Daily Technical Report
December 16, 2014
Sensex (27320) / Nifty (8220)
Exhibit 1: Nifty Daily Chart
The opening session of the week started off with a downside
gap as indicated by the SGX Nifty. However, the index
immediately gave a sharp recovery and then consolidated
in a range throughout the remaining session. Barring
Banking, all other sectors ended in the negative territory
amongst which the Realty, Consumer Durables, IT, FMCG
and Capital Goods were the major draggers. The advance
to decline ratio was strongly in favor of the declining
counters. (A=1177 D=1722) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27017 / 8082 and 23339 / 6982 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
Source: Falcon
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Actionable points:
Trading strategy:
Yesterday, we witnessed a gap down opening in our
View
Neutral
market; but, the bears failed to hold it below the 8180 mark
Support Levels
8180 - 8100
as the Nifty immediately recovered after few initial trades.
Resistance Levels
8250 - 8280
During the remaining part, the index just consolidated in a
narrow range to end with negligible losses. It seems that the
‘Resistance becomes Support’ rule worked well during
yesterday’s session as the index immediately came back
and stayed over it. However, the view remains unchanged
as the overall chart structure still looks weak. In case of a
bounce,
8250
-
8280 levels should act as strong
resistances for the index; whereas the possibility of sliding
towards 8100 - 8080 (Daily ’89 EMA’) levels is still high.
Considering the current market scenario, traders are
advised to remain light on positions and trade with a proper
exit strategy.
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Daily Technical Report
December 16, 2014
Bank Nifty Outlook - (18373)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking was the only sector who managed
to close in the positive territory. As mentioned in our
previous report, this price development clearly shows an
outperformance by the entire space. Going forward, we
maintain our view that the Bank Nifty has a strong
support at 18183, which coincides with the daily ’20
EMA’. This level has now gained more importance and
hence, any sustainable move below this support level may
trigger a strong pessimism in the index. As a result, we
may witness immediate correction towards
17950
-
17850 levels. On the flipside, if the index manages to
surpass the
18550 mark then we may witness a
resumption of the higher degree uptrend to test 18750 -
18800 levels.
Actionable points:
View
Neutral
Resistance Level
18550
Support Level
18183
Source: Falcon
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Daily Technical Report
December 16, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,985
27,152
27,272
27,439
27,559
NIFTY
8,115
8,167
8,205
8,257
8,295
BANKNIFTY
18,021
18,197
18,333
18,509
18,646
ACC
1,413
1,424
1,436
1,447
1,459
AMBUJACEM
222
225
227
231
233
ASIANPAINT
753
760
769
776
785
AXISBANK
468
472
480
484
492
BAJAJ-AUTO
2,473
2,496
2,520
2,543
2,567
BANKBARODA
1,031
1,044
1,063
1,076
1,094
BHARTIARTL
337
343
347
354
358
BHEL
239
244
248
253
258
BPCL
600
618
643
661
686
CAIRN
232
237
240
245
247
CIPLA
613
622
633
643
654
COALINDIA
354
366
372
384
390
DLF
138
141
148
151
158
DRREDDY
3,271
3,313
3,344
3,387
3,418
GAIL
401
412
421
432
441
GRASIM
3,299
3,357
3,396
3,454
3,493
HCLTECH
1,424
1,455
1,481
1,511
1,537
HDFC
1,035
1,080
1,105
1,149
1,175
HDFCBANK
922
932
938
948
954
HEROMOTOCO
2,939
3,042
3,146
3,249
3,353
HINDALCO
150
151
153
155
157
HINDUNILVR
770
780
795
804
819
ICICIBANK
339
342
345
349
352
IDFC
152
154
157
159
161
INDUSINDBK
756
769
784
798
813
INFY
1,877
1,901
1,929
1,953
1,981
ITC
386
389
395
398
403
JINDALSTEL
133
135
138
141
144
KOTAKBANK
1,215
1,262
1,289
1,336
1,362
LT
1,481
1,491
1,504
1,515
1,528
LUPIN
1,426
1,436
1,447
1,457
1,469
M&M
1,224
1,238
1,249
1,263
1,274
MARUTI
3,331
3,350
3,365
3,384
3,399
NMDC
136
137
138
138
139
NTPC
129
131
133
135
137
ONGC
330
337
341
348
352
PNB
1,068
1,083
1,100
1,115
1,132
POWERGRID
132
133
134
135
136
RELIANCE
868
873
878
883
887
SBIN
303
307
311
315
320
SSLT
205
208
211
214
217
SUNPHARMA
829
837
844
852
859
TATAMOTORS
487
490
496
500
505
TATAPOWER
83
83
84
85
86
TATASTEEL
389
395
402
408
414
TCS
2,333
2,346
2,365
2,378
2,398
TECHM
2,437
2,467
2,518
2,547
2,598
ULTRACEMCO
2,448
2,493
2,532
2,576
2,616
WIPRO
516
529
537
550
558
ZEEL
354
361
365
372
376
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Daily Technical Report
December 16, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
-
Technical Analyst
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