Daily Technical Report
December 11, 2013
Sensex (21255) / Nifty (6333)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened marginally lower
considering mixed sentiments across the globe. The index
descended gradually for a major part of the session and
eventually closed with half a percent cut. On the sectoral front,
the Power, Banking and Capital Goods counters kept the index
under pressure; whereas the defensive sectors like, the IT, Tech
and FMCG managed to close in the green. The advance to
decline ratio was in favor of the declining counters. (A=957
D=1485)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20227 / 6015 and 19144 / 5747 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20803 / 6186 and 20292 / 6038 levels, respectively.
The monthly momentum oscillators are still positively
poised.
Source: Falcon
Trading strategy:
Actionable points:
After posting a new all time high, the cautious bulls chose to
View
Bearish below 6275
partially fill Monday's upside gap on the back of minor profit
booking. In our earlier report, we had mentioned a strong
Expected Targets
6200 - 6180
support zone of 6300 - 6280. In line with our expectations, the
Resistance Levels
6363 - 6415
Nifty found a decent support just above 6300 and eventually
managed to trim some losses. Going forward, it would be
important to see where the markets open and eventually close
during today’s session. An opening below the support zone of
6300 - 6280 and a close around 6250 would lead to a
significantly negative candlestick formation on the daily charts
and in this scenario a slide towards 6200 - 6180 cannot be
ruled out. On the upside, a move beyond yesterday’s high of
6363 would mean that the overall bullish momentum is intact
and the market may head towards retesting previous highs at
6415.
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Daily Technical Report
December 11, 2013
Bank Nifty Outlook - (11843)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened lower considering
strong selling pressure in some of the heavyweight
constituents and in the process, the banking index shaved
off nearly two percent. Similar to the benchmark index,
the Bank Nifty too precisely filled an upside gap created
on Monday's process. Also, during the entire second half,
the index stalled around the hourly '20 EMA'. On the
downside, 11811 - 11580 levels are now likely to act as
key support levels in the near term. A fall and close below
11580 level would mean that the bulls have failed to
break past the previous important resistance levels and all
long positions should be squared off. On the upside,
11890 - 12067 may act as resistance levels for the day.
Actionable points:
View
Neutral
Support Levels
11811 - 11580
Source: Falcon
Resistance Levels
11890 - 12068
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Daily Technical Report
December 11, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,100
21,178
21,253
21,330
21,405
NIFTY
6,280
6,306
6,334
6,361
6,389
BANKNIFTY
11,603
11,723
11,895
12,016
12,188
ACC
1,106
1,128
1,156
1,178
1,206
AMBUJACEM
185
187
191
194
198
ASIANPAINT
492
498
503
510
514
AXISBANK
1,219
1,242
1,272
1,295
1,326
BAJAJ-AUTO
1,957
1,972
1,991
2,006
2,025
BANKBARODA
670
688
699
717
728
BHARTIARTL
328
332
337
340
345
BHEL
156
161
166
171
177
BPCL
349
354
361
365
372
CAIRN
320
323
325
327
329
CIPLA
383
386
388
391
394
COALINDIA
276
281
287
292
298
DLF
154
157
162
165
169
DRREDDY
2,413
2,433
2,451
2,471
2,489
GAIL
340
345
350
355
361
GRASIM
2,637
2,682
2,754
2,799
2,872
HCLTECH
1,125
1,140
1,153
1,168
1,181
HDFC
797
803
812
818
827
HDFCBANK
684
691
696
702
708
HEROMOTOCO
2,077
2,138
2,174
2,236
2,271
HINDALCO
119
122
124
127
129
HINDUNILVR
548
556
562
570
577
ICICIBANK
1,122
1,140
1,172
1,190
1,221
IDFC
108
110
112
114
117
INDUSINDBK
438
445
456
464
475
INFY
3,306
3,338
3,364
3,397
3,422
ITC
311
314
316
320
322
JINDALSTEL
257
262
265
270
273
JPASSOCIAT
52
53
54
56
57
KOTAKBANK
746
759
768
781
790
LT
1,062
1,081
1,112
1,131
1,162
LUPIN
846
859
867
880
888
M&M
934
943
958
967
981
MARUTI
1,725
1,738
1,759
1,773
1,794
NMDC
135
139
141
145
147
NTPC
128
132
139
143
150
ONGC
291
295
299
302
306
PNB
583
594
605
616
627
POWERGRID
94
96
99
101
103
RANBAXY
409
416
428
435
446
RELIANCE
874
879
884
889
894
RELINFRA
424
432
439
447
454
SBIN
1,797
1,820
1,859
1,883
1,922
SESAGOA
189
193
195
198
201
SUNPHARMA
577
581
586
590
594
TATAMOTORS
385
388
392
395
399
TATAPOWER
85
86
88
90
91
TATASTEEL
415
419
422
426
429
TCS
1,968
2,026
2,057
2,115
2,146
ULTRACEMCO
1,882
1,903
1,932
1,953
1,982
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Daily Technical Report
December 11, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
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