Daily Technical Report
December 17, 2013
Sensex (20660) / Nifty (6155)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on a muted note
considering mixed cues across the globe. Subsequently, the
index traded within a narrow range for the entire session and
eventually closed with a neutral bias. The IT, Consumer
Durables and Tech counters surged during the session;
whereas the Oil & Gas and Auto stocks remained under
pressure. The advance to decline ratio was strongly in favor of
the
declining
counters.
(A=1082 D=1349)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20282 / 6033 and 19166 / 5752 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20818 / 6194 and 20280 / 6035 levels, respectively.
The daily and weekly momentum oscillators are still
negatively poised.
Source: Falcon
The weekly charts of both the benchmark indices now
depict a ‘Bearish Engulfing’ Japanese candlestick pattern.
Actionable points:
Trading strategy:
We witnessed lethargic and range bound activity just ahead of
View
Neutral
major events such as, the RBI Monetary policy and FOMC
Support Levels
6146 - 6100
meet. It was completely an index balancing act where the Oil &
Resistance Levels
6231 - 6287
Gas counters consistently imposed selling pressure on the
market and on the other hand, the IT conglomerates managed
to hold fort. Since it was a quiet session, we are not observing
any major change in the chart structure of the index. Further,
the important support of 6149 is still intact on closing basis. In
addition, the index has precisely tested the 61.8% Fibonacci
retracement level of the recent up move (please refer the
exhibit). Looking at the extreme oversold position of the hourly
‘RSI-Smoothened’ oscillator, we are of the view that any
sustainable move beyond yesterday’s high of 6183 may push
the index towards 6231 - 6287 levels. On the flip side, a
closing below 6149 would augment the downward momentum
in the market. In this scenario, we may see a decline towards
the immediate 'Upward Sloping Trend Line' (please refer exhibit
) support level of 6080; even the daily ‘89 EMA' level of 6033
may be tested. The traders are advised to remain light on
positions and maintain strict stop losses.
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Daily Technical Report
December 17, 2013
Bank Nifty Outlook - (11373)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened quietly in-line
with our benchmark index. The intraday price action was
also similar as the index oscillated within a narrow
trading range of nearly a percent. As mentioned in our
preview report, the bulls successfully defended the strong
support zone of the ‘Downward Sloping Trendline’ (please
refer exhibit) and the daily ‘20 EMA’ (11359). Going
forward, considering the daily ‘Narrow Range' body
formation, we are of the view that if the index manages to
cross yesterday's high of 11441, then we may witness an
immediate up move towards 11535 - 11622 levels. On
the flip side, 11216 -11107 remains to act as a strong
support zone for the index.
Actionable points:
View
Neutral
Support Levels
11216 - 11107
Source: Falcon
Resistance Levels
11535 - 11622
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Daily Technical Report
December 17, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,561
20,610
20,687
20,737
20,814
NIFTY
6,124
6,139
6,161
6,177
6,199
BANKNIFTY
11,243
11,308
11,375
11,439
11,506
ACC
1,060
1,074
1,090
1,104
1,121
AMBUJACEM
170
173
176
179
182
ASIANPAINT
477
481
489
493
501
AXISBANK
1,212
1,237
1,254
1,279
1,297
BAJAJ-AUTO
1,869
1,886
1,908
1,924
1,946
BANKBARODA
644
651
660
666
675
BHARTIARTL
304
309
316
321
328
BHEL
151
153
155
157
159
BPCL
329
334
339
344
349
CAIRN
319
322
324
327
329
CIPLA
370
373
376
379
382
COALINDIA
278
282
286
291
295
DLF
148
150
152
154
156
DRREDDY
2,378
2,389
2,407
2,418
2,435
GAIL
329
332
336
339
343
GRASIM
2,592
2,613
2,647
2,668
2,701
HCLTECH
1,158
1,172
1,182
1,196
1,206
HDFC
787
793
801
807
816
HDFCBANK
676
680
685
690
695
HEROMOTOCO
2,014
2,029
2,047
2,062
2,080
HINDALCO
114
115
117
119
120
HINDUNILVR
546
552
558
563
570
ICICIBANK
1,077
1,087
1,096
1,106
1,114
IDFC
102
103
104
105
107
INDUSINDBK
402
409
416
423
429
INFY
3,313
3,383
3,423
3,493
3,534
ITC
309
311
313
315
317
JINDALSTEL
244
248
253
257
263
JPASSOCIAT
49
50
51
52
53
KOTAKBANK
741
746
753
757
764
LT
1,035
1,047
1,058
1,070
1,082
LUPIN
857
866
873
882
889
M&M
905
916
934
945
963
MARUTI
1,659
1,680
1,698
1,719
1,736
NMDC
134
135
137
138
140
NTPC
136
137
138
139
140
ONGC
271
274
278
281
286
PNB
551
558
566
573
580
POWERGRID
96
97
98
100
101
RANBAXY
409
414
420
424
431
RELIANCE
831
838
850
857
869
RELINFRA
409
414
418
423
427
SBIN
1,706
1,719
1,740
1,754
1,775
SESAGOA
185
193
198
206
211
SUNPHARMA
542
549
561
568
579
TATAMOTORS
363
366
368
371
374
TATAPOWER
83
86
88
91
94
TATASTEEL
399
404
412
417
425
TCS
1,987
2,003
2,021
2,038
2,056
ULTRACEMCO
1,725
1,748
1,784
1,807
1,843
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Daily Technical Report
December 17, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
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