Daily Technical Report
January 16, 2014
Sensex (21289) / Nifty (6321)
Exhibit 1: Nifty Daily Chart
On Wednesday, our benchmark indices opened with a positive
gap and surged higher throughout the session to close above
6300 the mark. On the sectoral front, excluding the Consumer
Durables and Healthcare counters, all other sectors closed in
the green. The Banking, Capital goods and Realty counters
were the major gainers in yesterdays up move. The advance to
decline ratio was in favor of the advancing counters. (A=1375
D=1293)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20535 / 6109 and 19334 / 5798 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20945 / 6231 and 20553 / 6115 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, the bulls remained optimistic right from the first
View
Neutral
trade, anticipating lower December WPI inflation data. In-line
Support Levels
6265 - 6230
with expectations, inflation eased to a five-month-low. As
mentioned in our previous report, the Nifty has precisely met
Resistance Levels
6330 - 6380
with our initial target of 6330, which coincides with the
'Downward Sloping Trend Line' (please refer the exhibit)
resistance. Going forward, a close above
6330, with
increasing volumes, would result in a triangular breakout and
the nifty may rally towards 6380 - 6415 levels. On the flipside,
6265 - 6230 levels are likely act as support in the coming
trading sessions.
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Daily Technical Report
January 16, 2014
Bank Nifty Outlook - (11125)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened with an upward gap
in line with the benchmark indices. Eventually the bulls
managed to hold gains and the index closed one and
half a percent higher viz-a-viz the previous closing. The
index has now convincingly breached the resistance of
hourly '89 EMA' placed at 11110 and also, tested the
daily '20 EMA' level (11146). Going forward, considering
the overall chart structure if the Bank Nifty manages to
sustain above 11220 level then we may witness an
extended up move towards 11350 - 11400 levels. On
the other hand, yesterday’s low of 10986 would now act
as a key support and a fall below this level may result in a
complete loss of the current positive momentum. In this
scenario, we expect a decline towards 10814 - 10780
levels.
Actionable points:
View
Neutral
Source: Falcon
Support Levels
10986 - 10814
Resistance levels
11220 - 11350
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Daily Technical Report
January 16, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,017
21,153
21,228
21,364
21,439
NIFTY
6,244
6,282
6,304
6,342
6,364
BANKNIFTY
10,914
11,020
11,092
11,198
11,270
ACC
1,009
1,019
1,027
1,038
1,046
AMBUJACEM
165
168
169
172
173
ASIANPAINT
483
488
491
497
500
AXISBANK
1,156
1,167
1,178
1,189
1,199
BAJAJ-AUTO
1,857
1,875
1,890
1,908
1,923
BANKBARODA
614
628
637
651
660
BHARTIARTL
327
329
331
333
335
BHEL
160
163
166
169
171
BPCL
324
325
328
330
333
CAIRN
321
324
328
331
335
CIPLA
409
414
419
423
428
COALINDIA
285
290
299
304
313
DLF
156
158
159
161
162
DRREDDY
2,629
2,640
2,652
2,662
2,675
GAIL
341
345
348
351
354
GRASIM
2,547
2,565
2,578
2,595
2,608
HCLTECH
1,309
1,320
1,334
1,344
1,358
HDFC
810
828
839
857
868
HDFCBANK
665
673
678
686
691
HEROMOTOCO
2,013
2,043
2,070
2,100
2,127
HINDALCO
109
110
111
112
114
HINDUNILVR
535
540
543
548
551
ICICIBANK
1,031
1,045
1,057
1,070
1,083
IDFC
99
101
102
103
104
INDUSINDBK
416
421
423
428
430
INFY
3,662
3,687
3,706
3,731
3,749
ITC
318
324
327
332
335
JINDALSTEL
252
255
257
259
261
JPASSOCIAT
47
47
48
49
49
KOTAKBANK
706
717
724
736
743
LT
964
982
993
1,010
1,021
LUPIN
915
920
928
934
942
M&M
880
892
900
912
920
MARUTI
1,752
1,776
1,791
1,816
1,831
NMDC
139
141
142
144
146
NTPC
131
132
132
133
134
ONGC
285
288
292
295
298
PNB
597
606
612
621
626
POWERGRID
96
97
98
99
100
RANBAXY
406
413
423
430
440
RELIANCE
873
879
887
893
901
RELINFRA
399
402
405
409
412
SBIN
1,618
1,629
1,644
1,655
1,670
SESAGOA
191
194
196
199
201
SUNPHARMA
595
599
605
609
615
TATAMOTORS
371
374
376
379
382
TATAPOWER
77
78
78
79
80
TATASTEEL
368
372
376
379
383
TCS
2,302
2,328
2,353
2,379
2,404
ULTRACEMCO
1,612
1,661
1,690
1,740
1,769
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Daily Technical Report
January 16, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
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