Daily Technical Report
October 16, 2014
Sensex (26349) / Nifty (7864)
Exhibit 1: Nifty Daily Chart
Despite a strong overnight correction in the US bourses, our
markets opened slightly higher as indicated by the SGX
Nifty. However, this optimism was very short lived as the
index came off sharply in first couple of hours. The index
then managed to recover and trimmed major portion of
losses to end the session marginally in the negative territory.
The Banking, Power, Metal and Healthcare counters closed
with very nominal gains; whereas the Realty sector tumbled
mainly on the back of complete nosedive seen in DLF. The
IT, Oil & Gas and Consumer Durable sectors too remained
slightly under pressure. The advance to decline ratio was in
favor of the declining counters. (A=1291 D=1634)
(Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25791 / 7709 and 22348 / 6685 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26608 / 7958 and 25720 / 7689 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
We witnessed a gap up opening on the back of lower
Support Levels
7825 - 7796
September month CPI inflation data and the better than
Resistance Levels
7928 - 7972
expected Q2FY2015 numbers from the index heavyweight,
Reliance Industries (RIL). This was followed by a sharp
decline after posting a high of
7928. However, this
correction got arrested precisely at the 78.6% Fibonacci
retracement level of the rise from 7796 to 7928. As a result,
we observed a complete u-turn from the day’s low and the
Nifty managed to close above the 7850 mark. Yesterday’s
high of 7928 would now act as an important resistance for
the index. A sustainable move beyond this level may bring
back the optimism in our market. In this scenario, the
possibility of testing 7972 or even crossing it cannot be
ruled out. On the flipside, 7825 - 7796 would now be seen
as a strong support zone.
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Daily Technical Report
October 16, 2014
Bank Nifty Outlook - (15752)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly higher
and immediately witnessed a bit of correction in-line with
the Nifty. However, the Bank Nifty found a strong support
around the hourly ’89 EMA’ level of 15550 and then
completely outperformed the Nifty throughout the session.
In our previous report, we had mentioned a positive
scenario beyond 15800. During the session, the index
surpassed it but couldn’t sustain above it. Hence, going
forward, we maintain our view that any hourly closing
above 15800 may open up the possibilities of retesting
16000
-
16100. This development would be then
supported by the positive placement of the daily ‘RS-
Smoothened’ momentum oscillator. On the flipside,
15550 would now be seen as an important support level.
Actionable points:
View
Neutral
Resistance Level
15800
Support Level
15550
Source: Falcon
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Daily Technical Report
October 16, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,956
26,170
26,307
26,521
26,657
NIFTY
7,755
7,820
7,860
7,925
7,966
BANKNIFTY
15,158
15,418
15,562
15,822
15,966
ACC
1,361
1,374
1,386
1,399
1,412
AMBUJACEM
205
207
209
211
214
ASIANPAINT
641
648
657
664
673
AXISBANK
367
377
383
393
399
BAJAJ-AUTO
2,313
2,331
2,348
2,366
2,383
BANKBARODA
841
853
862
875
884
BHARTIARTL
375
383
388
397
402
BHEL
214
216
219
221
223
BPCL
657
664
672
679
687
CAIRN
275
283
287
294
298
CIPLA
564
570
580
586
597
COALINDIA
327
334
338
345
350
DLF
140
143
148
151
155
DRREDDY
2,881
2,912
2,951
2,982
3,021
GAIL
435
440
442
447
449
GRASIM
3,370
3,394
3,420
3,444
3,470
HCLTECH
1,702
1,729
1,749
1,776
1,795
HDFC
986
1,002
1,013
1,029
1,040
HDFCBANK
848
862
870
885
893
HEROMOTOCO
2,790
2,832
2,863
2,905
2,935
HINDALCO
146
148
150
153
155
HINDUNILVR
709
715
720
725
730
ICICIBANK
1,421
1,449
1,465
1,494
1,510
IDFC
137
139
140
141
142
INDUSINDBK
612
623
636
647
660
INFY
3,843
3,893
3,939
3,989
4,035
ITC
345
348
350
353
356
JINDALSTEL
149
154
158
163
167
KOTAKBANK
979
994
1,003
1,018
1,028
LT
1,423
1,435
1,444
1,455
1,465
LUPIN
1,289
1,308
1,337
1,356
1,385
M&M
1,227
1,248
1,283
1,304
1,340
MARUTI
2,904
2,939
2,959
2,994
3,014
NMDC
147
151
154
158
160
NTPC
137
139
140
142
143
ONGC
394
400
404
411
415
PNB
875
898
910
933
945
POWERGRID
133
134
135
136
137
RELIANCE
940
949
957
966
974
SBIN
2,407
2,446
2,470
2,510
2,534
SSLT
242
246
249
253
255
SUNPHARMA
782
793
810
821
839
TATAMOTORS
473
485
492
503
510
TATAPOWER
80
83
84
86
88
TATASTEEL
433
445
453
465
472
TCS
2,649
2,683
2,704
2,738
2,759
TECHM
2,302
2,335
2,360
2,393
2,418
ULTRACEMCO
2,423
2,452
2,476
2,505
2,529
WIPRO
559
572
579
592
599
ZEEL
309
312
315
319
321
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Daily Technical Report
October 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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