Daily Technical Report
September 17, 2014
Sensex (26493) / Nifty (7933)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened quietly amid mixed
global cues. Subsequently, index consolidated a bit during
the first and then corrected sharply by more than 100 points
to close almost at the lowest point of the day. On the
sectoral front, all other sectors closed in the red. The Power,
Realty, Capital Goods and Oil & Gas counters were the
major culprits in yesterdays down move. The advance to
decline ratio was strongly in favor of the declining counters.
(A=793 D=2243) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25395 / 7587 and 21944 / 6564 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26753 / 8001 and 25280 / 7553 levels, respectively.
Trading strategy:
Unlike previous sessions, yesterday we witnessed a massive
Source: Falcon
selling pressure across the broader market. As mentioned in
our previous report, index started showing weakness after
closing below 8030 during the opening session. However,
Actionable points:
the selling pressure aggravated once the Nifty sneaked
below the psychological support of 8000. As a result, index
View
Neutral
met with the first target of 7960 and even closed well below
Support Levels
7900 - 7860
it. The near term chart structure has now weakened,
Resistance Levels
7960 - 8000
indicating possibility of testing 7900 - 7860 levels. On the
upside, 7960 - 8000 are now seen as immediate resistance
levels. It’s advisable to trade with proper exit strategy and
not to trade aggressively in this market. Because this is a
corrective phase of the bull market and hence, the index
may find a strong buying interest on every meaningful dip.
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Daily Technical Report
September 17, 2014
Bank Nifty Outlook - (15844)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened lower and
contributed heavily in yesterday's fall. We have been
advising to shift the stop loss at 15990 for existing long
positions, which has now been violated. Going forward, if
the index manages to sustain below 15800 then we may
witness further correction towards 15650 - 15550, which
was the earlier breakout point. On the flipside, 16000 is
seen as an immediate resistance for the index.
Actionable points:
View
Neutral
Resistance Level
16000
Support Levels
15800 - 15650
Source: Falcon
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Daily Technical Report
September 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,209
26,351
26,606
26,748
27,003
NIFTY
7,848
7,890
7,968
8,010
8,087
BANKNIFTY
15,588
15,716
15,943
16,071
16,298
ACC
1,445
1,464
1,493
1,512
1,541
AMBUJACEM
201
204
208
211
216
ASIANPAINT
630
639
651
660
672
AXISBANK
387
393
404
410
420
BAJAJ-AUTO
2,255
2,279
2,317
2,341
2,379
BANKBARODA
891
907
933
949
976
BHARTIARTL
405
409
413
417
421
BHEL
210
213
218
221
226
BPCL
620
635
662
677
703
CAIRN
313
316
322
326
332
CIPLA
599
610
624
634
649
COALINDIA
336
340
347
351
357
DLF
160
164
171
175
182
DRREDDY
2,959
2,984
3,009
3,034
3,059
GAIL
433
441
451
459
469
GRASIM
3,472
3,519
3,570
3,617
3,667
HCLTECH
1,570
1,588
1,613
1,631
1,656
HDFC
996
1,007
1,024
1,035
1,052
HDFCBANK
840
845
854
859
868
HEROMOTOCO
2,752
2,771
2,797
2,817
2,843
HINDALCO
156
158
162
164
168
HINDUNILVR
744
750
755
761
766
ICICIBANK
1,499
1,513
1,535
1,548
1,570
IDFC
140
142
145
147
151
INDUSINDBK
597
608
623
633
648
INFY
3,588
3,620
3,655
3,687
3,722
ITC
348
350
353
356
358
JINDALSTEL
210
214
221
226
233
KOTAKBANK
1,005
1,016
1,035
1,046
1,065
LT
1,470
1,493
1,531
1,553
1,591
LUPIN
1,292
1,327
1,384
1,419
1,477
M&M
1,352
1,362
1,371
1,380
1,389
MARUTI
2,905
2,927
2,954
2,977
3,003
MCDOWELL-N
2,314
2,341
2,372
2,400
2,431
NMDC
165
169
176
180
186
NTPC
129
130
133
135
138
ONGC
397
403
413
419
429
PNB
926
945
976
995
1,026
POWERGRID
133
134
136
138
139
RELIANCE
959
969
987
997
1,014
SBIN
2,492
2,527
2,586
2,621
2,680
SSLT
285
286
285
286
285
SUNPHARMA
785
791
801
808
818
TATAMOTORS
486
493
502
509
518
TATAPOWER
78
81
85
88
92
TATASTEEL
473
482
495
504
517
TCS
2,526
2,538
2,557
2,569
2,588
TECHM
2,370
2,397
2,438
2,464
2,505
ULTRACEMCO
2,464
2,508
2,564
2,608
2,664
WIPRO
545
552
563
571
582
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Daily Technical Report
September 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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