Daily Technical Report
March 14, 2014
Sensex (21775) / Nifty (6493)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened slightly lower as
indicated by the SGX Nifty. Subsequently, index recovered from
the early morning lows and entered a positive territory.
However, Nifty once again came off sharply from the highs
and closed with nominal losses on the back of strong selling
pressure seen towards the fag end. On the sectoral front, the
Realty, IT and TECK sectors were under pressure; whereas
Banking and Oil & Gas counters closed in the green. The
advance to decline ratio was in favor of declining counters.
(A=1203 D=1593)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20740 / 6182 and 19607 / 5871 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21413 / 6327 and 20840 / 6198 levels, respectively.
Source: Falcon
The weekly chart now clearly exhibits a breakout from the
‘Bullish Flag’ pattern.
Actionable points:
Trading strategy:
View
Neutral
Yesterday morning our benchmark index opened nearly half a
Support Levels
6476 - 6450
percent lower on the back of extreme negative opening from
Resistance Levels
6563 - 6600
the index heavyweight, Infosys. However, this event was
completely overlooked by the bulls as they managed to pull the
index well inside the positive territory. A sharp selloff in the
concluding hour led to closing marginally above 6480 mark.
At present, we are observing that the index is oscillating within
a small 'Channel' and is now trading marginally above the
lower end of the pattern. Going forward, if the selling
continues then the index may slip below yesterday's low of
6476. In this scenario, it may test its support levels of 6450 -
6430. On the flipside, 6563 remains to be an important
resistance for the index.
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Daily Technical Report
March 14, 2014
Bank Nifty Outlook - (12141)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened on a flat note and
showed its outperformance throughout the session. The
index remained well inside the positive territory for the
entire session and despite a sharp selloff closed with
nearly a percent gains. We reiterate our view that a
closing beyond 12250 is very much important to trigger
strong optimism. In this scenario, 12450 - 12550 levels
can be tested. On the flipside, the immediate support
levels are seen around 11994 - 11850.
Actionable points:
View
Neutral
Support Levels
11994 - 11850
Resistance levels
12250 - 12500
Source: Falcon
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Daily Technical Report
March 14, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,557
21,666
21,829
21,937
22,100
NIFTY
6,426
6,459
6,510
6,544
6,595
BANKNIFTY
11,924
12,033
12,171
12,279
12,417
ACC
1,214
1,230
1,250
1,267
1,286
AMBUJACEM
177
179
182
184
187
ASIANPAINT
484
489
497
501
509
AXISBANK
1,344
1,362
1,394
1,412
1,444
BAJAJ-AUTO
1,927
1,947
1,977
1,997
2,028
BANKBARODA
625
634
648
657
670
BHARTIARTL
295
298
301
304
307
BHEL
177
180
184
187
191
BPCL
393
418
439
464
484
CAIRN
323
326
330
333
338
CIPLA
376
378
381
383
386
COALINDIA
257
261
264
269
272
DLF
157
163
172
178
187
DRREDDY
2,666
2,697
2,728
2,759
2,790
GAIL
358
364
373
378
387
GRASIM
2,664
2,701
2,761
2,798
2,858
HCLTECH
1,417
1,438
1,459
1,480
1,500
HDFC
843
854
861
873
880
HDFCBANK
718
730
740
752
762
HEROMOTOCO
2,046
2,073
2,093
2,121
2,141
HINDALCO
112
114
116
118
121
HINDUNILVR
555
558
563
566
571
ICICIBANK
1,198
1,209
1,225
1,236
1,253
IDFC
110
111
113
115
117
INDUSINDBK
456
463
471
478
486
INFY
3,279
3,318
3,379
3,418
3,479
ITC
338
341
344
346
349
JINDALSTEL
240
246
254
260
269
JPASSOCIAT
44
45
47
49
51
KOTAKBANK
728
746
761
780
795
LT
1,209
1,217
1,227
1,236
1,246
LUPIN
931
940
955
964
979
M&M
981
999
1,012
1,029
1,042
MARUTI
1,699
1,723
1,757
1,781
1,815
NMDC
122
124
127
129
132
NTPC
114
115
117
118
119
ONGC
312
318
323
329
333
PNB
600
608
620
629
641
POWERGRID
97
98
99
100
101
RANBAXY
343
349
357
363
372
RELIANCE
863
871
883
891
903
RELINFRA
388
396
411
419
433
SBIN
1,611
1,631
1,664
1,684
1,717
SESAGOA
168
170
174
177
181
SUNPHARMA
538
555
583
601
628
TATAMOTORS
378
383
390
395
402
TATAPOWER
80
82
84
85
87
TATASTEEL
326
331
340
345
353
TCS
2,098
2,124
2,163
2,189
2,228
ULTRACEMCO
1,908
1,933
1,975
2,001
2,043
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Daily Technical Report
March 14, 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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