Daily Technical Report
September 18, 2014
Sensex (26631) / Nifty (7976)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened half a percent
higher in line with the positive global cues. Subsequently,
index corrected in the initial hour but managed to recover
immediately and traded within a narrow trading range
throughout the remaining session to close with nearly half a
percent gains. On the sectoral front, the IT and TECK sector
closed in the positive territory; whereas the Banking and
Consumer Durable counters remained under pressure. The
advance to decline ratio was in favor of the declining
counters. (A=1492 D=1538) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25395 / 7587 and 21944 / 6564 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26753 / 8001 and 25280 / 7553 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
A massive sell off on Tuesday was followed a quiet session
during which the index managed to bounce a bit. Looking
View
Neutral
at the entire day's movement, it can be seen that the index
Support Levels
7900 - 7860
consolidated and managed to trim very small part of
Resistance Levels
8000 - 8060
previous day's losses. Since, there is no major change in the
chart structure, we maintain our view that as long as index
remains below 8000 - 8060, the possibility of testing 7900
- 7880 is quite high. It’s advisable to trade with proper exit
strategy and not to trade aggressively in this market.
Because this is a corrective phase of the bull market and
hence, the index may find a strong buying interest on every
meaningful dip.
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Daily Technical Report
September 18, 2014
Bank Nifty Outlook - (15839)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened slightly higher
and remained muted during the entire day. Similar to the
Nifty, the chart structure of the banking index too
remained unchanged. Going forward, if the index
manages to sustain below 15800 then we may witness
further correction towards 15650 - 15550, which was the
earlier breakout point. On the flipside, 16000 is seen as
an immediate resistance for the index.
Actionable points:
View
Neutral
Resistance Level
16000
Support Levels
15800 - 15650
Source: Falcon
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Daily Technical Report
September 18, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,438
26,534
26,609
26,705
26,779
NIFTY
7,914
7,945
7,968
7,998
8,021
BANKNIFTY
15,721
15,780
15,859
15,917
15,996
ACC
1,457
1,476
1,488
1,507
1,519
AMBUJACEM
205
207
208
211
212
ASIANPAINT
634
640
647
653
660
AXISBANK
392
395
399
402
406
BAJAJ-AUTO
2,285
2,303
2,318
2,335
2,350
BANKBARODA
903
916
925
938
947
BHARTIARTL
409
412
415
418
421
BHEL
213
217
219
223
226
BPCL
613
626
641
654
669
CAIRN
315
320
325
329
334
CIPLA
590
600
614
624
638
COALINDIA
329
334
342
347
355
DLF
164
166
169
172
174
DRREDDY
2,979
3,030
3,063
3,115
3,148
GAIL
428
437
446
455
464
GRASIM
3,480
3,510
3,550
3,580
3,620
HCLTECH
1,587
1,607
1,621
1,641
1,655
HDFC
1,001
1,010
1,022
1,030
1,043
HDFCBANK
834
840
848
854
862
HEROMOTOCO
2,748
2,788
2,833
2,873
2,918
HINDALCO
154
157
160
164
167
HINDUNILVR
748
751
756
759
764
ICICIBANK
1,514
1,522
1,533
1,541
1,552
IDFC
139
142
144
147
149
INDUSINDBK
608
614
620
626
632
INFY
3,643
3,692
3,720
3,769
3,797
ITC
348
352
355
358
362
JINDALSTEL
195
204
214
224
234
KOTAKBANK
1,011
1,016
1,026
1,031
1,041
LT
1,485
1,502
1,517
1,535
1,550
LUPIN
1,313
1,339
1,367
1,393
1,420
M&M
1,356
1,368
1,384
1,396
1,412
MARUTI
2,887
2,927
2,956
2,996
3,025
MCDOWELL-N
2,332
2,367
2,396
2,431
2,459
NMDC
169
172
175
178
182
NTPC
131
132
133
134
135
ONGC
400
404
408
412
417
PNB
942
955
965
978
987
POWERGRID
133
134
136
137
138
RELIANCE
974
982
986
993
998
SBIN
2,511
2,537
2,562
2,588
2,614
SSLT
268
276
283
291
297
SUNPHARMA
772
782
797
807
822
TATAMOTORS
485
496
503
514
521
TATAPOWER
84
85
85
86
87
TATASTEEL
480
489
495
504
510
TCS
2,542
2,567
2,586
2,610
2,629
TECHM
2,403
2,414
2,428
2,439
2,454
ULTRACEMCO
2,510
2,555
2,580
2,625
2,650
WIPRO
553
560
566
573
579
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Daily Technical Report
September 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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