Daily Technical Report
May 13, 2014
Sensex (23551) / Nifty (7014)
Exhibit 1: Nifty Daily Chart
The opening session of the week started slightly higher after a
massive rally seen on Friday. Subsequently, index resumed its
strong momentum and kept on moving higher as the day
progressed. As a result, index ended the session with more
than two percent rally. Barring Health care, all other sectors
ended in the positive territory. The Banking, Oil & Gas, Capital
Goods and FMCG sectors were among the major gainers. The
advance to decline ratio was marginally in favor of the
declining
counters
(A=1408 D=1440) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21692 / 6470 and 20081 / 6011 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22489 / 6718 and 21773 / 6496 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Overwhelming bulls continued their northward journey
View
Neutral
during yesterday’s session and in the process, added
Support Levels
6960 - 6860
another two percent to their kitty. This resulted in a highest
Resistance Levels
7050 - 7100
ever closing tad above the magical figure of 7000. This
clearly signifies a euphoric situation just ahead of the
election results. The market has now entered a new charting
territory all together. Hence, it becomes very difficult to give
proper resistance levels. At this juncture, we are observing
an ‘Upward Sloping Trend Line’ (please refer the exhibit)
placed around 7040 - 7050. Going forward, these above
mentioned levels may act as a resistance for the Nifty. But, if
the ongoing momentum persists in the market then the Nifty
may even surpass this resistance zone and may move
higher to test 7100 mark. Since, the current movement is
happening in anticipation of a big event; we would like to
adopt a conservative approach. Hence, we advise traders to
book partial profits and stay light on positions. On the
downside, 6960 - 6860 are seen as immediate support
levels for the Nifty.
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Daily Technical Report
May 13, 2014
Bank Nifty Outlook - (14085)
Exhibit 2: Bank Nifty Weekly Chart
Yesterday, the Banking index too opened slightly higher
and immediately resumed its Friday’s strong momentum.
The Bank Nifty added another two and half a percent to
previous day’s close. As mentioned in our previous report,
the Bank Nifty gave a breakout from the multi-year
resistance zone on Friday and hence, continued its bullish
momentum to close well above the 14000 mark. Since,
the Bank Nifty has also moved beyond all major
resistance levels; it becomes very difficult to provide next
important resistance point. If the optimism persists then
the index may test
14200
-
14300 levels. On the
downside, 13970 - 13800 levels would now act as an
immediate support zone for the index.
Actionable points:
View
Neutral
Support Levels
13970 - 13800
Resistance Levels
14200 - 14300
Source: Falcon
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Daily Technical Report
May 13, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,813
23,182
23,378
23,746
23,942
NIFTY
6,809
6,911
6,966
7,069
7,123
BANKNIFTY
13,661
13,873
14,013
14,225
14,364
ACC
1,328
1,341
1,355
1,368
1,382
AMBUJACEM
204
208
210
214
217
ASIANPAINT
510
524
532
546
554
AXISBANK
1,606
1,627
1,659
1,679
1,712
BAJAJ-AUTO
1,892
1,920
1,939
1,968
1,987
BANKBARODA
823
831
840
849
858
BHARTIARTL
306
312
316
321
325
BHEL
191
195
198
202
206
BPCL
472
487
496
512
521
CAIRN
332
336
339
343
345
CIPLA
379
383
389
394
399
COALINDIA
298
314
326
342
354
DLF
139
142
147
151
155
DRREDDY
2,695
2,709
2,725
2,739
2,756
GAIL
364
374
379
389
395
GRASIM
2,673
2,756
2,808
2,891
2,943
HCLTECH
1,321
1,358
1,379
1,416
1,438
HDFC
866
881
897
912
927
HDFCBANK
740
766
781
807
821
HEROMOTOCO
2,190
2,247
2,278
2,335
2,366
HINDALCO
139
141
143
145
147
HINDUNILVR
549
560
567
578
584
ICICIBANK
1,337
1,368
1,391
1,422
1,445
IDFC
115
117
119
121
122
INDUSINDBK
500
510
523
534
547
INFY
3,074
3,125
3,156
3,206
3,237
ITC
340
349
355
364
370
JINDALSTEL
234
238
245
249
255
KOTAKBANK
837
844
854
861
872
LT
1,332
1,360
1,375
1,403
1,419
LUPIN
937
948
962
974
988
M&M
1,083
1,107
1,123
1,146
1,163
MARUTI
1,927
1,988
2,027
2,088
2,126
MCDOWELL-N
2,637
2,669
2,728
2,760
2,819
NMDC
148
150
151
153
155
NTPC
117
119
120
123
124
ONGC
342
350
356
364
370
PNB
809
822
834
847
859
POWERGRID
104
108
110
114
117
RELIANCE
969
999
1,024
1,054
1,079
RELINFRA
537
548
558
569
579
SBIN
2,155
2,199
2,232
2,276
2,309
SSLT
180
185
188
192
195
SUNPHARMA
602
608
616
622
630
TATAMOTORS
419
432
439
452
459
TATAPOWER
79
80
81
82
83
TATASTEEL
410
415
421
426
432
TCS
2,106
2,133
2,150
2,176
2,193
TECHM
1,753
1,774
1,787
1,808
1,821
ULTRACEMCO
2,031
2,095
2,140
2,204
2,249
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Daily Technical Report
May 13, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
-
Technical Analyst
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