Daily Technical Report
November 17, 2014
Sensex (28047) / Nifty (8390)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark index opened on a subdued
note considering quiet global cues. After a bit of
consolidation, the Nifty started moving higher and
eventually closed almost at the highest point of the week.
Barring Healthcare and FMCG, all other sectors ended in
the positive territory. The Metal, Realty, Oil & Gas and
Banking sectors were among the major gainers. The
advance to decline ratio was in favor of the advancing
counters. (A=1564 D=1479) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 26310 / 7874 and 22879 / 6843 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27371 / 8202 and 26389 / 7890 levels, respectively.
Source: Falcon
Trading strategy:
Last week’s price movement was quite similar to the
Actionable points:
previous week as the Nifty oscillated within a narrow range
of 100 - 120 points throughout the week. During the mid-
View
Neutral
week, the Nifty reached yet another milestone by posting a
new high beyond the 8400 mark (8415.05). We observed
Support Levels
8320 - 8280
that the Nifty was struggling to maintain its position at the
Resistance Levels
8420 - 8450
higher end and as a result, we repeatedly witnessed some
intraday correction in the market during the week. However,
we reiterate our view that traders should not get carried
away by these minor intraday dips as the bullish chart
structure is still intact. We maintain our positive stance on
the market and we continue to expect the Nifty to test the
near term targets of 8500 - 8550, which is the 127% ‘Price
extension’ zone of the previous rally from the recent low of
7723.85. Traders are advised to stay with the flow and
avoid initiating short positions. On the flipside, 8290 is
likely to act as a strong support for the bulls.
It’s advisable to focus on individual stocks as they are likely
to show their outperformance in the coming week as well.
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Daily Technical Report
November 17, 2014
Bank Nifty Outlook - (17577)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened on a flat note
in-line with our benchmark index. After a small decline,
the banking conglomerates gained a strong upward
momentum and as a result, the Bank Nifty closed almost
the highest point of the day. The Bank Nifty is now
placed around the strong resistance of the 17600 mark,
which is the 127% ‘Price-Extension’ of the previous up
move. Going forward, any sustainable move beyond
17600 may extend this rally towards 17750 - 17850
levels. On the flipside, 17400 would now be seen as an
immediate support for the index.
Actionable points:
View
Neutral
Resistance Levels
17600 - 17750
Support Level
17400
Source: Falcon
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Daily Technical Report
November 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,837
27,942
28,018
28,122
28,198
NIFTY
8,325
8,358
8,379
8,411
8,433
BANKNIFTY
17,339
17,458
17,529
17,648
17,720
ACC
1,486
1,498
1,508
1,520
1,530
AMBUJACEM
222
226
228
233
235
ASIANPAINT
631
652
663
684
695
AXISBANK
467
472
476
481
485
BAJAJ-AUTO
2,591
2,622
2,643
2,674
2,694
BANKBARODA
986
1,001
1,009
1,024
1,032
BHARTIARTL
383
385
390
393
397
BHEL
231
238
244
251
256
BPCL
712
723
733
744
753
CAIRN
255
261
265
272
275
CIPLA
593
601
615
624
638
COALINDIA
340
348
353
361
367
DLF
138
140
142
144
145
DRREDDY
3,367
3,401
3,440
3,474
3,512
GAIL
464
477
485
498
506
GRASIM
3,515
3,542
3,582
3,609
3,649
HCLTECH
1,578
1,594
1,622
1,638
1,666
HDFC
1,091
1,109
1,122
1,140
1,152
HDFCBANK
904
917
925
938
946
HEROMOTOCO
2,894
2,929
2,956
2,991
3,018
HINDALCO
148
153
156
160
163
HINDUNILVR
747
752
758
762
768
ICICIBANK
1,678
1,685
1,692
1,699
1,706
IDFC
152
153
155
156
158
INDUSINDBK
711
721
727
737
743
INFY
4,155
4,173
4,192
4,211
4,230
ITC
366
367
369
371
372
JINDALSTEL
149
154
157
162
165
KOTAKBANK
1,071
1,082
1,098
1,109
1,124
LT
1,597
1,609
1,621
1,633
1,645
LUPIN
1,420
1,432
1,443
1,456
1,467
M&M
1,239
1,247
1,253
1,262
1,268
MARUTI
3,308
3,319
3,331
3,342
3,355
NMDC
149
152
154
157
159
NTPC
139
141
142
145
146
ONGC
381
387
391
397
401
PNB
921
930
942
951
963
POWERGRID
141
143
144
146
147
RELIANCE
958
964
971
976
983
SBIN
2,685
2,736
2,772
2,823
2,858
SSLT
229
234
239
244
249
SUNPHARMA
857
872
895
910
933
TATAMOTORS
510
517
527
534
544
TATAPOWER
84
86
88
90
92
TATASTEEL
460
469
476
485
492
TCS
2,561
2,584
2,598
2,620
2,634
TECHM
2,594
2,616
2,647
2,669
2,700
ULTRACEMCO
2,553
2,584
2,606
2,637
2,659
WIPRO
557
560
564
568
572
ZEEL
366
371
375
380
384
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Daily Technical Report
November 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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