Daily Technical Report
October 13, 2014
Sensex (26297) / Nifty (7860)
Exhibit 1: Nifty Daily Chart
On Friday, we witnessed a gap down opening in our
market, mirroring strong sell off in the US bourses.
Subsequently, the index remained under selling pressure
throughout the session and trimmed a major part of the
previous day’s gains to close convincingly below the 7900
mark. The only sector to close in the positive territory was
the IT, mainly on the back of a mammoth intraday rally
seen in the Infosys; post the Q2FY2015 numbers. On the
other hand, the Metal, FMCG, Banking and Auto sectors
witnessed a decent correction. The advance to decline ratio
was strongly in favor of the declining counters. (A=998
D=1910) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25791 / 7709 and 22348 / 6685 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26608 / 7958 and 25720 / 7689 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The truncated week witnessed a few volatile sessions of
View
Neutral
trading. The concluded week’s action was purely driven by
Support Levels
7840 - 7750
the US equity bourses, particularly in the second half of the
Resistance Levels
7925 - 7980
week. As mentioned in our previous report, the Nifty
continued its weakness and tested the important support
level of 7840. However, the bulls somehow managed to
Since, the current corrective phase is part of a longer term
defend this support as various attempts to draw the Nifty
bull run, we would like to take one step at a time and
further lower were negated down successfully. Broadly
hence, as of now, do not expect a deeper correction in
speaking, the Nifty remained range bound and ended the
our market. This view remains valid as long as the Nifty
week a tad above the 7840 mark. We reiterate that the
doesn’t overcome the 7980 mark on a closing basis.
near term trend remains weak as the Nifty maintained its
daily ‘Lower Top Lower Bottom’ formation. In addition to
Further, we reiterate that such corrections are essential for
this, we are now observing a violation of the weekly
a longer term bull run. We maintain our view that traders
‘Upward Sloping Channel’ on the downside on a closing
can use all such meaningful dips to accumulate value
basis, which could be a worrisome factor for the bulls in the
buying propositions.
near term. This is further supported by the negative
placement of the weekly ‘RSI-Smoothened’ oscillator.
Combining these technical evidences, the possibility of
sliding towards 7750 - 7700 cannot be ruled out.
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Daily Technical Report
October 13, 2014
Bank Nifty Outlook - (15454)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty too opened lower in-line with
our benchmark index. After a small pull back, the Bank
Nifty once again corrected to shed nearly two percent
from the previous close. In our previous report, we had
mentioned about the strong resistance zone seen around
the 15800 mark and a possibility of retesting 15400 if we
witness a selling pressure around it. Friday’s opening and
overall movement has validated our view. Going forward,
a sustainable move below 15400 may lead to further
correction towards 15200 - 15100 levels. On the flipside,
15630 - 15800 are seen as immediate resistance levels
for the index.
Actionable points:
View
Neutral
Resistance Levels
15630 - 15800
Support Levels
15400 - 15200
Source: Falcon
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Daily Technical Report
October 13, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,077
26,187
26,372
26,482
26,666
NIFTY
7,802
7,831
7,877
7,907
7,953
BANKNIFTY
15,318
15,386
15,507
15,575
15,697
ACC
1,383
1,393
1,405
1,415
1,427
AMBUJACEM
208
210
213
214
217
ASIANPAINT
630
647
660
677
690
AXISBANK
374
376
380
383
387
BAJAJ-AUTO
2,287
2,320
2,344
2,378
2,401
BANKBARODA
840
850
862
872
884
BHARTIARTL
383
388
395
399
406
BHEL
209
215
220
227
232
BPCL
660
665
673
679
687
CAIRN
275
281
288
293
301
CIPLA
572
582
590
601
609
COALINDIA
329
332
337
340
345
DLF
144
148
152
156
160
DRREDDY
2,937
2,968
3,006
3,037
3,076
GAIL
432
438
442
448
453
GRASIM
3,358
3,391
3,440
3,473
3,522
HCLTECH
1,666
1,702
1,722
1,758
1,779
HDFC
980
993
1,017
1,030
1,054
HDFCBANK
852
860
872
880
893
HEROMOTOCO
2,719
2,780
2,826
2,887
2,934
HINDALCO
146
148
152
154
157
HINDUNILVR
707
714
725
732
743
ICICIBANK
1,436
1,447
1,465
1,477
1,494
IDFC
136
138
140
142
144
INDUSINDBK
611
617
623
629
635
INFY
3,454
3,672
3,790
4,007
4,125
ITC
344
349
357
361
370
JINDALSTEL
148
152
158
162
168
KOTAKBANK
984
994
1,006
1,016
1,029
LT
1,428
1,445
1,461
1,478
1,495
LUPIN
1,309
1,319
1,329
1,339
1,349
M&M
1,283
1,300
1,332
1,349
1,380
MARUTI
2,915
2,940
2,968
2,993
3,021
NMDC
145
149
155
158
164
NTPC
138
139
141
143
144
ONGC
399
401
406
408
413
PNB
868
884
896
912
924
POWERGRID
134
135
137
137
139
RELIANCE
922
942
955
974
988
SBIN
2,399
2,425
2,459
2,485
2,519
SSLT
241
245
252
257
264
SUNPHARMA
787
804
817
834
847
TATAMOTORS
474
483
499
508
524
TATAPOWER
81
82
83
84
85
TATASTEEL
438
443
451
457
465
TCS
2,633
2,656
2,691
2,714
2,750
TECHM
2,272
2,305
2,345
2,378
2,418
ULTRACEMCO
2,430
2,456
2,503
2,529
2,576
WIPRO
569
577
588
596
607
ZEEL
313
316
319
322
326
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Daily Technical Report
October 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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