Daily Technical Report
July 17, 2014
Sensex (25550) / Nifty (7624)
Exhibit 1: Nifty Daily Chart
Yesterday’s session too opened higher as indicated by the
SGX Nifty and then slipped into a consolidation phase until
the last hour of the session; where we witnessed a sharp
rally of nearly a percent to end the session well above the
7600 mark. Yesterday, all sectors ended in the positive
territory; amongst which the Realty, Banking, Capital Goods
and Metal were among the major gainers. The advance to
decline ratio was strongly in favor of the advancing
counters. (A=1990 D=952) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23875/ 7128 and 20982/ 6278 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25374 / 7578 and 23734 / 7086 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
The previous session was almost a replica of Tuesday’s
View
Neutral
movement as the index soared substantially in the late trade
Support Levels
7580 - 7540
after precisely filling up the opening ‘Gap’. In-line with our
Resistance Levels
7660 - 7680
expectation, the index has now bounced back towards the
mentioned resistance level of 7620. We maintain our stance
that the short term traders can book their long positions or
create fresh short positions around this resistance zone. In
case of an extended rally, the index may move towards
7660
-
7680 levels. The possibility of a near term
correction remains intact so long as Nifty stays below the
‘Budget Day’ high of 7731. On the flipside, 7580 - 7540
are seen as immediate support levels in coming trading
session.
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Daily Technical Report
July 17, 2014
Bank Nifty Outlook - (15265)
Exhibit 2: Bank Nifty Daily Chart
We witnessed a second consecutive day outperformance
of the Bank Nifty over the benchmark index. In fact, the
banking conglomerates especially the private banking
counters were among the leading contributors in
yesterday’s rally. As a result, the banking index managed
to surpass our expected resistance zone 15100. However,
we would maintain our cautious stance despite
yesterday’s strong momentum and would advise traders
to keep booking their profits. At this juncture, the fresh
short selling is not advisable (against the current
momentum) in the Bank Nifty until we get any proper
reversal sign. Going forward, 15371 is seen as an
immediate resistance level; whereas 15000 (the hourly
’89 EMA’ level) would act as an intraday support in
coming trading session.
Actionable points:
View
Neutral
Support Level
15000
Source: Falcon
Resistance Level
15371
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Daily Technical Report
July 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,110
25,330
25,466
25,686
25,822
NIFTY
7,491
7,558
7,599
7,666
7,707
BANKNIFTY
14,897
15,081
15,191
15,375
15,484
ACC
1,395
1,415
1,431
1,451
1,467
AMBUJACEM
215
218
221
224
227
ASIANPAINT
570
575
582
587
593
AXISBANK
1,879
1,922
1,948
1,991
2,017
BAJAJ-AUTO
2,101
2,119
2,140
2,158
2,178
BANKBARODA
817
827
834
845
852
BHARTIARTL
327
332
335
339
342
BHEL
226
234
240
247
253
BPCL
578
584
589
596
600
CAIRN
337
341
344
347
350
CIPLA
426
429
433
436
439
COALINDIA
355
360
364
370
374
DLF
211
218
223
230
234
DRREDDY
2,603
2,625
2,643
2,665
2,682
GAIL
437
447
455
465
473
GRASIM
3,157
3,210
3,252
3,305
3,347
HCLTECH
1,440
1,455
1,466
1,481
1,492
HDFC
930
953
969
992
1,008
HDFCBANK
810
823
831
844
851
HEROMOTOCO
2,375
2,404
2,428
2,457
2,481
HINDALCO
171
177
180
186
189
HINDUNILVR
612
617
622
627
633
ICICIBANK
1,391
1,426
1,447
1,482
1,503
IDFC
151
157
161
167
171
INDUSINDBK
529
534
540
546
552
INFY
3,184
3,207
3,226
3,249
3,268
ITC
338
341
343
346
348
JINDALSTEL
277
285
290
298
303
KOTAKBANK
858
872
880
893
901
LT
1,595
1,627
1,651
1,682
1,706
LUPIN
1,041
1,052
1,062
1,074
1,084
M&M
1,188
1,205
1,215
1,232
1,243
MARUTI
2,470
2,521
2,553
2,604
2,636
MCDOWELL-N
2,333
2,367
2,389
2,423
2,445
NMDC
163
167
169
172
175
NTPC
142
144
146
148
150
ONGC
407
411
415
419
422
PNB
909
921
930
942
952
POWERGRID
132
134
136
138
139
RELIANCE
967
978
986
997
1,005
RELINFRA
749
765
774
790
799
SBIN
2,515
2,544
2,565
2,595
2,616
SSLT
277
287
293
303
310
SUNPHARMA
730
737
745
753
761
TATAMOTORS
459
464
468
474
478
TATAPOWER
103
104
105
106
107
TATASTEEL
518
530
538
551
559
TCS
2,367
2,384
2,404
2,422
2,441
TECHM
2,041
2,059
2,075
2,094
2,110
ULTRACEMCO
2,490
2,502
2,519
2,530
2,548
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Daily Technical Report
July 17, 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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