Daily Technical Report
December 17, 2014
Sensex (26781) / Nifty (8068)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a gap down opening in our market
as indicated by the SGX Nifty. Subsequently, the selling
pressure aggravated as the day progressed and thus, we
witnessed a sharp cut of more than one and half a percent
in the Nifty. The IT was the only sector to close in the
positive territory; whereas the correction was mainly led by
the Metal, FMCG, Banking and Capital Goods counters.
The advance to decline ratio was strongly in favor of the
declining
counters.
(A=518 D=2362) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27017 / 8082 and 23339 / 6982 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday too, we witnessed a gap down opening in our
View
Neutral
market; but, unlike the previous session, the Nifty couldn't
Support Levels
8000 - 7950
bounce back due to enormous selling seen across the
Resistance Level
8150
broader market. As a result, the Nifty met with our
mentioned target of 8080. The index has now closed
marginally below the daily '89 EMA', which could be the
worrisome factor for the bulls. In addition, we are observing
a 'Channel' pattern breakdown on the daily chart (please
refer the exhibit). Considering these evidences, we expect
the Nifty to extend this correction towards the
78.6%
Fibonacci retracement level of the recent upmove. This level
is placed around 7950 - 7900. On the flipside, 8150 -
8190 levels are seen as immediate resistance levels.
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Daily Technical Report
December 17, 2014
Bank Nifty Outlook - (17831)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the most outperforming index in the recent
past finally succumbed to the broad based selling
pressure. As a result, during the initial hour, the Bank
Nifty sneaked below the crucial support level of 18180.
As a result, we witnessed a complete shift of sentiments in
the market participants. Due to massive correction in its
constituents, the Bank Nifty met with our target of 17850.
The index has now closed convincingly below the daily '20
EMA', which indicates near term weakness. Considering
yesterday's momentum along with the negative chart
structure; we expect this correction to extend towards the
38.2% Fibonacci retracement level (18500) of the recent
rally. On the flipside, the earlier support of 18180 would
now act as a strong resistance.
Actionable points:
View
Neutral
Resistance Level
18180
Source: Falcon
Support Levels
17650 - 17550
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Daily Technical Report
December 17, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,443
26,612
26,906
27,075
27,369
NIFTY
7,966
8,017
8,103
8,154
8,240
BANKNIFTY
17,439
17,635
17,972
18,168
18,505
ACC
1,355
1,373
1,402
1,421
1,450
AMBUJACEM
211
215
222
226
233
ASIANPAINT
744
752
759
767
774
AXISBANK
460
466
471
477
483
BAJAJ-AUTO
2,440
2,468
2,502
2,529
2,564
BANKBARODA
963
986
1,025
1,048
1,087
BHARTIARTL
337
343
348
354
358
BHEL
241
245
249
252
257
BPCL
620
634
643
657
666
CAIRN
227
231
236
240
244
CIPLA
609
616
624
631
638
COALINDIA
353
360
370
377
388
DLF
133
136
141
144
148
DRREDDY
2,989
3,066
3,197
3,274
3,405
GAIL
406
410
415
419
424
GRASIM
3,317
3,341
3,383
3,408
3,450
HCLTECH
1,438
1,498
1,532
1,593
1,627
HDFC
1,056
1,071
1,098
1,114
1,141
HDFCBANK
903
915
928
940
953
HEROMOTOCO
3,102
3,117
3,135
3,151
3,169
HINDALCO
136
140
146
150
156
HINDUNILVR
745
756
774
785
803
ICICIBANK
321
326
334
339
347
IDFC
146
149
154
157
161
INDUSINDBK
743
753
772
782
800
INFY
1,913
1,925
1,938
1,951
1,964
ITC
371
376
383
388
395
JINDALSTEL
127
129
134
136
140
KOTAKBANK
1,251
1,267
1,287
1,303
1,323
LT
1,459
1,471
1,491
1,503
1,523
LUPIN
1,401
1,413
1,430
1,442
1,459
M&M
1,196
1,212
1,228
1,244
1,261
MARUTI
3,249
3,280
3,332
3,362
3,414
NMDC
129
132
135
137
140
NTPC
123
126
129
132
136
ONGC
325
330
334
340
344
PNB
1,024
1,048
1,077
1,101
1,130
POWERGRID
131
132
133
135
136
RELIANCE
846
855
869
879
893
SBIN
282
289
300
307
318
SSLT
179
186
197
204
215
SUNPHARMA
810
820
835
845
861
TATAMOTORS
471
476
484
489
497
TATAPOWER
76
78
81
83
86
TATASTEEL
377
384
393
399
409
TCS
2,302
2,372
2,416
2,487
2,530
TECHM
2,426
2,480
2,532
2,586
2,637
ULTRACEMCO
2,428
2,457
2,508
2,537
2,588
WIPRO
526
531
540
546
555
ZEEL
359
363
368
373
378
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Daily Technical Report
December 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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