Daily Technical Report
September 16, 2014
Sensex (26817) / Nifty (8042)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on a weak note on
the back of lower-than-expected IIP numbers for the month
of July 2014. This momentum continued during the initial
hour and as a result, the index extended its losses to correct
nearly a percent from the previous close. However, during
the remaining session, the Nifty remained within a narrow
range to close slightly above the lowest point of the day.
Barring minor gains from the Health Care and Realty, all
other sectors closed in the red, among which the Metal, Oil
& Gas, Capital Goods and IT were the major culprits. The
advance to decline ratio was strongly in favor of the
advancing counters. (A=1757 D=1301) (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:
The disappointing IIP data triggered a gap down opening
View
Neutral
as well as the weakest session (on a closing basis) for the
first time after August 08, 2014. In our previous report, we
Support Level
8030 - 7960
had mentioned about the strong support level of 8050
Resistance Levels
8070 - 8120
(hourly ’89 EMA’) on a closing basis. The mentioned
support level has now been violated; but very marginally.
Hence, looking at the current closing, we have slightly
modified our opinion. Going forward, in case of any hourly
closing below 8030 (instead of 8050) would open up the
possibility of some immediate correction towards 7960 -
7900 levels. Until then the possibility of rebounding towards
8070 - 8120 cannot be ruled out. However, the stock
specific outperformance is likely to be seen in the market.
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Daily Technical Report
September 16, 2014
Bank Nifty Outlook - (16168)
Exhibit 2: Bank Nifty Daily Chart
Similar to the Nifty, the banking index too opened lower
but slightly managed to outperform by losing merely half
a percent on a closing basis. Due to narrow range
movement, we are not observing any major change in the
chart structure. Hence, we reiterate that the 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 continue to witness a strong participation from the
PSU banking space, which we did see during yesterday’s
session, then the banking index can move beyond 16300
to test 16450 - 16500 levels.
Actionable points:
View
Neutral
Resistance Levels
16300 - 16450
Support Level
16150 - 15990
Source: Falcon
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Daily Technical Report
September 16, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,661
26,739
26,868
26,946
27,076
NIFTY
8,002
8,022
8,050
8,070
8,097
BANKNIFTY
16,037
16,103
16,171
16,236
16,305
ACC
1,490
1,501
1,515
1,526
1,540
AMBUJACEM
207
209
212
214
217
ASIANPAINT
651
656
663
668
675
AXISBANK
407
409
412
414
417
BAJAJ-AUTO
2,298
2,315
2,333
2,351
2,369
BANKBARODA
917
933
947
963
977
BHARTIARTL
405
408
411
415
418
BHEL
213
217
220
223
227
BPCL
672
678
685
690
697
CAIRN
320
323
326
330
332
CIPLA
600
615
625
640
649
COALINDIA
347
349
353
356
360
DLF
170
172
174
175
177
DRREDDY
2,943
2,963
2,981
3,001
3,018
GAIL
445
452
457
464
469
GRASIM
3,558
3,580
3,607
3,629
3,657
HCLTECH
1,594
1,602
1,613
1,621
1,633
HDFC
1,014
1,024
1,037
1,047
1,060
HDFCBANK
843
852
858
867
873
HEROMOTOCO
2,696
2,748
2,778
2,830
2,861
HINDALCO
159
161
165
167
171
HINDUNILVR
745
750
754
759
763
ICICIBANK
1,528
1,541
1,551
1,564
1,574
IDFC
145
146
149
150
152
INDUSINDBK
616
620
624
627
631
INFY
3,605
3,623
3,646
3,664
3,686
ITC
347
349
352
354
357
JINDALSTEL
217
221
228
233
240
KOTAKBANK
1,028
1,037
1,052
1,061
1,075
LT
1,545
1,553
1,563
1,571
1,581
LUPIN
1,325
1,370
1,397
1,443
1,469
M&M
1,354
1,362
1,373
1,380
1,391
MARUTI
2,911
2,937
2,956
2,981
3,000
MCDOWELL-N
2,223
2,290
2,348
2,415
2,473
NMDC
171
173
176
178
181
NTPC
134
135
137
138
140
ONGC
415
418
423
426
431
PNB
954
977
993
1,016
1,033
POWERGRID
133
135
136
138
139
RELIANCE
994
999
1,005
1,010
1,016
SBIN
2,571
2,597
2,621
2,647
2,670
SSLT
283
285
287
289
291
SUNPHARMA
779
787
801
809
823
TATAMOTORS
507
510
513
515
518
TATAPOWER
87
88
89
90
91
TATASTEEL
499
504
509
513
518
TCS
2,512
2,535
2,577
2,600
2,642
TECHM
2,410
2,439
2,457
2,486
2,505
ULTRACEMCO
2,537
2,563
2,601
2,627
2,666
WIPRO
555
562
569
575
582
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Daily Technical Report
September 16, 2014
Research Team Tel: 022 - 30940000
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Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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