Daily Technical Report
December 19, 2013
Sensex (20860) / Nifty (6217)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened tad lower on the
back of mixed global cues. However, post the announcement
of the RBI monetary policy, the index surged sharply to close
with more than a percent gain. All sectors closed in the positive
territory among which the Realty, Capital Goods, Oil & Gas
and Banking counters led the rally. The advance to decline
ratio was strongly in favor of the advancing counters. (A=1497
D=951)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20302 / 6039 and 19171 / 5754 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20804 / 6192 and 20299 / 6041 levels, respectively.
The daily and weekly momentum oscillators are still
negatively poised.
The weekly charts of both the benchmark indices now
depict a ‘Bearish Engulfing’ Japanese candlestick pattern.
Source: Falcon
Trading strategy:
The RBI Governor Raghuram Rajan pleasantly surprised
Actionable points:
everyone by keeping the key policy rates unchanged despite
higher inflation. The bulls welcomed this policy stance with
View
Bullish above 6236
open arms and hence, the Nifty closed well above the 6200
Expected Targets
6287 - 6327
mark. In our previous report, we had mentioned about the
Support Level
6129
‘Upward Sloping Trend Line’, which provided a strong support
for the index. We are now observing that the daily ‘Stochastic’
momentum oscillator has now turned positively in the oversold
territory. Also, the daily chart depicts a ‘Bullish Engulfing’
Japanese candlestick pattern. The said pattern will get
confirmed only if the index sustains above yesterday’s high.
Hence, going forward, any sustainable move beyond 6236
may result in an immediate rally towards 6287 - 6327 levels.
On the flip side, yesterday’s low of 6129 now holds a key
support for the index.
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Daily Technical Report
December 19, 2013
Bank Nifty Outlook - (11358)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Banking index too opened slightly lower in-
line with our benchmark index and subsequently soared
sharply to post an intraday high of 11572.30 posts the
policy announcement. However, the index trimmed a
decent portion of its gains throughout the remaining part
of the session to eventually close with one and half a
percent gains. The daily chart of Bank Nifty now depicts
a ‘Bullish Piercing Line’ pattern along with the positive
crossover of ‘Stochastic’ oscillator. Hence, going forward,
any sustainable move beyond yesterday’s high of 11572
may attract immense buying interest among market
participants. In this scenario, the index may rally towards
11781 - 11877 levels. On the other hand, 11117 would
now act as a key support for the index.
Actionable points:
View
Neutral
Support Levels
11117 - 11000
Resistance levels
11572 - 11781
Source: Falcon
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Daily Technical Report
December 19, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,433
20,647
20,782
20,995
21,131
NIFTY
6,088
6,153
6,194
6,259
6,300
BANKNIFTY
10,894
11,126
11,349
11,581
11,804
ACC
1,073
1,084
1,096
1,108
1,120
AMBUJACEM
173
176
178
182
184
ASIANPAINT
482
490
494
502
506
AXISBANK
1,222
1,252
1,279
1,309
1,336
BAJAJ-AUTO
1,830
1,879
1,911
1,960
1,992
BANKBARODA
624
637
655
668
686
BHARTIARTL
319
324
328
332
336
BHEL
149
156
161
168
172
BPCL
335
340
345
350
354
CAIRN
318
322
324
327
329
CIPLA
380
386
391
398
403
COALINDIA
274
279
281
285
288
DLF
148
154
158
164
167
DRREDDY
2,422
2,445
2,460
2,484
2,499
GAIL
328
336
341
348
353
GRASIM
2,604
2,643
2,671
2,710
2,738
HCLTECH
1,158
1,178
1,189
1,209
1,220
HDFC
765
782
795
812
826
HDFCBANK
634
650
665
681
697
HEROMOTOCO
2,007
2,066
2,103
2,162
2,200
HINDALCO
115
116
117
119
120
HINDUNILVR
549
553
557
562
566
ICICIBANK
1,052
1,074
1,103
1,125
1,155
IDFC
103
105
106
108
109
INDUSINDBK
404
417
425
438
447
INFY
3,433
3,445
3,460
3,472
3,486
ITC
310
313
315
318
320
JINDALSTEL
244
246
249
251
254
JPASSOCIAT
51
52
53
54
54
KOTAKBANK
726
738
751
763
775
LT
1,049
1,071
1,085
1,107
1,122
LUPIN
873
882
891
900
909
M&M
917
933
943
958
968
MARUTI
1,677
1,703
1,722
1,749
1,768
NMDC
135
137
138
140
142
NTPC
134
135
135
136
137
ONGC
269
275
279
285
289
PNB
551
570
582
601
613
POWERGRID
92
96
99
103
106
RANBAXY
427
434
441
448
456
RELIANCE
830
845
854
869
879
RELINFRA
406
417
424
435
441
SBIN
1,689
1,726
1,752
1,790
1,816
SESAGOA
195
198
202
206
210
SUNPHARMA
563
568
573
578
584
TATAMOTORS
359
364
367
372
376
TATAPOWER
86
89
90
93
95
TATASTEEL
404
410
413
418
422
TCS
2,022
2,039
2,055
2,072
2,088
ULTRACEMCO
1,734
1,744
1,759
1,769
1,784
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Daily Technical Report
December 19, 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
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