Daily Technical Report
October 17, 2014
Sensex (25999) / Nifty (7748)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened slightly lower
considering negative global cues. The index then slipped
into a consolidation mode and remained range bound for
most part of the session. However, we witnessed a massive
sell off towards the fag end of the session, which pulled the
index lower to close with one and half a percent losses. All
sectors closed inside the negative territory among which the
Consumer Durables, Capital Goods, Oil & Gas and
Banking were the major losers. The advance to decline ratio
was strongly in favor of the declining counters. (A=756
D=2173) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25791 / 7709 and 22348 / 6685 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26608 / 7958 and 25720 / 7689 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Our benchmark index opened slightly lower and
View
Neutral
immediately recovered during the initial hour. Subsequently,
Support Level
7700
we witnessed a lethargic and range bound movement until
Resistance Levels
7800 - 7840
the last hour of the session where we witnessed a complete
nosedive in the market. The Nifty tumbled by more than
100 points during the concluding hour and eventually
managed to close marginally below the 7750 mark. We
have been expecting Nifty to correct around 7750 - 7700
levels since last few sessions; but, the way it fell yesterday
was quite unexpected for us. The Nifty has now closed
marginally above the daily ’89 EMA, which is considered as
a strong support zone. In addition, we are observing a
‘Falling Wedge’ pattern on the daily chart and the Nifty is
now placed around the lower end of the pattern. We
maintain our stance that traders with a longer term
perspective should start accumulating stock with a value
buying propositions. As long as Nifty remains above 7700
mark on a closing basis, there is no reason to worry for the
bulls with a near term perspective. However, a sustainable
move below this level would certainly aggravate the
pessimism in the market. In this scenario, the possibility of
testing 7560 - 7540 cannot be ruled out. On the upside,
7800 - 7840 would now be seen as immediate resistance
levels for the market.
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Daily Technical Report
October 17, 2014
Bank Nifty Outlook - (15542)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly lower
and immediately recovered from the lows. Similar to
Nifty, the banking index to consolidated for most part of
the session. The index failed to give an hourly closing
above the 15800 mark to trigger a positive scenario. In
fact, the Bank Nifty eventually succumbed to the sell off
seen across the broader market and in the process,
managed to shed more than a percent. The Bank Nifty
has now closed at the trend line support seen in the
hourly chart. Going forward, 15450 would act as a
crucial support for the index. A sustainable move below
this level may extend yesterday's losses to test
15300
mark. On the flipside, any hourly closing beyond 15600
may lead a recovery towards 15800 - 15850 levels.
Actionable points:
View
Neutral
Source: Falcon
Resistance Levels
15600 - 15800
Support Level
15450
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Daily Technical Report
October 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,604
25,801
26,132
26,330
26,660
NIFTY
7,626
7,687
7,791
7,852
7,955
BANKNIFTY
15,259
15,400
15,618
15,759
15,977
ACC
1,357
1,367
1,379
1,389
1,401
AMBUJACEM
201
204
207
209
212
ASIANPAINT
606
616
632
642
657
AXISBANK
383
388
395
401
408
BAJAJ-AUTO
2,291
2,327
2,384
2,420
2,477
BANKBARODA
847
857
871
882
896
BHARTIARTL
373
381
392
399
410
BHEL
211
215
222
227
234
BPCL
643
655
668
680
693
CAIRN
268
271
275
278
282
CIPLA
565
572
582
589
600
COALINDIA
336
342
347
353
358
DLF
93
102
109
118
125
DRREDDY
2,846
2,876
2,920
2,950
2,994
GAIL
438
444
452
457
465
GRASIM
3,101
3,165
3,282
3,346
3,463
HCLTECH
1,589
1,622
1,681
1,715
1,774
HDFC
955
968
988
1,002
1,022
HDFCBANK
844
851
863
870
882
HEROMOTOCO
2,628
2,713
2,812
2,897
2,996
HINDALCO
135
139
145
149
155
HINDUNILVR
713
722
734
742
754
ICICIBANK
1,426
1,443
1,469
1,486
1,511
IDFC
132
135
137
139
142
INDUSINDBK
631
638
648
655
665
INFY
3,802
3,834
3,886
3,918
3,970
ITC
340
346
350
356
360
JINDALSTEL
145
148
154
157
162
KOTAKBANK
968
980
995
1,007
1,022
LT
1,407
1,415
1,428
1,436
1,448
LUPIN
1,287
1,303
1,324
1,340
1,361
M&M
1,167
1,193
1,236
1,262
1,305
MARUTI
2,875
2,906
2,943
2,974
3,011
NMDC
149
153
157
161
164
NTPC
134
136
139
141
144
ONGC
387
392
400
405
414
PNB
900
909
921
930
942
POWERGRID
131
132
134
136
138
RELIANCE
910
920
939
949
968
SBIN
2,389
2,428
2,491
2,530
2,594
SSLT
230
235
242
246
253
SUNPHARMA
780
788
801
809
822
TATAMOTORS
469
477
489
496
508
TATAPOWER
81
83
84
86
87
TATASTEEL
416
428
448
459
479
TCS
2,606
2,642
2,700
2,736
2,795
TECHM
2,220
2,263
2,327
2,369
2,434
ULTRACEMCO
2,187
2,252
2,366
2,431
2,545
WIPRO
556
564
575
583
593
ZEEL
301
307
314
319
326
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Daily Technical Report
October 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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