Daily Technical Report
December 19, 2014
Sensex (26127) / Nifty (8159)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened with a mammoth upside
gap citing strong overnight rally in the US bourses.
Subsequently, the index corrected a bit from day’s high and
then once again moved higher to end the session almost at
the highest point of the day. All sectors closed in the green
amongst which the Consumer Durables, Banking, Capital
Goods and Oil & Gas were the major gainers. The advance
to decline ratio was strongly in favor of the advancing
counters. (A=2172 D=683) (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
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Quite surprisingly to most of the participants, the Nifty
View
Neutral
kicked off the session with more than 100 points mainly due
Support Level
8080
to positive developments seen on the global as well as
Resistance Levels
8160 - 8250
domestic front. As a result, we witnessed a strong optimistic
mood throughout the session and hence, the Nifty
managed to regain the 8150 mark. However, we still
believe that 8160 to 8250 (in case of an extended bounce,
8250 can be tested) is likely to act as a stiff resistance zone
for the index and hence, it’s not advisable to trade
aggressively in this zone. Traders can opt to stay light on
their longs if the index manages to enter above mentioned
resistance zone. On the lower side, 8080 would now act as
an immediate support level for the index.
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Daily Technical Report
December 19, 2014
Bank Nifty Outlook - (18327)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened substantially
higher and then extended early morning gains to close
more than two and half a percent higher to the previous
close. Honestly speaking, we were expecting index to face
a strong resistance around the 18180 mark. But, due to
strong momentum across the broader market, the
banking conglomerates kept on moving higher
throughout the session. The index closed at the highest
point of the session; which is a sign of strong optimism. In
addition, the overall chart structure is also not giving any
clear signal. Hence, as this juncture, we would closely
observe Bank Nifty’s movement in the coming session and
in case of any development on the charts (positive or
negative); we would frame our view on the index. As of
now,
18500
-
18550 can be seen as immediate
resistance zone; whereas 18100 - 18000 levels would
provide intraday support for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Level
18500 - 18550
Support Levels
18100 - 18000
Source: Falcon
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Daily Technical Report
December 19, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,789
26,958
27,069
27,238
27,350
NIFTY
8,050
8,105
8,140
8,194
8,229
BANKNIFTY
18,017
18,172
18,264
18,419
18,511
ACC
1,354
1,367
1,384
1,397
1,414
AMBUJACEM
219
222
224
226
228
ASIANPAINT
729
737
743
751
757
AXISBANK
476
482
486
492
496
BAJAJ-AUTO
2,443
2,473
2,501
2,531
2,559
BANKBARODA
1,010
1,033
1,048
1,070
1,086
BHARTIARTL
341
345
347
350
353
BHEL
245
251
255
261
265
BPCL
631
642
651
662
670
CAIRN
227
233
237
243
247
CIPLA
601
613
621
633
641
COALINDIA
359
363
367
372
375
DLF
130
133
136
139
142
DRREDDY
3,069
3,110
3,165
3,206
3,261
GAIL
411
422
431
442
451
GRASIM
3,253
3,291
3,344
3,383
3,436
HCLTECH
1,504
1,529
1,545
1,571
1,587
HDFC
1,064
1,081
1,093
1,110
1,121
HDFCBANK
916
925
931
940
945
HEROMOTOCO
2,983
3,024
3,069
3,110
3,155
HINDALCO
146
150
152
156
158
HINDUNILVR
746
756
763
773
780
ICICIBANK
336
341
344
349
352
IDFC
150
152
154
156
158
INDUSINDBK
758
766
771
779
785
INFY
1,927
1,947
1,964
1,984
2,001
ITC
359
367
373
381
386
JINDALSTEL
127
133
137
143
148
KOTAKBANK
1,225
1,239
1,254
1,268
1,283
LT
1,469
1,488
1,498
1,517
1,528
LUPIN
1,379
1,402
1,416
1,439
1,453
M&M
1,187
1,200
1,218
1,231
1,249
MARUTI
3,222
3,304
3,352
3,433
3,481
NMDC
135
137
138
141
142
NTPC
127
130
132
135
137
ONGC
338
342
346
350
354
PNB
218
222
225
229
232
POWERGRID
128
130
132
133
135
RELIANCE
856
868
877
888
897
SBIN
300
304
308
312
316
SSLT
196
200
204
208
213
SUNPHARMA
798
805
813
820
828
TATAMOTORS
476
481
485
490
494
TATAPOWER
79
80
81
82
83
TATASTEEL
396
399
402
405
409
TCS
2,421
2,441
2,455
2,475
2,488
TECHM
2,442
2,495
2,527
2,581
2,612
ULTRACEMCO
2,397
2,422
2,443
2,468
2,490
WIPRO
527
533
536
542
545
ZEEL
364
370
375
381
386
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Daily Technical Report
December 19, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
-
Technical Analyst
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