Daily Technical Report
January 14, 2015
Sensex (27426) / Nifty (8299)
Exhibit 1: Nifty Hourly Chart
Yesterday, our benchmark index opened marginally higher
amid mixed global cues. The index then consolidated in a
narrow range for most part of the session. But, a sharp
correction in the concluding hour dragged the index inside
the negative territory and eventually closed with nominal
losses. Barring FMCG and Healthcare, all other sectors
closed in the red amongst which the Consumer Durables,
Oil & Gas and Realty were the major draggers. The
advance to decline ratio was in favor of the declining
counters. (A=1381 D=1541) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27127 / 8133 and 23696 / 7093 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27452 / 8261 and 27153 / 8142 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Similar to previous session, yesterday too, we witnessed a
View
Neutral
sharp movement in the concluding hour of the session.
Resistance Levels
8340 - 8360
However, on this occasion, the price action ruled in favor of
Support Levels
8260 - 8190
the bears. In our previous report, we had stated about our
negative stance and had advised traders not to remain
aggressively long in this market. In line with our view, the
Nifty faced a strong resistance around 8360, which is the
78.6% Fibonacci retracement level of the recent fall as well
as the higher end of the ‘Rising Wedge’ pattern seen in the
hourly chart (please refer the exhibit). We witnessed a sharp
cut in the latter part, which eventually confirmed a
breakdown of the ‘Rising Wedge’ pattern. Yesterday, the
index managed to give a modest recovery after testing the
hourly ’89 EMA’ level of 8260. But, going forward, we stick
to our negative stance and expect the index to break 8260.
In this scenario, the immediate correction towards 8190 -
8130 levels can be expected. On the upside, the resistance
zone is seen around 8340 - 8360 levels.
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Daily Technical Report
January 14, 2015
Bank Nifty Outlook - (18707)
Exhibit 2: Bank Nifty Hourly Chart
Yesterday, the Bank Nifty too opened marginally higher
and then witnessed a sharp correction from the highs
towards the latter part of the day. The intraday chart
structure of the banking index is quite similar to the Nifty
as we are observing a breakdown from the ‘Rising
Wedge’ pattern. Combining this price action along with
the negative placement of the ‘RSI-Smoothened’
momentum oscillator, we expect this correction to
continue in coming trading session as well. In this
scenario, the banking index is likely to slide towards
18500 - 18400 levels. On the flipside, 18900 - 18950
remains to be a strong resistance zone for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
18900 - 18950
Support Levels
18500 - 18400
Source: Falcon
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Daily Technical Report
January 14, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,128
27,277
27,474
27,622
27,819
NIFTY
8,219
8,259
8,308
8,348
8,397
BANKNIFTY
18,479
18,593
18,757
18,871
19,035
ACC
1,382
1,412
1,435
1,465
1,488
AMBUJACEM
223
227
230
233
236
ASIANPAINT
799
816
829
847
860
AXISBANK
494
499
506
511
517
BAJAJ-AUTO
2,290
2,307
2,331
2,348
2,372
BANKBARODA
1,060
1,071
1,086
1,097
1,112
BHARTIARTL
340
343
348
351
356
BHEL
249
253
260
264
270
BPCL
647
658
675
686
702
CAIRN
230
232
234
236
237
CIPLA
620
628
637
645
654
COALINDIA
356
359
361
363
365
DLF
129
131
134
136
139
DRREDDY
3,169
3,196
3,217
3,244
3,265
GAIL
420
424
430
434
439
GRASIM
3,385
3,466
3,528
3,609
3,671
HCLTECH
1,549
1,566
1,581
1,598
1,612
HDFC
1,101
1,111
1,124
1,135
1,148
HDFCBANK
947
955
964
972
980
HEROMOTOCO
2,839
2,866
2,914
2,941
2,989
HINDALCO
149
150
152
154
156
HINDUNILVR
858
871
890
903
922
ICICIBANK
334
337
343
347
352
IDFC
154
155
156
158
159
INDUSINDBK
802
814
832
843
861
INFY
2,058
2,073
2,091
2,106
2,123
ITC
355
358
360
362
364
JINDALSTEL
142
146
151
154
159
KOTAKBANK
1,348
1,370
1,390
1,413
1,432
LT
1,497
1,508
1,528
1,539
1,559
LUPIN
1,405
1,419
1,435
1,449
1,465
M&M
1,216
1,232
1,247
1,263
1,278
MARUTI
3,429
3,449
3,482
3,501
3,535
NMDC
131
133
135
137
139
NTPC
137
138
139
140
141
ONGC
332
336
342
346
353
PNB
203
205
208
210
213
POWERGRID
134
135
136
137
139
RELIANCE
832
837
846
852
861
SBIN
300
303
307
309
313
SSLT
200
202
206
208
211
SUNPHARMA
817
825
834
842
851
TATAMOTORS
510
515
520
525
531
TATAPOWER
78
78
79
80
81
TATASTEEL
385
388
394
397
402
TCS
2,453
2,475
2,503
2,526
2,553
TECHM
2,719
2,740
2,756
2,777
2,793
ULTRACEMCO
2,659
2,739
2,795
2,875
2,931
WIPRO
550
557
562
568
573
ZEEL
356
359
363
366
370
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Daily Technical Report
January 14, 2015
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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