Daily Technical Report
June 17, 2014
Sensex (25190) / Nifty (7534)
Exhibit 1: Nifty Daily Chart
The opening session of the week began tad lower as
indicated by the SGX Nifty and then index continued to slide
further down during the initial hour. However, index
managed to find a strong support near day’s low and then
trimmed major part of early morning losses. On the sectoral
front, the Realty, IT and Healthcare sectors were among the
major gainers; whereas the Auto, Capital Goods and
Banking counters ended in the negative territory. The
advance to decline ratio was marginally in favor of the
declining
counters.
(A=1377 D=1576) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22994 / 6861 and 20576 / 6158 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
24785 / 7404 and 22961 / 6853 levels, respectively.
Actionable points:
Trading strategy:
View
Bearish
In-line with our expectation, our markets started the day on
Support Levels
7487 - 7430
a pessimistic note and sneaked below the 7500 mark.
Resistance Levels
7560 - 7589
However, the fall got arrested after posting a low 7487.55
immediately post the initial hour. This level coincided with
the hourly ’89 EMA’ and hence, acted as a sheet anchor for
the index. We witnessed a consolidation for major part of
the session and then index recovered gradually till the
closing point of the day. Going forward, considering
negative placement of the daily ‘RSI-Smoothened’
momentum oscillator, we expect index to face a strong
resistance around the hourly ’20 EMA’ placed at 7565. On
the downside, a sustainable move below yesterday’s low
would trigger strong pessimism in the market. In this
scenario, we expect it to test 7430 - 7400 levels.
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Daily Technical Report
June 17, 2014
Bank Nifty Outlook - (15030)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly lower
and witnessed a sharp correction to test our mentioned
target of 14900. However, post the mid session, the
banking index too found a support after posting a low of
14858.90 and then recovered throughout the remaing
session to defend the 15000 mark on a closing basis.
Going forward, 15100 - 15200 can be seen as a strong
resistance zone. On the flipside, if the selling pressure re-
enter around these resistance levels then the index may
again test yesterday’s low or may even slip below it.
Actionable points:
View
Bearish
Expected Targets
14850 - 14700
Resistance Levels
15100 - 15200
Source: Falcon
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Daily Technical Report
June 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,970
25,080
25,174
25,285
25,379
NIFTY
7,462
7,498
7,523
7,559
7,584
BANKNIFTY
14,761
14,896
14,993
15,128
15,226
ACC
1,417
1,452
1,472
1,507
1,527
AMBUJACEM
215
219
222
226
229
ASIANPAINT
529
534
539
544
549
AXISBANK
1,710
1,741
1,782
1,813
1,854
BAJAJ-AUTO
2,126
2,148
2,179
2,201
2,232
BANKBARODA
796
824
842
870
887
BHARTIARTL
325
329
332
336
339
BHEL
228
235
238
245
249
BPCL
541
566
580
605
620
CAIRN
358
363
369
374
380
CIPLA
406
410
414
418
422
COALINDIA
372
381
387
396
402
DLF
194
202
207
215
219
DRREDDY
2,371
2,398
2,432
2,459
2,493
GAIL
406
419
427
441
449
GRASIM
3,467
3,514
3,557
3,604
3,646
HCLTECH
1,391
1,407
1,427
1,443
1,464
HDFC
940
951
967
978
995
HDFCBANK
825
832
837
844
850
HEROMOTOCO
2,515
2,563
2,593
2,641
2,671
HINDALCO
153
157
163
167
172
HINDUNILVR
626
630
636
640
646
ICICIBANK
1,387
1,400
1,415
1,428
1,443
IDFC
124
127
129
132
133
INDUSINDBK
508
521
534
547
560
INFY
3,148
3,196
3,228
3,276
3,308
ITC
331
334
335
338
340
JINDALSTEL
312
319
324
331
336
KOTAKBANK
895
913
923
941
951
LT
1,611
1,631
1,658
1,678
1,705
LUPIN
954
963
977
985
999
M&M
1,167
1,182
1,206
1,221
1,244
MARUTI
2,335
2,358
2,384
2,407
2,432
MCDOWELL-N
2,697
2,740
2,770
2,814
2,844
NMDC
168
174
177
182
186
NTPC
147
150
153
156
159
ONGC
406
417
424
434
441
PNB
909
928
941
960
973
POWERGRID
128
130
131
133
135
RELIANCE
1,042
1,054
1,069
1,081
1,096
RELINFRA
699
725
741
768
784
SBIN
2,513
2,547
2,581
2,615
2,649
SSLT
277
284
290
296
302
SUNPHARMA
616
631
640
654
663
TATAMOTORS
424
427
433
436
442
TATAPOWER
96
101
104
109
111
TATASTEEL
505
515
522
532
539
TCS
2,185
2,228
2,252
2,294
2,319
TECHM
1,979
2,001
2,023
2,045
2,067
ULTRACEMCO
2,641
2,694
2,739
2,792
2,837
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Daily Technical Report
June 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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