Daily Technical Report
July 18, 2014
Sensex (25561) / Nifty (7640)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a flat opening considering quiet
trading mood across the globe. Subsequently, index
remained within very narrow trading range and eventually
managed to end the session with very minor gains. On the
sectoral front, the Consumer Durables, Metal and Power
were among the major gainers; whereas the Realty, Auto
and Oil & Gas counters remained slightly under pressure.
The advance to decline ratio was strongly in favor of the
advancing counters. (A=1746 D=1188) (Source-
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Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23875/ 7128 and 20982/ 6278 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25374 / 7578 and 23734 / 7086 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
In-line with our expectation, index opened quietly and then
View
Bearish
we didn’t see any major movement on either sides.
Expected Targets
7612 - 7580
However, Nifty managed to maintain its positive bias
Resistance Levels
7680 - 7731
throughout the session. The index has now entered a strong
resistance of 7640 - 7660, which is the 61.8% and 78.6%
Fibonacci retracement cluster of the recent fall on the hourly
chart. We maintain our stance that the short term traders
can now book their long positions or create fresh short
positions around this resistance zone. The possibility of a
near term correction remains intact so long as Nifty stays
below the ‘Budget Day’ high of 7731. On the flipside, 7612
- 7580 are seen as immediate support levels in coming
trading session.
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Daily Technical Report
July 18, 2014
Bank Nifty Outlook - (15269)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened and traded within a
narrow band throughout the session. This price action has
now resulted in a formation of a 'Narrow Range' body,
indicating uncertainty after seeing a sharp rally in
previous two sessions. We would advise traders to book
profits and stay light on positions. However, the fresh
short selling is not advisable until we witness a reversal
signal. Going forward, 15371 is seen as an immediate
resistance level; whereas 15000 (the hourly ’89 EMA’
level) would act as an intraday support in coming trading
session.
Actionable points:
View
Neutral
Support Level
15000
Resistance Level
15371
Source: Falcon
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Daily Technical Report
July 18, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,438
25,499
25,556
25,618
25,675
NIFTY
7,593
7,617
7,636
7,660
7,679
BANKNIFTY
15,096
15,183
15,242
15,329
15,388
ACC
1,422
1,450
1,465
1,492
1,507
AMBUJACEM
220
223
224
226
228
ASIANPAINT
573
576
581
584
588
AXISBANK
1,932
1,943
1,957
1,968
1,982
BAJAJ-AUTO
2,020
2,054
2,105
2,139
2,190
BANKBARODA
819
833
841
855
863
BHARTIARTL
333
335
337
339
342
BHEL
238
240
243
245
247
BPCL
576
584
588
596
600
CAIRN
340
344
347
350
353
CIPLA
425
431
436
442
448
COALINDIA
357
367
372
382
387
DLF
215
219
224
227
232
DRREDDY
2,602
2,624
2,647
2,670
2,693
GAIL
448
451
455
457
462
GRASIM
3,205
3,291
3,341
3,427
3,478
HCLTECH
1,445
1,456
1,470
1,480
1,494
HDFC
959
966
975
982
992
HDFCBANK
824
828
833
837
843
HEROMOTOCO
2,411
2,428
2,449
2,466
2,487
HINDALCO
177
183
186
192
195
HINDUNILVR
617
622
625
630
633
ICICIBANK
1,432
1,441
1,450
1,460
1,469
IDFC
155
157
160
162
165
INDUSINDBK
529
533
539
542
548
INFY
3,158
3,199
3,272
3,313
3,387
ITC
341
343
344
346
348
JINDALSTEL
284
292
298
306
311
KOTAKBANK
867
891
905
928
942
LT
1,637
1,653
1,664
1,680
1,691
LUPIN
1,047
1,069
1,082
1,104
1,117
M&M
1,153
1,168
1,182
1,197
1,211
MARUTI
2,503
2,532
2,556
2,584
2,608
MCDOWELL-N
2,362
2,382
2,400
2,420
2,438
NMDC
168
170
172
174
175
NTPC
144
147
149
152
155
ONGC
401
407
411
418
422
PNB
913
926
934
947
955
POWERGRID
134
136
138
140
142
RELIANCE
969
976
987
994
1,005
RELINFRA
762
774
783
796
804
SBIN
2,496
2,549
2,586
2,639
2,676
SSLT
293
298
301
305
308
SUNPHARMA
735
739
744
748
753
TATAMOTORS
460
468
473
480
485
TATAPOWER
102
105
107
111
113
TATASTEEL
533
546
553
566
573
TCS
2,341
2,361
2,396
2,416
2,450
TECHM
2,052
2,076
2,096
2,121
2,141
ULTRACEMCO
2,459
2,526
2,566
2,633
2,673
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Daily Technical Report
July 18, 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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