Daily Technical Report
October 18, 2013
Sensex (20416) / Nifty (6046)
Exhibit 1: Nifty Hourly Chart
Yesterday, our benchmark indices opened slightly higher
considering quiet global cues. Subsequently, we witnessed a
choppy movement throughout the session but with a negative
bias. The IT, Capital Goods and Auto counters were among
the major draggers; whereas the Consumer Durables, Oil &
Gas and FMCG sectors outperformed our benchmark indices.
The advance to decline ratio was marginally in favor of the
declining counters.
(A=1209 D=1248) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19531 / 5814 and 18811 / 5658 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20044 / 5939 and 19617 / 5842 levels, respectively.
The 78.6 % Fibonacci retracement level of the fall from
6143 (high on September 19, 2013) to 5700 (low on
October 01, 2013) is placed at 6048.
On the daily chart, we are now observing an ‘Upward
Sloping Trend Line’ drawn by joining 5118 (low on August
28, 2013) and 5700 (low on October 01, 2013).
Source: Falcon
Trading strategy:
Yesterday, the Nifty remained under pressure throughout the
Actionable points:
session. With reference to our previous reports, the strong
resistance level of 6143 is still intact on a closing basis. Hence,
View
Bearish below 6032
we reiterate our view that only a convincing close beyond 6143
Resistance Level
6100 - 6143
would negate our bearish view and may open up the
Expected Targets
5980 - 5910
possibilities of testing 6230 - 6300 levels. On the other hand,
the index has now closed below Tuesday’s low of
6056,
confirming ‘Bearish Engulfing’ pattern mentioned in our
previous report. Also, looking at the hourly chart, it is clearly
seen that the Nifty has been oscillating within an ‘Upward
Sloping Channel’ (please refer the exhibit) and has now closed
tad below the lower trendline of the pattern. Thus, combining
negative placement of daily momentum oscillators along with
the price structure, we can conclude that a sustainable move
below 6032 may lead to a correction towards 5980 - 5910
levels. We advise traders to stay light on long positions and
avoid taking undue risks.
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Daily Technical Report
October 18, 2013
Bank Nifty Outlook - (10337)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank nifty too opened slightly higher and
oscillated within a narrow trading range throughout the
session. During the session, the index shed nearly half a
percent but found decent support around daily '20-EMA'
level. Considering negative placement of the daily
momentum oscillators and the current chart structure, we
reiterate our view that if the index sustains below 10300
then we may witness a correction towards 10199 levels.
However, in case of an extreme bearish scenario, the
index may confirm a breakdown from the 'Upward
Sloping Trendline' (please refer the exhibit) if it closes
below 10199. As a result, the index may witness sharp cut
towards 9947 level. On the flipside, 10511 - 10707
levels remains to be a strong resistance in coming trading
session.
Actionable points:
View
Bearish Below 10274
Expected Targets
10152 - 9947
Resistance Levels
10416 - 10512
Source: Falcon
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
18/10/2013
LIC HSG
Future
Short
198 - 200
197.30
205.25
189
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Daily Technical Report
October 18, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,219
20,317
20,474
20,572
20,728
NIFTY
5,985
6,015
6,063
6,094
6,141
BANKNIFTY
10,201
10,269
10,342
10,410
10,484
ACC
1,112
1,121
1,132
1,140
1,152
AMBUJACEM
191
194
198
200
204
ASIANPAINT
478
482
486
490
494
AXISBANK
1,049
1,073
1,091
1,114
1,132
BAJAJ-AUTO
2,103
2,128
2,162
2,187
2,220
BANKBARODA
516
526
540
550
565
BHARTIARTL
336
342
346
353
357
BHEL
141
144
146
149
151
BPCL
336
342
348
353
359
CAIRN
316
322
328
335
341
CIPLA
406
410
418
423
430
COALINDIA
278
281
284
287
289
DLF
149
151
154
156
159
DRREDDY
2,364
2,387
2,409
2,432
2,454
GAIL
320
323
326
329
332
GRASIM
2,676
2,695
2,716
2,735
2,757
HCLTECH
1,018
1,051
1,109
1,142
1,201
HDFC
774
785
800
811
826
HDFCBANK
635
645
652
662
670
HEROMOTOCO
2,036
2,054
2,070
2,088
2,104
HINDALCO
107
109
111
114
116
HINDUNILVR
593
599
608
614
623
ICICIBANK
942
953
969
981
997
IDFC
91
92
94
94
96
INDUSINDBK
372
380
395
404
419
INFY
3,198
3,233
3,295
3,331
3,393
ITC
336
341
344
348
351
JINDALSTEL
248
251
253
255
257
JPASSOCIAT
41
43
44
46
47
KOTAKBANK
660
668
681
690
703
LT
812
825
846
858
879
LUPIN
879
888
901
910
924
M&M
852
859
868
874
883
MARUTI
1,398
1,413
1,432
1,447
1,466
NMDC
127
129
130
132
134
NTPC
141
142
144
146
148
ONGC
273
277
280
285
288
PNB
452
458
466
472
480
POWERGRID
95
97
98
99
101
RANBAXY
378
384
389
396
401
RELIANCE
854
867
878
891
901
RELINFRA
398
403
410
415
422
SBIN
1,584
1,603
1,619
1,637
1,654
SESAGOA
180
182
185
187
190
SUNPHARMA
606
613
623
630
640
TATAMOTORS
362
368
376
382
391
TATAPOWER
77
78
79
80
82
TATASTEEL
304
307
312
315
319
TCS
2,010
2,059
2,145
2,194
2,279
ULTRACEMCO
1,914
1,937
1,968
1,991
2,022
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Daily Technical Report
October 18, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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