Daily Technical Report
September 15, 2014
Sensex (27061) / Nifty (8106)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a muted note
which was followed by a narrow trading movement
throughout the first half. However, the Nifty managed to
rebound a bit from day’s low in latter part to close tad
above the 8100 mark. On the sectoral front, the Auto,
Banking and Healthcare sectors closed in the positive
territory; whereas the Power and Oil & Gas counters
remained under pressure. The advance to decline ratio was
strongly in favor of the advancing counters. (A=1734
D=1323) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25395 / 7587 and 21944 / 6564 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26753 / 8001 and 25280 / 7553 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
It can be clearly seen that the market has lost momentum in
the last few days after the Nifty having reached its near term
View
Neutral
targets of 8100 - 8150 post a decent rally. In-line with our
Support Level
8050
expectation, the market consolidated throughout the week;
Resistance Levels
8140 - 8180
it however managed to register a new all time high of
8180.20 during the week. This high precisely coincided with
the higher end of the ‘Upward Sloping Channel’ mentioned
in our previous report. As a result, some of the traders
chose to take some money off the table and hence the Nifty
traded with a slightly negative bias post Monday’s session.
At this juncture, the weekly chart exhibits a ‘Narrow Range
Body’ formation precisely at the strong resistance zone,
indicating a possibility of a near term pause in the ongoing
trend. However, we are not expecting any major trend
reversal from the current level. We expect the Nifty to
consolidate in the range of 8200 to 8050, where 8050 is
seen as a strong and important support level of the hourly
’89-EMA’. Only a sustainable move below this level may
result in some immediate correction towards 7960 - 7900
levels. Until then traders can maintain their positive bias
and follow a stock specific approach. Also, it’s advisable
not to trade aggressively in the market and try to lighten
existing long positions once the Nifty retests the higher end
of the range.
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Daily Technical Report
September 15, 2014
Bank Nifty Outlook - (16254)
Exhibit 2: Bank Nifty Daily Chart
Similar to the Nifty, the banking index too opened on a
flat note and traded within the narrow range for the
major part of the session. We had mentioned about the
Bank Nifty reaching 16350, which has almost happened
as the index managed to register a new all time high of
16309.70 during the week. Currently, we are not
observing any weakness in the chart structure, but it’s not
advisable to trade aggressively. Traders can now shift
their stop loss from 15680 to 15990 (on a sustainable
basis) and remain positive (with a near term perspective)
as long as this level is intact. On the upside, if we witness
a strong participation from the PSU banking space, which
we feel is quite likely, then the banking index can even
extend this rally to 16450 - 16500 levels.
Actionable points:
View
Neutral
Resistance Levels
16350 - 16450
Source: Falcon
Support Level
16150 - 15990
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Daily Technical Report
September 15, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,910
26,986
27,041
27,117
27,172
NIFTY
8,054
8,080
8,097
8,123
8,140
BANKNIFTY
16,093
16,174
16,226
16,307
16,359
ACC
1,508
1,521
1,531
1,545
1,555
AMBUJACEM
211
213
215
216
218
ASIANPAINT
647
659
668
680
688
AXISBANK
411
414
417
420
423
BAJAJ-AUTO
2,301
2,325
2,345
2,369
2,389
BANKBARODA
900
923
936
958
971
BHARTIARTL
403
408
412
418
421
BHEL
216
218
222
224
228
BPCL
674
679
685
689
696
CAIRN
319
322
328
331
336
CIPLA
561
587
602
628
643
COALINDIA
351
354
359
362
367
DLF
173
174
176
178
179
DRREDDY
2,925
2,942
2,967
2,984
3,009
GAIL
452
457
462
467
472
GRASIM
3,573
3,610
3,637
3,673
3,700
HCLTECH
1,599
1,610
1,624
1,635
1,649
HDFC
1,032
1,041
1,048
1,057
1,064
HDFCBANK
845
850
854
859
863
HEROMOTOCO
2,674
2,716
2,741
2,783
2,808
HINDALCO
163
166
170
172
176
HINDUNILVR
748
753
758
763
768
ICICIBANK
1,548
1,556
1,565
1,573
1,582
IDFC
146
148
149
151
152
INDUSINDBK
621
626
630
635
639
INFY
3,618
3,644
3,676
3,702
3,734
ITC
348
352
355
359
362
JINDALSTEL
231
234
237
239
242
KOTAKBANK
1,051
1,060
1,066
1,075
1,081
LT
1,555
1,567
1,587
1,599
1,618
LUPIN
1,285
1,322
1,344
1,380
1,402
M&M
1,357
1,373
1,383
1,399
1,409
MARUTI
2,899
2,936
2,957
2,994
3,015
MCDOWELL-N
2,236
2,266
2,287
2,317
2,338
NMDC
174
175
177
178
180
NTPC
136
137
138
139
141
ONGC
420
424
430
434
439
PNB
948
966
977
995
1,005
POWERGRID
133
134
136
137
139
RELIANCE
1,004
1,010
1,017
1,023
1,030
SBIN
2,566
2,598
2,620
2,652
2,673
SSLT
283
287
289
293
295
SUNPHARMA
773
790
805
821
836
TATAMOTORS
511
514
517
520
523
TATAPOWER
88
89
90
91
92
TATASTEEL
510
513
517
520
524
TCS
2,577
2,592
2,608
2,624
2,640
TECHM
2,405
2,425
2,443
2,463
2,481
ULTRACEMCO
2,562
2,601
2,644
2,682
2,725
WIPRO
565
570
574
580
584
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Daily Technical Report
September 15, 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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