Daily Technical Report
March 12, 2014
Sensex (21526) / Nifty (6512)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a subdued opening on the back of
quiet global cues. Subsequently, index faced a modest selling
pressure near Mondays high and as a result, eventually
managed to close with nominal losses. On the sectoral front,
the Realty sector continued its strong run; whereas Banking,
Capital Goods and Oil & Gas counters witnessed profit
booking. The advance to decline ratio was in favor of declining
counters. (A=1203 D=1593)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20740 / 6167 and 19607 / 5871 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21413 / 6288 and 20840 / 6200 levels, respectively.
The weekly chart now clearly exhibits a breakout from the
‘Bullish Flag’ pattern.
Source: Falcon
Trading strategy:
Yesterday, our benchmark index opened quietly and
Actionable points:
immediately advanced higher to test Monday's high. However,
this level acted as a strong resistance and hence, index came
View
Neutral
off gradually to test the 6500 mark. Yesterday's low precisely
coincides with the hourly '20 EMA', which can be considered as
Support Levels
6494 - 6450
a strong support for the index. Only a sustainable move below
Resistance Levels
6570 - 6600
6494 would trigger some intraday pessimism in the market. In
this scenario, an intraday correction towards 6470 - 6450
cannot be ruled out. On the flipside, an hourly closing beyond
6525 would bring back the optimism and in this case, the
index may rally towards 6570 - 6600 levels.
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Daily Technical Report
March 12, 2014
Bank Nifty Outlook - (12043)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a flat note in-line
with our benchmark index. During the first half, banking
counters continued their upward momentum and in the
process, the Bank Nifty rallied nearly one and half a
percent to post a high of 12285. However, this optimism
didn't last too long as the banking conglomerates
experienced a strong selling pressure post the midsession.
As a result, Bank Nifty slipped sharply from day's high to
end the session slightly inside the negative territory.
Although, the daily chart exhibits a negative candle, the
overall trend remains bullish and we would continue to
mention that a closing beyond 12230 would push the
index towards its next resistance levels of 12500 - 12600.
On the other hand, the immediate support levels are seen
around 11994 - 11850.
Actionable points:
Source: Falcon
View
Neutral
Support Levels
11994 - 11850
Resistance levels
12230 - 12500
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Daily Technical Report
March 12, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,626
21,726
21,872
21,973
22,119
NIFTY
6,454
6,483
6,523
6,552
6,592
BANKNIFTY
11,817
11,930
12,108
12,221
12,398
ACC
1,212
1,232
1,257
1,277
1,302
AMBUJACEM
177
181
184
188
191
ASIANPAINT
472
476
483
487
494
AXISBANK
1,384
1,401
1,427
1,444
1,470
BAJAJ-AUTO
1,941
1,964
2,001
2,024
2,061
BANKBARODA
616
632
648
664
680
BHARTIARTL
295
299
303
307
311
BHEL
184
187
190
193
196
BPCL
407
411
417
421
428
CAIRN
324
327
329
332
334
CIPLA
372
375
378
380
383
COALINDIA
251
253
257
259
263
DLF
159
168
178
187
197
DRREDDY
2,639
2,659
2,692
2,712
2,745
GAIL
360
365
374
379
388
GRASIM
2,695
2,755
2,790
2,850
2,884
HCLTECH
1,424
1,439
1,453
1,468
1,482
HDFC
839
846
851
858
863
HDFCBANK
708
716
728
737
749
HEROMOTOCO
1,982
2,001
2,018
2,037
2,054
HINDALCO
113
115
119
121
124
HINDUNILVR
547
554
559
566
572
ICICIBANK
1,165
1,182
1,207
1,224
1,249
IDFC
111
113
115
117
119
INDUSINDBK
453
463
471
481
488
INFY
3,594
3,635
3,672
3,712
3,750
ITC
326
330
333
337
341
JINDALSTEL
245
250
258
263
271
JPASSOCIAT
46
47
50
51
53
KOTAKBANK
722
733
745
756
769
LT
1,198
1,214
1,235
1,251
1,272
LUPIN
944
953
963
973
983
M&M
962
978
1,000
1,016
1,038
MARUTI
1,703
1,729
1,770
1,796
1,837
NMDC
121
123
126
128
131
NTPC
115
116
117
118
119
ONGC
313
318
322
327
330
PNB
606
616
631
641
656
POWERGRID
98
98
99
99
100
RANBAXY
356
360
366
370
375
RELIANCE
863
869
878
884
894
RELINFRA
391
408
424
440
456
SBIN
1,632
1,653
1,688
1,709
1,744
SESAGOA
172
175
179
182
187
SUNPHARMA
567
574
585
592
603
TATAMOTORS
387
392
398
404
410
TATAPOWER
79
81
82
84
85
TATASTEEL
328
336
350
358
372
TCS
2,095
2,123
2,150
2,179
2,206
ULTRACEMCO
1,952
1,978
1,999
2,024
2,046
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Daily Technical Report
March 12, 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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