Daily Technical Report
September 12, 2014
Sensex (26996) / Nifty (8086)
Exhibit 1: Nifty Hourly Chart
Yesterday, we witnessed a positive opening in our market as
indicated by the pre-opening session. However, the Nifty
failed to sustain at higher levels due to strong selling
pressure. As a result, the index fell nearly 60 points by the
midsession. A modest recovery throughout the second half
trimmed major portion of losses and eventually, index
managed to close with very negligible losses. On the
sectoral front, the Auto, Capital Goods and FMCG sectors
were among the major gainers; whereas the Health Care,
Metal and Oil & Gas counters remained under pressure
throughout the session. The advance to decline ratio was
strongly in favor of the advancing counters. (A=2025
D=1041) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25147 / 7523 and 21829 / 6529 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26458 / 7925 and 25098 / 7495 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Yesterday, our benchmark index had attempted to move
Support Levels
8075 - 8050
higher in the opening hour; but faced a strong selling
Resistance Levels
8110 - 8140
pressure after reaching the intraday resistance level of
8125. As a result, we witnessed a decent profit booking to
break the 8075 mark. However, as mentioned in our
previous report, the Nifty corrected towards the 8050 level
and managed to recover after posting a low of 8057.30
post the midsession. Going forward, we maintain our
positive stance on the market as long as the 8050 level
remains intact on a closing basis. The hourly chart of the
Nifty now displays an immediate intraday resistance around
8110, which coincides with the ’20 EMA’ as well as the
‘Downward Sloping Trend Line’ (please refer the exhibit).
Going forward, the intraday momentum on the upside may
get stronger once the index managed to surpass this level
on a sustainable basis. In this scenario, we expect the Nifty
to retest 8140 - 8180 levels.
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Daily Technical Report
September 12, 2014
Bank Nifty Outlook - (16152)
Exhibit 2: Bank Nifty Daily Chart
Similar to Wednesday’s session, yesterday too Bank Nifty
managed to outperform our benchmark index by
maintaining its position well inside the positive territory
throughout the session. In the process, it has almost
managed to test our given target of 16350 (intraday high
was 16309.70). However, the index pared down some of
its early morning losses due to modest profit booking.
Going forward, we maintain our positive bias on the
index and advise traders to revise their stop loss to 16040
for the existing long positions. In case, if the index
manages to stay below this support level then we may
expect it to correct immediately towards 15900, which
can be seen as a strong support zone. On the flipside, if
the upward momentum sustains across the broader
market, we can expect it to test 16350 - 16450 levels.
Actionable points:
View
Neutral
Resistance Levels
16350 - 16450
Support Levels
16050 - 15900
Source: Falcon
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Daily Technical Report
September 12, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,771
26,883
27,017
27,130
27,263
NIFTY
8,020
8,053
8,090
8,123
8,161
BANKNIFTY
16,084
16,144
16,227
16,287
16,370
ACC
1,508
1,520
1,530
1,542
1,552
AMBUJACEM
211
213
216
218
220
ASIANPAINT
650
653
659
662
668
AXISBANK
412
415
419
423
427
BAJAJ-AUTO
2,294
2,315
2,344
2,366
2,395
BANKBARODA
901
912
922
933
943
BHARTIARTL
396
401
407
413
419
BHEL
213
218
221
225
228
BPCL
668
675
683
690
698
CAIRN
328
330
332
335
337
CIPLA
561
568
574
581
586
COALINDIA
350
356
365
371
380
DLF
171
173
176
178
181
DRREDDY
2,937
2,957
2,981
3,001
3,025
GAIL
443
451
457
465
471
GRASIM
3,556
3,589
3,636
3,669
3,717
HCLTECH
1,605
1,621
1,638
1,655
1,671
HDFC
1,023
1,030
1,040
1,048
1,057
HDFCBANK
847
851
857
861
867
HEROMOTOCO
2,646
2,683
2,707
2,745
2,769
HINDALCO
170
171
173
175
177
HINDUNILVR
740
748
756
764
772
ICICIBANK
1,547
1,557
1,571
1,580
1,594
IDFC
144
147
150
153
156
INDUSINDBK
616
622
632
639
649
INFY
3,602
3,643
3,671
3,712
3,741
ITC
348
349
351
353
355
JINDALSTEL
232
234
238
241
245
KOTAKBANK
1,050
1,057
1,065
1,073
1,081
LT
1,573
1,584
1,597
1,608
1,620
LUPIN
1,293
1,306
1,329
1,342
1,365
M&M
1,338
1,356
1,371
1,390
1,405
MARUTI
2,858
2,888
2,906
2,935
2,954
MCDOWELL-N
2,207
2,245
2,269
2,308
2,332
NMDC
173
175
178
181
184
NTPC
138
139
140
141
143
ONGC
415
422
435
442
455
PNB
943
954
964
975
984
POWERGRID
134
136
137
139
140
RELIANCE
997
1,008
1,019
1,030
1,041
SBIN
2,546
2,575
2,592
2,620
2,637
SSLT
281
284
287
290
293
SUNPHARMA
784
803
827
846
870
TATAMOTORS
507
511
515
518
522
TATAPOWER
89
90
91
92
93
TATASTEEL
509
513
519
523
529
TCS
2,572
2,585
2,605
2,618
2,638
TECHM
2,379
2,412
2,433
2,466
2,487
ULTRACEMCO
2,636
2,661
2,685
2,710
2,734
WIPRO
562
568
577
583
593
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Daily Technical Report
September 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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