Daily Technical Report
February 13, 2014
Sensex (20448) / Nifty (6084)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened higher in-line with the
optimistic global cues. Index then traded with a positive bias
for the major part of the session. However, modest selling
pressure during the session led to a flat closing. On the
sectoral front, the Metal and FMCG counters were under
pressure; whereas the Capital goods, Oil & Gas and Banking
counters closed in positive territory. The advance to decline
ratio was in favor of the declining counters. (A=1259
D=1366)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20582 / 6120 and 19440 / 5825 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20586 / 6118 and 20552 / 6112 levels, respectively.
The ‘Shooting Star’ pattern on the weekly chart is still
intact.
The Weekly ‘RSI-Smoothened’ and the ‘ADX (9)’ indicator
Source: Falcon
are still negatively poised; but the daily ‘RSI’ momentum
oscillator is showing a contradictory signal (positive
crossover).
Actionable points:
View
Neutral
Trading strategy:
Support Levels
6077 - 6030
Finally, after few lackluster sessions, we witnessed some action
Resistance Levels
6120 - 6150
in the market. During the initial hour, Nifty moved beyond the
6082 level. As expected, index then moved higher and
traversed the 6100 mark. However, the index faced a stiff
resistance near the hourly '89 EMA' and then shaved off some
early morning gains. This resulted in formation of a 'Doji'
Japanese candlestick pattern. An occurrence of such pattern
near the resistance zone indicates uncertainty among the
market participants. Going forward, any sustainable move
below yesterday's low of 6077 would result in an immediate
downside towards 6030 - 5965 levels. However, on the other
hand, the daily 'RSI-Smoothened' momentum oscillator has
now signaled a positive crossover. This may push the index
towards the mentioned resistance zone of 6120 - 6150.
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Daily Technical Report
February 13, 2014
Bank Nifty Outlook - (10349)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, banking index too opened on a positive note
in line with the benchmark index. In this process, the Bank
Nifty broke out from the stiff resistance of 10322 and
posted a high of 10395. This level coincides with the
hourly '89 EMA' and hence, index took a pause and
corrected slightly after reaching this resistance zone. At
present, the daily chart displays a positive crossover of
daily 'RSI-Smoothened' momentum oscillator. This
technical evidence may support the index to reach 10450
- 10500 levels if it manages to sustain above 10395. On
the flip-side,
10300
-
10180 levels would act as
immediate support for the banking index.
Actionable points:
View
Neutral
Support Levels
10300 - 10180
Resistance levels
10395 - 10500
Source: Falcon
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Daily Technical Report
February 13, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,375
20,412
20,464
20,501
20,553
NIFTY
6,060
6,072
6,089
6,101
6,119
BANKNIFTY
10,263
10,306
10,351
10,393
10,438
ACC
1,023
1,030
1,043
1,050
1,063
AMBUJACEM
156
157
159
160
162
ASIANPAINT
469
473
478
482
487
AXISBANK
1,104
1,112
1,122
1,130
1,141
BAJAJ-AUTO
1,866
1,897
1,928
1,959
1,990
BANKBARODA
550
556
566
572
583
BHARTIARTL
299
304
306
310
313
BHEL
154
156
157
159
160
BPCL
350
357
364
371
378
CAIRN
318
322
328
332
339
CIPLA
405
409
412
416
419
COALINDIA
263
267
268
272
274
DLF
136
138
141
143
145
DRREDDY
2,553
2,584
2,635
2,666
2,716
GAIL
344
350
355
362
367
GRASIM
2,534
2,554
2,575
2,596
2,616
HCLTECH
1,460
1,476
1,493
1,508
1,526
HDFC
769
777
782
790
795
HDFCBANK
638
642
647
651
656
HEROMOTOCO
1,956
1,965
1,976
1,985
1,996
HINDALCO
102
103
104
105
107
HINDUNILVR
561
565
568
572
575
ICICIBANK
968
984
993
1,008
1,017
IDFC
97
98
99
100
101
INDUSINDBK
381
383
387
389
393
INFY
3,573
3,586
3,607
3,621
3,641
ITC
314
317
322
325
330
JINDALSTEL
239
241
243
244
246
JPASSOCIAT
38
39
40
40
41
KOTAKBANK
638
644
650
656
662
LT
983
997
1,007
1,021
1,031
LUPIN
900
905
913
918
926
M&M
885
890
895
901
906
MARUTI
1,614
1,631
1,660
1,677
1,707
NMDC
142
144
145
147
148
NTPC
129
130
131
132
134
ONGC
273
278
281
286
289
PNB
538
544
550
555
562
POWERGRID
95
95
96
96
97
RANBAXY
341
344
348
352
355
RELIANCE
801
810
816
824
830
RELINFRA
350
354
358
363
367
SBIN
1,508
1,520
1,530
1,542
1,552
SESAGOA
183
185
188
190
193
SUNPHARMA
604
607
614
617
623
TATAMOTORS
370
374
378
381
386
TATAPOWER
74
74
75
76
77
TATASTEEL
364
369
378
383
392
TCS
2,079
2,092
2,108
2,121
2,137
ULTRACEMCO
1,687
1,696
1,705
1,714
1,723
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Daily Technical Report
February 13, 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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