Daily Technical Report
May 14, 2014
Sensex (23871) / Nifty (7109)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened nearly a percent
higher as indicated by the SGX Nifty. Subsequently, index
maintained its strong momentum throughout the first half. But,
post midsession; we witnessed a decent profit booking in some
of the index heavyweights, which led to a close marginally
below one and half percent gains. Barring Health care, all
other sectors ended in the positive territory. The Oil & Gas
continued their strong momentum along with the Capital
Goods, Power and IT sectors. The advance to decline ratio was
strongly in favor of the advancing counters (A=1593 D=1300)
(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
Trading strategy:
Actionable points:
Yesterday, it was the third consecutive session where index
View
Neutral
maintained its strong run on the upside. In the process, the
Support Levels
7020 - 6980
Nifty has added more than 400 points, which indicates
Resistance Level
7172
euphoric sentiments across the broader market just ahead
of the election results. The bulls showed their dominance by
pushing the index over two percent during the first half. But,
the index shed nearly 100 points from the high post the
midsession, which showed some skepticism among the
bulls. This price action resulted in a formation of Japanese
candlestick pattern, which resembles a ‘Shooting Star’. An
occurrence of such pattern at market highs does not bode
well for the bulls. However, the said pattern requires a
confirmation in the form of a closing below the low of the
candle i.e. 7087. In this scenario, the index may witness
further profit booking towards 7020 - 6980 levels. On the
flipside, yesterday’s high of
7172 would act as an
immediate resistance for the index.
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Daily Technical Report
May 14, 2014
Bank Nifty Outlook - (14166)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Banking index too opened higher; but it had
clearly underperformed our benchmark index. In fact, the
banking conglomerates were among the major culprits, who
led to a sharp correction in the Nifty post the midsession. The
current daily candle represents uncertainty among market
participants after seeing such a vertical up move. Going
forward, any sustainable move below yesterday’s low of
14105 may lead to some intraday weakness in the index. In
this scenario, the Bank Nifty may test 14030 - 13950 levels.
On the flipside, yesterday’s high of 14368 would act as an
immediate resistance for the index.
Actionable points:
View
Neutral
Support Levels
14030 - 13950
Resistance Level
14368
Source: Falcon
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Daily Technical Report
May 14, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
23,550
23,711
23,890
24,050
24,229
NIFTY
7,011
7,060
7,116
7,165
7,221
BANKNIFTY
13,951
14,058
14,213
14,320
14,475
ACC
1,331
1,361
1,390
1,419
1,449
AMBUJACEM
208
215
219
225
229
ASIANPAINT
526
533
542
549
558
AXISBANK
1,615
1,632
1,657
1,674
1,699
BAJAJ-AUTO
1,907
1,942
1,971
2,006
2,035
BANKBARODA
805
841
878
914
951
BHARTIARTL
309
314
320
325
331
BHEL
186
203
216
233
246
BPCL
494
501
514
522
535
CAIRN
328
332
339
343
350
CIPLA
383
387
390
394
397
COALINDIA
316
324
333
341
351
DLF
145
149
152
156
160
DRREDDY
2,511
2,561
2,651
2,701
2,790
GAIL
375
384
395
405
416
GRASIM
2,798
2,856
2,893
2,951
2,988
HCLTECH
1,376
1,405
1,425
1,453
1,473
HDFC
891
899
907
915
923
HDFCBANK
773
780
790
798
808
HEROMOTOCO
2,254
2,341
2,393
2,480
2,531
HINDALCO
136
139
144
148
153
HINDUNILVR
565
571
576
582
586
ICICIBANK
1,373
1,387
1,407
1,421
1,442
IDFC
117
119
121
124
126
INDUSINDBK
513
524
534
545
555
INFY
3,149
3,207
3,241
3,299
3,333
ITC
354
358
361
364
368
JINDALSTEL
237
241
248
252
258
KOTAKBANK
838
850
859
871
880
LT
1,376
1,393
1,417
1,434
1,458
LUPIN
948
957
963
972
978
M&M
1,064
1,094
1,135
1,165
1,207
MARUTI
2,007
2,049
2,084
2,126
2,162
MCDOWELL-N
2,652
2,677
2,707
2,732
2,761
NMDC
147
150
153
155
159
NTPC
117
120
125
128
133
ONGC
359
366
373
380
387
PNB
739
770
824
854
908
POWERGRID
110
112
113
115
117
RELIANCE
1,021
1,042
1,056
1,077
1,090
RELINFRA
543
566
582
604
620
SBIN
2,223
2,250
2,287
2,313
2,350
SSLT
187
190
194
197
201
SUNPHARMA
595
602
611
618
626
TATAMOTORS
428
435
445
452
462
TATAPOWER
81
83
84
86
88
TATASTEEL
410
418
430
439
450
TCS
2,132
2,172
2,205
2,245
2,278
TECHM
1,779
1,801
1,818
1,839
1,856
ULTRACEMCO
2,137
2,179
2,207
2,249
2,277
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Daily Technical Report
May 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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