Daily Technical Report
April 16, 2014
Sensex (22485) / Nifty (6733)
Exhibit 1: Nifty Daily Chart
The opening session of the week started slightly higher as
indicated by the SGX Nifty. However, index immediately pared
down all its gains and slipped well inside the negative territory.
The pessimism continued throughout the remaining session
and as a result, index closed with more than half a percent
losses. On the sectoral front, the Banking, Realty and Metal
counters remained under pressure; whereas, IT and TECK
sectors ended on a positive note. The advance to decline ratio
was strongly in favor of the declining counters. (A=1323
D=1458)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21342 / 6361 and 19895 / 5957 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22247 / 6653 and 21433 / 6392 levels, respectively.
The daily chart displays an ‘Upward Sloping Channel’.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, our markets opened higher mainly on the back
of strong opening given by the IT heavyweight, Infosys, after
View
Bearish
posting
better-than-expected
4QFY2014 numbers.
Expected Targets
6705 - 6650
However, this positive opening was very short lived as the
Resistance Levels
6780 - 6820
index came off quite sharply and shed nearly 100 points
from day’s high. But, the lower end of the ‘Channel’ (please
refer the exhibit) pattern acted as a strong support and
hence, index managed to recover marginally to end the
session with more than half a percent losses. The daily ‘RSI’
momentum oscillator has now slipped below its recent lower
value of 70.37 (RSI value on April 04, 2014), which is a
sign of weakness. It is also supported by the negative
crossover of the daily ‘Stochastic’ oscillator, indicating
possibility of a breakdown from the lower end of the
‘Channel’. In this case, we expect the Nifty to slide towards
the next support level of 6650 and 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. On the upside, 6780 - 6820
levels would act as immediate resistances for the Nifty.
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Daily Technical Report
April 16, 2014
Bank Nifty Outlook - (12580)
Exhibit 2: Bank Nifty Daily Chart
Unlike our benchmark index, the banking index opened
on a muted note and traded with negative bias during the
entire session. As a result, the Bank Nifty ended the
session with more than two percent losses. The index has
now sneaked below its hourly ’89-EMA’ support level of
12620, which indicates weakness. Moreover, the daily
momentum oscillators are now signaling a negative
crossover, suggesting possibility of further correction in
coming days. Going forward, any sustainable move
below 12430 would led the index to test lower levels of
12308 - 12250. On the flipside, 12720 - 12840 levels
are seen as immediate resistance levels for the banking
index.
Actionable points:
View
Bearish
Expected Targets
12430 - 12308
Resistance Levels
12720 - 12840
Source: Falcon
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Daily Technical Report
April 16, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,225
22,355
22,546
22,676
22,867
NIFTY
6,651
6,692
6,753
6,794
6,854
BANKNIFTY
12,356
12,468
12,650
12,762
12,944
ACC
1,331
1,346
1,372
1,387
1,412
AMBUJACEM
208
211
215
218
222
ASIANPAINT
523
529
537
543
551
1,397
1,421
1,458
1,482
1,519
AXISBANK
BAJAJ-AUTO
1,930
1,967
1,992
2,029
2,053
BANKBARODA
725
739
762
776
798
BHARTIARTL
316
320
325
330
335
BHEL
177
179
183
185
188
BPCL
430
438
444
452
458
CAIRN
348
354
357
363
366
CIPLA
392
396
400
404
407
COALINDIA
281
287
291
297
301
DLF
156
161
169
174
183
DRREDDY
2,542
2,559
2,584
2,600
2,625
GAIL
360
364
369
373
379
GRASIM
2,708
2,744
2,774
2,810
2,841
HCLTECH
1,381
1,403
1,420
1,442
1,459
HDFC
858
873
896
910
933
HDFCBANK
706
715
727
736
748
HEROMOTOCO
2,082
2,151
2,192
2,262
2,303
HINDALCO
128
131
136
140
145
HINDUNILVR
586
599
607
620
628
ICICIBANK
1,199
1,209
1,225
1,235
1,251
IDFC
116
118
121
123
126
INDUSINDBK
469
476
487
494
504
INFY
3,158
3,209
3,298
3,349
3,439
ITC
333
337
341
344
348
JINDALSTEL
256
262
273
280
291
JPASSOCIAT
56
57
59
60
62
770
781
793
803
815
KOTAKBANK
LT
1,260
1,279
1,295
1,314
1,331
LUPIN
929
936
945
952
962
M&M
959
972
989
1,002
1,019
MARUTI
1,882
1,905
1,927
1,949
1,971
NMDC
146
148
150
152
154
NTPC
122
124
125
127
128
ONGC
314
316
319
322
324
PNB
743
754
768
779
794
POWERGRID
106
107
108
108
109
RANBAXY
455
462
468
475
482
RELIANCE
929
939
947
957
964
RELINFRA
486
493
503
510
520
SBIN
1,915
1,940
1,972
1,997
2,029
SESAGOA
181
186
192
197
203
SUNPHARMA
602
609
622
629
641
TATAMOTORS
396
404
417
425
437
TATAPOWER
82
83
85
86
88
TATASTEEL
397
403
414
420
431
TCS
2,144
2,199
2,228
2,282
2,312
ULTRACEMCO
2,168
2,190
2,225
2,247
2,282
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Daily Technical Report
April 16, 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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