Daily Technical Report
December 18, 2014
Sensex (26710) / Nifty (8030)
Exhibit 1: Nifty Daily Chart
Yesterday, once again our market opened with a downside
gap amid mixed global cues. The index corrected sharply
and shed more than a percent during the initial hour.
However, we witnessed complete recovery during the
remaining part to end the session with minor losses. The
Metal, Banking and Oil & Gas counters managed to close
in the green; whereas the Healthcare, Auto and FMCG
sectors remained under pressure throughout the session.
The advance to decline ratio was strongly in favor of the
declining
counters.
(A=1000 D=1815) (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
Source: Falcon
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Actionable points:
Trading strategy:
Yesterday, for the third consecutive session, our markets
View
Neutral
opened on a weak note citing negative global cues. Similar
Support Levels
7950 - 7900
to Tuesday’s session, the Nifty tanked during the initial hour
Resistance Levels
8100 - 8160
and almost tested our mentioned target of
7950
(yesterday’s low was 7961.35). However, post the opening
hour, we witnessed a smart recovery across the broader
market, which pulled the index well above the 8000 mark.
Due to such price action, we are now observing a formation
of ‘Bullish Hammer’ pattern. However, this pattern has
occurred immediately after the breakdown of the ‘Channel’
pattern (please refer to the exhibit). Hence, at present, we
are not giving much weightage to this ‘Hammer’ pattern.
Considering overnight rally in the US bourses, today, we are
likely to open higher; but, we maintain our negative stance
on the market and expect it to re-test 7950 or even 7900 in
the coming sessions. On the flipside, 8100 - 8160 levels
can be seen as strong barriers for the bulls.
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Daily Technical Report
December 18, 2014
Bank Nifty Outlook - (17866)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index opened slightly lower in line
with the Nifty and corrected sharply towards our
mentioned target of 17500, which is the 38.2% Fibonacci
retracement level of the recent rally. However, after
meeting this target, we witnessed a v-shape recovery in
the banking space and in the process; the index tested the
18000 mark. Going forward, looking at the overall daily
chart structure along with the negative crossover in the ‘5
& 20 EMA’, we expect the Bank Nifty to re-test 17600 -
17500 levels. On the flipside, 18050 - 18180 levels are
seen as immediate resistances for the index.
Actionable points:
View
Neutral
Resistance Level
18050 - 18180
Support Levels
17600 - 17500
Source: Falcon
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Daily Technical Report
December 18, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,281
26,496
26,684
26,898
27,086
NIFTY
7,904
7,967
8,024
8,087
8,145
BANKNIFTY
17,257
17,562
17,807
18,111
18,356
ACC
1,344
1,357
1,377
1,390
1,410
AMBUJACEM
211
216
220
225
229
ASIANPAINT
695
713
737
756
780
AXISBANK
457
466
473
482
489
BAJAJ-AUTO
2,408
2,435
2,472
2,500
2,537
BANKBARODA
968
989
1,006
1,027
1,044
BHARTIARTL
335
338
344
348
353
BHEL
236
240
245
250
254
BPCL
628
638
645
655
662
CAIRN
224
226
231
234
238
CIPLA
586
596
608
618
630
COALINDIA
353
360
366
373
379
DLF
128
131
136
138
143
DRREDDY
2,987
3,074
3,143
3,230
3,299
GAIL
399
408
414
423
430
GRASIM
3,300
3,328
3,371
3,399
3,442
HCLTECH
1,486
1,513
1,536
1,563
1,586
HDFC
1,065
1,077
1,092
1,104
1,118
HDFCBANK
907
914
923
931
940
HEROMOTOCO
2,971
3,016
3,097
3,142
3,222
HINDALCO
136
141
145
151
154
HINDUNILVR
754
760
767
773
779
ICICIBANK
311
322
330
341
349
IDFC
146
149
152
155
157
INDUSINDBK
742
751
761
770
780
INFY
1,871
1,905
1,930
1,964
1,989
ITC
356
364
374
382
392
JINDALSTEL
121
125
129
133
137
KOTAKBANK
1,215
1,230
1,253
1,268
1,291
LT
1,427
1,448
1,471
1,492
1,515
LUPIN
1,304
1,348
1,387
1,431
1,469
M&M
1,187
1,203
1,216
1,232
1,245
MARUTI
3,212
3,237
3,276
3,301
3,340
NMDC
130
134
137
140
143
NTPC
125
127
128
130
131
ONGC
326
334
340
348
354
PNB
1,022
1,054
1,074
1,107
1,127
POWERGRID
127
129
132
134
136
RELIANCE
859
864
870
875
880
SBIN
279
290
298
310
318
SSLT
187
194
198
205
209
SUNPHARMA
777
794
815
832
853
TATAMOTORS
459
468
477
485
495
TATAPOWER
74
76
79
81
83
TATASTEEL
377
385
395
403
413
TCS
2,375
2,410
2,440
2,474
2,505
TECHM
2,406
2,451
2,506
2,551
2,607
ULTRACEMCO
2,376
2,408
2,463
2,494
2,550
WIPRO
520
528
535
543
551
ZEEL
357
363
368
374
378
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Daily Technical Report
December 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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