Daily Technical Report
November 11, 2014
Sensex (27875) / Nifty (8344)
Exhibit 1: Nifty Daily Chart
The trading for the week began on a flat note amid mixed
global cues. Subsequently, the Nifty managed to extend its
gains in the initial hour; but failed to sustain at higher
levels. The index then consolidated for the remaining part of
the day to end the session around its previous close. On the
sectoral front, the FMCG, Consumer Durables and Power
sectors were among the major gainers; whereas the Oil &
Gas, Capital Goods and Banking counters remained under
pressure. The advance to decline ratio was marginally in
favor of the declining counters. (A=1479 D=1533)
(Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
26157 / 7816 and 22767 / 6809 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
27093 / 8094 and 26225 / 7837 levels, respectively.
Source: Falcon
Trading strategy:
Yet another session traded within a narrow range along
with the lethargic movement. The Nifty attempted to move
Actionable points:
higher during the initial hour by posting a new high of
8383.05. But, a strong profit booking in some of the
View
Neutral
heavyweight constituents dragged the index lower to test the
Support Levels
8290 - 8250
8300 mark. However, similar to previous sessions, we
Resistance Levels
8400 - 8450
witnessed a modest recovery from the lows to close on a
subdued note. Since, there is no major change in the chart
structure, we maintain our positive stance on the market
and we continue to expect the Nifty to test the near term
targets of 8450 - 8550, which is the 127% ‘Price extension’
zone. The positive momentum in the market may get
resumed once the index manages to give an hourly closing
above 8380 mark. Traders are advised to stay with the flow
and avoid initiating short positions. On the flipside, the
immediate support levels are seen around 8280 - 8250.
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Daily Technical Report
November 11, 2014
Bank Nifty Outlook - (17262)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a muted
note in line with the Nifty. In fact, the Bank Nifty became
one of the major culprits to impose a selling pressure in
the market. Some of the Private Banking names like, Axis
and ICICI Bank witnessed a decent profit booking during
the session after a strong upside rally seen in past few
days. As a result, the banking index ended the session
with half a percent loss. Going forward, if the Bank Nifty
manages to stay below Friday’s low of 17200 then we
may see some extended profit booking towards 17050 -
16950 levels. On the flipside, a move beyond 17400
may push the index higher to test 17500 - 17600 levels.
However, it’s not advisable to trade in the index at current
levels due to unfavorable risk to reward ratio.
Actionable points:
View
Neutral
Resistance Levels
17400 - 17500
Support Levels
17200 - 17050
Source: Falcon
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Daily Technical Report
November 11, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,626
27,750
27,889
28,014
28,152
NIFTY
8,265
8,305
8,344
8,383
8,423
BANKNIFTY
17,083
17,173
17,292
17,382
17,501
ACC
1,475
1,487
1,504
1,516
1,532
AMBUJACEM
217
219
222
224
226
ASIANPAINT
638
643
649
654
660
AXISBANK
448
454
465
471
482
BAJAJ-AUTO
2,492
2,518
2,546
2,572
2,600
BANKBARODA
955
970
981
997
1,008
BHARTIARTL
381
386
391
396
400
BHEL
244
248
252
255
260
BPCL
752
759
768
775
784
CAIRN
270
274
277
281
284
CIPLA
631
637
645
651
659
COALINDIA
333
341
347
355
362
DLF
130
133
135
138
140
DRREDDY
3,375
3,409
3,433
3,466
3,490
GAIL
466
473
481
489
497
GRASIM
3,536
3,559
3,584
3,607
3,633
HCLTECH
1,569
1,593
1,610
1,634
1,651
HDFC
1,087
1,100
1,109
1,122
1,130
HDFCBANK
887
896
902
911
917
HEROMOTOCO
2,879
2,906
2,922
2,949
2,965
HINDALCO
148
150
154
156
159
HINDUNILVR
754
763
768
777
782
ICICIBANK
1,653
1,660
1,671
1,678
1,689
IDFC
148
149
152
153
155
INDUSINDBK
714
719
727
732
740
INFY
4,121
4,143
4,162
4,184
4,203
ITC
350
361
367
378
383
JINDALSTEL
150
153
158
161
167
KOTAKBANK
1,088
1,098
1,115
1,125
1,142
LT
1,567
1,593
1,620
1,646
1,672
LUPIN
1,393
1,412
1,428
1,447
1,464
M&M
1,206
1,219
1,235
1,247
1,263
MARUTI
3,250
3,279
3,297
3,326
3,344
NMDC
154
157
159
161
163
NTPC
143
145
146
147
148
ONGC
381
388
400
407
419
PNB
899
911
932
944
965
POWERGRID
140
144
147
151
153
RELIANCE
953
961
975
984
998
SBIN
2,711
2,725
2,747
2,761
2,783
SSLT
238
242
246
249
254
SUNPHARMA
877
894
913
930
949
TATAMOTORS
509
516
525
532
541
TATAPOWER
90
92
93
94
95
TATASTEEL
456
464
470
477
483
TCS
2,537
2,553
2,568
2,584
2,599
TECHM
2,578
2,606
2,633
2,661
2,688
ULTRACEMCO
2,536
2,559
2,573
2,595
2,609
WIPRO
549
554
557
562
565
ZEEL
358
363
370
375
381
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Daily Technical Report
November 11, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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