Daily Technical Report
April 17, 2014
Sensex (22277) / Nifty (6675)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened on a flat note in-line with quiet
global cues. Subsequently, index oscillated within a narrow
range throughout the first half; but post midsession fell sharply
to trim nearly a percent from the previous close. On the
sectoral front, the Realty and Capital Goods counters remained
under pressure; whereas, IT, Metal and FMCG sectors
somehow managed to close in the green. The advance to
decline ratio was strongly in favor of the declining counters.
(A=1067 D=1686)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21362 / 6368 and 19890 / 5956 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22250 / 6655 and 21413 / 6387 levels, respectively.
The daily chart displays an ‘Upward Sloping Channel’.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, our benchmark index (Nifty) opened on a quiet
note and then consolidated or took a breather throughout
View
Bearish
the first half. However, the hourly ’20 EMA’ acted as a
Expected Targets
6624 - 6574
major obstacle and hence, index resumed its previous day’s
Resistance Levels
6700 - 6748
trend immediately post the midsession. The selling pressure
accelerated as the day progressed and as expected, index
eventually went on to penetrate the lower end of the
‘Channel’ pattern. This resulted in a breakdown from the
daily ‘Upward Sloping Channel’ (please refer the exhibit)
pattern. The Nifty has almost attained our both intraday
targets of 6705 and 6650 as it posted a low of 6665 during
yesterday’s session. Going forward, we continue to maintain
our negative (purely with the trading perspective; higher
degree trend remains strongly bullish) stance on the market
and expect the Nifty to test next support levels of 6624 -
6574. On the upside, 6700 - 6748 levels would act as
immediate resistances for the Nifty.
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Daily Technical Report
April 17, 2014
Bank Nifty Outlook - (12563)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty also opened on a muted note;
but unlike our benchmark index, gave a decent up move
during the first half. The banking index too faced a strong
resistance near the hourly ’20 EMA’ and as a result,
shaved off all its early morning gains to close marginally
in the negative territory. Comparatively, the banking index
outperformed during yesterday’s session; but considering
the intraday movement and negative placement of daily
momentum oscillators, we reiterate our view that any
sustainable move below 12430 would trigger immense
pessimism in the index, which may result in a correction
towards 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 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,067
22,172
22,353
22,458
22,639
NIFTY
6,613
6,644
6,696
6,728
6,780
BANKNIFTY
12,389
12,476
12,602
12,689
12,814
ACC
1,298
1,315
1,343
1,360
1,388
AMBUJACEM
200
204
210
214
220
ASIANPAINT
529
532
535
538
541
AXISBANK
1,404
1,418
1,441
1,455
1,479
BAJAJ-AUTO
1,970
1,985
2,006
2,021
2,041
BANKBARODA
737
748
762
772
786
BHARTIARTL
317
320
325
329
334
BHEL
170
173
178
181
186
BPCL
426
431
438
443
449
CAIRN
351
356
362
367
373
CIPLA
388
392
398
403
409
COALINDIA
281
286
291
295
300
DLF
149
153
161
165
172
DRREDDY
2,488
2,512
2,556
2,580
2,624
GAIL
361
365
370
373
378
GRASIM
2,682
2,714
2,767
2,799
2,851
HCLTECH
1,381
1,397
1,418
1,433
1,454
HDFC
854
862
874
882
894
HDFCBANK
716
721
726
731
737
HEROMOTOCO
2,108
2,138
2,192
2,223
2,277
HINDALCO
129
132
135
138
141
HINDUNILVR
598
603
611
616
624
ICICIBANK
1,200
1,211
1,224
1,236
1,248
IDFC
113
115
118
119
122
INDUSINDBK
477
482
489
494
500
INFY
3,088
3,123
3,182
3,217
3,277
ITC
338
342
345
349
352
JINDALSTEL
260
265
270
274
279
KOTAKBANK
764
774
783
793
802
LT
1,231
1,246
1,270
1,285
1,309
LUPIN
933
943
950
960
967
M&M
950
963
978
992
1,007
MARUTI
1,904
1,920
1,942
1,958
1,981
MCDOWELL-N
2,844
2,858
2,869
2,883
2,894
NMDC
146
148
150
151
154
NTPC
119
121
123
125
128
ONGC
311
314
318
321
325
PNB
744
754
768
778
792
POWERGRID
105
106
107
109
110
RELIANCE
925
933
946
954
967
RELINFRA
482
493
509
520
536
SBIN
1,924
1,941
1,968
1,986
2,013
SSLT
183
187
190
193
196
SUNPHARMA
605
609
617
621
628
TATAMOTORS
404
407
413
417
423
TATAPOWER
78
80
83
85
88
TATASTEEL
400
407
412
419
424
TCS
2,135
2,166
2,215
2,245
2,295
TECHM
1,718
1,734
1,756
1,772
1,794
ULTRACEMCO
2,159
2,179
2,208
2,228
2,257
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Daily Technical Report
April 17, 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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