Daily Technical Report
October 14, 2014
Sensex (26384) / Nifty (7884)
Exhibit 1: Nifty Daily Chart
The opening session of the week began with a downside
gap considering negative global cues. The index slipped
further during the initial hour; but managed to take a
support and gave a complete recovery from the lows to
close in the positive territory. The Banking, Metal and IT
counters led yesterday’s strong recovery; whereas the
Realty, Healthcare, FMCG and Capital Goods sectors
remained under pressure throughout the session. The
advance to decline ratio was marginally in favor of the
declining
counters.
(A=1438 D=1479) (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
Source: Falcon
26608 / 7958 and 25720 / 7689 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Yesterday, our benchmark index opened lower and
breached the 7800 mark during the initial trades. However,
Support Levels
7840 - 7800
a strong buying interest around day’s low immediately
Resistance Levels
7930 - 7972
pulled the index higher and then went on to close well
inside the positive territory. Honestly speaking, yesterday’s
up move beyond 7840 - 7860 was quite unexpected for us.
The Nifty recovering from the low of 7796 in such a manner
does not bode well for the bears. Going forward, the hourly
’89 EMA’ level of 7930 would now act as an immediate
resistance for the index. Any sustainable move above this
level may push the index to test a recent high of 7972. On
the flipside, in case of a weakness around current level, the
index may again go back to test 7840 - 7800 levels.
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Daily Technical Report
October 14, 2014
Bank Nifty Outlook - (15678)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened lower and then
tested the 15300 mark in early trades. However, the
banking sector was the one who initiated yesterday’s
recovery and went on to become the major contributor by
posting gains of nearly one and half a percent. The daily
chart of the Bank Nifty is now evenly poised. A
sustainable move beyond 15800 may result in to a
breakout. In this scenario, the possibility of retesting
16000 - 16100 cannot be ruled out. On the flipside,
15550 would now be seen as an important support level.
Any hourly closing below this level may bring back the
pessimism in the Bank Nifty. In this scenario, 15400 -
15300 can be seen in the banking index.
Actionable points:
View
Neutral
Resistance Level
15800
Support Level
15550
Source: Falcon
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Daily Technical Report
October 14, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,956
26,170
26,307
26,521
26,657
NIFTY
7,755
7,820
7,860
7,925
7,966
BANKNIFTY
15,158
15,418
15,562
15,822
15,966
ACC
1,361
1,374
1,386
1,399
1,412
AMBUJACEM
205
207
209
211
214
ASIANPAINT
641
648
657
664
673
AXISBANK
367
377
383
393
399
BAJAJ-AUTO
2,313
2,331
2,348
2,366
2,383
BANKBARODA
841
853
862
875
884
BHARTIARTL
375
383
388
397
402
BHEL
214
216
219
221
223
BPCL
657
664
672
679
687
CAIRN
275
283
287
294
298
CIPLA
564
570
580
586
597
COALINDIA
327
334
338
345
350
DLF
140
143
148
151
155
DRREDDY
2,881
2,912
2,951
2,982
3,021
GAIL
435
440
442
447
449
GRASIM
3,370
3,394
3,420
3,444
3,470
HCLTECH
1,702
1,729
1,749
1,776
1,795
HDFC
986
1,002
1,013
1,029
1,040
HDFCBANK
848
862
870
885
893
HEROMOTOCO
2,790
2,832
2,863
2,905
2,935
HINDALCO
146
148
150
153
155
HINDUNILVR
709
715
720
725
730
ICICIBANK
1,421
1,449
1,465
1,494
1,510
IDFC
137
139
140
141
142
INDUSINDBK
612
623
636
647
660
INFY
3,843
3,893
3,939
3,989
4,035
ITC
345
348
350
353
356
JINDALSTEL
149
154
158
163
167
KOTAKBANK
979
994
1,003
1,018
1,028
LT
1,423
1,435
1,444
1,455
1,465
LUPIN
1,289
1,308
1,337
1,356
1,385
M&M
1,227
1,248
1,283
1,304
1,340
MARUTI
2,904
2,939
2,959
2,994
3,014
NMDC
147
151
154
158
160
NTPC
137
139
140
142
143
ONGC
394
400
404
411
415
PNB
875
898
910
933
945
POWERGRID
133
134
135
136
137
RELIANCE
940
949
957
966
974
SBIN
2,407
2,446
2,470
2,510
2,534
SSLT
242
246
249
253
255
SUNPHARMA
782
793
810
821
839
TATAMOTORS
473
485
492
503
510
TATAPOWER
80
83
84
86
88
TATASTEEL
433
445
453
465
472
TCS
2,649
2,683
2,704
2,738
2,759
TECHM
2,302
2,335
2,360
2,393
2,418
ULTRACEMCO
2,423
2,452
2,476
2,505
2,529
WIPRO
559
572
579
592
599
ZEEL
309
312
315
319
321
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Daily Technical Report
October 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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