Daily Technical Report
February 19, 2014
Sensex (20634) / Nifty (6127)
Exhibit 1: Nifty Daily Chart
On Tuesday, our benchmark index opened on a muted note as
indicated by the SGX Nifty. Subsequently, we witnessed a
strong buying interest in the market, which lasted till the last
trade of the day. As a result, Nifty eventually closed with almost
a percent gain. On the sectoral front, the Banking, Capital
Goods and Power sectors outperformed the benchmark
indices; whereas the Oil & Gas and FMCG counters closed
with nominal losses. The advance to decline ratio was in favor
of the advancing counters. (A=1407 D=1234)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20568 / 6115 and 19464 / 5831 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20535 / 6101 and 20552 / 6111 levels, respectively.
The Weekly ‘RSI-Smoothened’ and the ‘ADX (9)’ indicator
are still negatively poised.
Source: Falcon
Actionable points:
Trading strategy:
Our benchmark index opened quietly and continued its
View
Neutral
previous two day's direction. In our previous report, we had
Support Levels
6066 - 6038
clearly mentioned that a sustainable move beyond the hourly
Resistance Levels
6170 - 6190
'Downward Sloping Trend line' resistance level of 6082 would
lead to a breakout. As expected, this price movement attracted
tremendous buying interest among market participants and the
index then rallied higher to post a high of 6142. This resulted
in a closing above daily '89 EMA', which indicates that the Nifty
may continue its upward momentum towards 6170 - 6190
levels. On the flipside, 6066 - 6038 levels may provide decent
support for the index. We advise traders to adopt a stock
centric approach and avoid taking undue risks.
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Daily Technical Report
February 19, 2014
Bank Nifty Outlook - (10575)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened quietly in-line with
the benchmark index and showed its out-performance
throughout the session. During the session, we witnessed
immense buying interest in some of the heavyweight
banking conglomerates. As a result, the Bank Nifty posted
sizable gains of nearly two and half a percent. In-line with
our expectations, the index conquered its recent high of
10395 in the initial hour and met with our mentioned
target of 10550 levels. In-fact, the momentum was so
strong that pushed the index slightly above the 10600
mark. The index is now trading marginally below the
resistance level of 10644. Going forward, a sustainable
move beyond 10644 may result in an extended rally
towards 10725 - 10795 levels, which coincides with the
strong resistance zone of daily '89 EMA'. On the other
hand, 10395 would now act as an immediate support
level for the index.
Actionable points:
View
Neutral
Source: Falcon
Support Levels
10395 - 10205
Resistance levels
10644 - 10725
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Daily Technical Report
February 19, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,337
20,485
20,585
20,734
20,834
NIFTY
6,037
6,082
6,112
6,157
6,187
BANKNIFTY
10,174
10,375
10,497
10,697
10,819
ACC
997
1,008
1,017
1,028
1,037
AMBUJACEM
149
151
152
154
155
ASIANPAINT
458
466
471
479
485
AXISBANK
1,082
1,124
1,150
1,192
1,218
BAJAJ-AUTO
1,818
1,831
1,845
1,859
1,873
BANKBARODA
526
532
539
545
551
BHARTIARTL
294
298
303
307
313
BHEL
144
147
149
152
154
BPCL
348
352
356
359
363
CAIRN
320
321
323
324
326
CIPLA
367
370
374
376
380
COALINDIA
251
253
255
257
259
DLF
139
141
142
144
146
DRREDDY
2,606
2,629
2,645
2,668
2,684
GAIL
347
352
358
363
369
GRASIM
2,427
2,455
2,482
2,510
2,537
HCLTECH
1,463
1,475
1,495
1,507
1,526
HDFC
769
786
797
815
825
HDFCBANK
640
650
657
667
674
HEROMOTOCO
1,959
1,969
1,983
1,994
2,008
HINDALCO
96
98
99
101
102
HINDUNILVR
557
559
563
566
569
ICICIBANK
989
1,013
1,029
1,053
1,068
IDFC
96
97
98
99
100
INDUSINDBK
373
381
386
395
400
INFY
3,627
3,654
3,675
3,702
3,722
ITC
313
315
318
320
324
JINDALSTEL
226
239
246
260
267
JPASSOCIAT
38
39
39
40
41
KOTAKBANK
636
658
670
693
705
LT
978
998
1,010
1,029
1,041
LUPIN
908
915
923
931
939
M&M
918
926
933
942
949
MARUTI
1,635
1,672
1,703
1,739
1,770
NMDC
136
137
138
139
140
NTPC
132
133
134
135
135
ONGC
268
272
276
280
284
PNB
522
532
541
551
560
POWERGRID
95
95
96
96
96
RANBAXY
342
346
350
355
358
RELIANCE
802
808
813
818
823
RELINFRA
351
361
367
376
382
SBIN
1,455
1,478
1,494
1,517
1,533
SESAGOA
184
187
189
192
194
SUNPHARMA
601
605
609
613
616
TATAMOTORS
381
386
390
395
399
TATAPOWER
74
77
79
81
83
TATASTEEL
368
374
378
384
388
TCS
2,136
2,151
2,171
2,186
2,206
ULTRACEMCO
1,660
1,675
1,689
1,705
1,719
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Daily Technical Report
February 19, 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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