Daily Technical Report
April 15, 2014
Sensex (22629) / Nifty (6776)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a pessimistic
note in-line with the global cues. However, we witnessed a
gradual recovery during the remaining session, which trimmed
the losses by half a percent to close marginally in the negative
territory. On the sectoral front, the Oil & Gas, Capital Goods
and Banking counters remained under pressure; whereas the
Health Care, IT and TECK sectors ended on a positive note.
The advance to decline ratio was strongly in favor of the
advancing
counters.
(A=1509
D=1297)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21316 / 6352 and 19836 / 5939 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22222 / 6644 and 21322 / 6356 levels, respectively.
Source: Falcon
The daily chart displays an ‘Upward Sloping Channel’.
Actionable points:
Trading strategy:
View
Bearish below 6743
In-line with our expectation, our benchmark index (Nifty)
Expected Targets
6705 - 6650
continued its range bound movement during the week.
Resistance Levels
6790 - 6820
Although, Wednesday's up move was quite surprising, we were
not expecting the Nifty to move beyond 6820 - 6850, which is
a strong resistance zone of
127% and 161% Fibonacci
As mentioned, 6820 - 6850 on the Nifty is likely to act as a
retracement levels of the fall seen from 6776.75 (the hourly
strong resistance zone in the coming week. However, in case
swing high) to 6650.40 (the hourly swing low). Moreover, we
the index manages to move well beyond these resistance
have been observing that the Nifty is moving within a small
levels without giving any correction, it would certainly
'Upward Sloping Channel' (please refer the exhibit) observed
surprise us. We would advise short term traders to remain
on the daily chart. Despite having a strong closing on
light on positions and avoid taking undue risks.
Wednesday, the bulls failed to cross the 6820 level on the
Nifty, which precisely coincides with the higher end of the
'Channel' pattern. This was followed by a slightly weaker
session and as a result, the Nifty managed to close marginally
below Thursday's low of 6777. Going forward, looking at the
cluster of resistances along with the extreme overbought
positions of momentum oscillators, we would expect some
immediate correction towards 6705 - 6650 on the Nifty,
purely with a trading perspective. In case of an excessive profit
booking, the correction may get extended towards 6574 levels,
which however would not harm the higher degree trend, which
is bullish.
www.angelbroking.com
1
Daily Technical Report
April 15, 2014
Bank Nifty Outlook - (12840)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index opened with a downside
gap of more than a percent. Similar to the Nifty, banking
index too recovered and traded in narrow range for the
remainaing session to end the day on a flat note. In the
process, the ‘Doji’ Japanese candlestick pattern
mentioned in our previous report has now been activated
as the Bank Nifty closed below Thursday’s low of 12881.
Hence, considering the current price structure and
placement of momentum oscillators, we expect some
more profit booking in the index to test 12650 - 12600
levels, if it manages to sustain below 12777. On the
flipside, 12940 - 13060 levels are seen as immediate
resistance levels for the banking index.
Actionable points:
View
Neutral
Resistance Levels
12940 - 13060
Support Levels
12777 - 12650
Source: Falcon
www.angelbroking.com
2
Daily Technical Report
April 15, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,459
22,544
22,612
22,696
22,764
NIFTY
6,723
6,750
6,770
6,796
6,816
BANKNIFTY
12,694
12,767
12,851
12,924
13,008
ACC
1,359
1,375
1,387
1,403
1,415
AMBUJACEM
207
212
215
220
223
ASIANPAINT
531
537
542
549
553
1,467
1,482
1,494
1,508
1,521
AXISBANK
BAJAJ-AUTO
1,971
1,989
2,009
2,027
2,046
BANKBARODA
758
768
781
791
804
BHARTIARTL
313
318
321
325
329
BHEL
181
183
185
188
190
BPCL
432
438
448
454
464
CAIRN
351
355
360
363
368
CIPLA
393
398
401
405
408
COALINDIA
285
289
292
296
298
DLF
170
173
177
180
184
DRREDDY
2,493
2,535
2,562
2,604
2,632
GAIL
365
368
373
376
380
GRASIM
2,768
2,787
2,810
2,829
2,852
HCLTECH
1,310
1,355
1,380
1,425
1,450
HDFC
888
904
915
930
941
HDFCBANK
728
733
739
744
750
HEROMOTOCO
2,137
2,156
2,183
2,202
2,230
HINDALCO
137
139
141
143
145
HINDUNILVR
598
604
612
617
625
ICICIBANK
1,220
1,228
1,235
1,243
1,250
IDFC
121
122
124
125
127
INDUSINDBK
478
484
494
500
511
INFY
3,128
3,182
3,219
3,272
3,309
ITC
338
341
343
345
347
JINDALSTEL
270
275
279
285
289
JPASSOCIAT
56
58
59
61
63
786
796
802
812
818
KOTAKBANK
LT
1,281
1,290
1,299
1,308
1,317
LUPIN
934
941
953
960
972
M&M
989
997
1,008
1,016
1,027
MARUTI
1,910
1,923
1,936
1,949
1,961
NMDC
147
149
151
154
156
NTPC
121
123
124
126
127
ONGC
315
317
321
324
328
PNB
756
768
780
791
803
POWERGRID
107
107
108
108
108
RANBAXY
452
460
467
476
483
RELIANCE
938
946
958
966
979
RELINFRA
481
493
504
516
527
SBIN
1,957
1,976
2,003
2,021
2,048
SESAGOA
190
193
197
200
204
SUNPHARMA
609
619
627
636
644
TATAMOTORS
412
418
428
434
443
TATAPOWER
85
85
87
87
88
TATASTEEL
406
413
418
425
431
TCS
2,071
2,118
2,146
2,193
2,221
ULTRACEMCO
2,180
2,220
2,250
2,289
2,320
www.angelbroking.com
3
Daily Technical Report
April 15, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4