
ONGC
265
271
278
284
290
PNB
496
509
530
543
563
POWERGRID
93
94
95
97
98
RANBAXY
392
407
416
430
439
RELIANCE
862
869
878
886
895
RELINFRA
427
440
447
459
466
SBIN
1,709
1,727
1,747
1,765
1,785
SESAGOA
193
196
199
203
206
SUNPHARMA
581
591
600
610
619
TATAMOTORS
362
373
382
393
402
TATAPOWER
81
82
82
83
84
TATASTEEL
341
349
353
360
364
TCS
2,037
2,064
2,098
2,125
2,158
ULTRACEMCO
1,886
1,906
1,923
1,943
1,960
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Daily Technical Report
November 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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