Daily Technical Report
December 18, 2013
Sensex (20612) / Nifty (6139)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened tad higher on the
back of strong overnight cues from European and US bourses.
However, the up move was short lived as selling pressure
dragged indices gradually lower to close almost at the lowest
point of the session. On the sectoral front, the Banking
counters remained under pressure just ahead of RBI monetary
policy; whereas The Healthcare and Consumer Durables pack
outperformed the index. The advance to decline ratio was in
favor of the declining counters. (A=1139 D=1321)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20289 / 6035 and 19165 / 5752 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20798 / 6189 and 20276 / 6033 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:
View
Neutral
The benchmark index opened higher as indicated by the SGX
Nifty. However, the opening point coincided with the hourly ‘20
Support Levels
6100 - 6035
EMA', which acted as a strong resistance for our market. As a
Resistance Levels
6191 - 6231
result, steady selling pressure near day's high eventually led to
a closing marginally below the important support level of
6149. The RBI Governor will announce the monetary policy
during today’s session. Hence, we would focus on the outcome
from this event as well as the FOMC meet later during the day.
Any unfavorable announcement may trigger significant
pessimism in the market. As a result, the index may see an
immediate decline towards the immediate 'Upward Sloping
Trend Line' (please refer exhibit) support level of 6100; even
the daily ‘89 EMA' level of 6035 may be eventually tested. On
the flipside, a move beyond yesterday’s high of 6191 may
push the Nifty towards 6231 - 6286 levels. Traders are again
advised to remain light on positions and maintain strict stop
losses as a strong move in either direction is highly probable
over the next 2 sessions.
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Daily Technical Report
December 18, 2013
Bank Nifty Outlook - (11209)
Exhibit 2: Bank Nifty Daily Chart
The Banking index has been a significant underperformer
since last few trading sessions. During yesterday's session
too, the Bank Nifty opened marginally higher and started
descending right from the initial hour. The index shed
more than one and half a percent during yesterday's
session and yet again closed at the lowest point of the
day. In the current scenario the market expects a 25 bps
hikes in interest rates and any higher number would result
in complete sell off in banking conglomerates. As a result,
the Bank Nifty may test lower levels of 10931 - 10827 if
falls below 11178. On the other hand, a favorable
outcome from the policy and a move beyond yesterday’s
high of 11418 would bring back some optimism in the
market. In this scenario, the index may resume its recent
uptrend to test higher levels of 11535 - 11623.
Actionable points:
View
Neutral
Source: Falcon
Support Levels
11000 - 10931
Resistance Levels
11535 - 11623
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Daily Technical Report
December 18, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,475
20,543
20,664
20,732
20,853
NIFTY
6,097
6,118
6,154
6,175
6,212
BANKNIFTY
11,028
11,118
11,268
11,359
11,508
ACC
1,073
1,081
1,090
1,099
1,107
AMBUJACEM
173
174
176
178
180
ASIANPAINT
477
484
489
496
501
AXISBANK
1,230
1,243
1,262
1,275
1,294
BAJAJ-AUTO
1,814
1,839
1,882
1,906
1,949
BANKBARODA
630
639
653
663
677
BHARTIARTL
308
318
324
333
339
BHEL
151
153
155
157
160
BPCL
332
337
341
346
349
CAIRN
317
319
322
325
328
CIPLA
373
381
385
392
397
COALINDIA
270
274
281
285
292
DLF
149
151
153
154
156
DRREDDY
2,399
2,413
2,426
2,441
2,454
GAIL
329
332
335
338
341
GRASIM
2,592
2,609
2,632
2,649
2,672
HCLTECH
1,149
1,160
1,179
1,190
1,209
HDFC
757
768
785
796
814
HDFCBANK
641
649
662
671
684
HEROMOTOCO
2,007
2,031
2,057
2,081
2,106
HINDALCO
114
115
117
118
120
HINDUNILVR
552
554
557
560
562
ICICIBANK
1,072
1,085
1,103
1,116
1,135
IDFC
102
103
105
106
108
INDUSINDBK
405
410
416
421
427
INFY
3,422
3,439
3,462
3,479
3,502
ITC
311
313
314
317
318
JINDALSTEL
247
250
254
256
260
JPASSOCIAT
51
51
52
53
54
KOTAKBANK
726
733
746
753
766
LT
1,049
1,057
1,065
1,073
1,082
LUPIN
868
874
881
888
895
M&M
919
926
933
939
946
MARUTI
1,673
1,687
1,710
1,724
1,746
NMDC
135
137
138
140
141
NTPC
132
134
136
137
139
ONGC
270
272
276
278
282
PNB
554
560
568
573
581
POWERGRID
97
98
99
99
100
RANBAXY
409
424
434
449
458
RELIANCE
827
833
843
849
859
RELINFRA
402
407
415
420
429
SBIN
1,686
1,702
1,729
1,745
1,771
SESAGOA
199
201
203
205
208
SUNPHARMA
553
560
566
574
580
TATAMOTORS
359
363
369
373
379
TATAPOWER
85
87
89
90
93
TATASTEEL
402
405
409
413
416
TCS
2,011
2,028
2,047
2,064
2,083
ULTRACEMCO
1,729
1,741
1,763
1,775
1,797
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Daily Technical Report
December 18, 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
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Technical Analyst
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