Daily Technical Report
January 02, 2014
Sensex (21140) / Nifty (6302)
Exhibit 1: Nifty Daily Chart
Yesterday our market opened slightly higher in-line with strong
overnight cues from US bourses. The benchmark index then yet
again slipped into consolidation mode for the entire trading
session and eventually closed marginally below the opening
level. The Realty and Consumer Durables counters were
among the major gainers; whereas the Oil & Gas and IT
sectors ended with negligible losses. The advance to decline
ratio was strongly in favor of the advancing counters. (A=1592
D=905)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20444 / 6083 and 19263 / 5779 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20976 / 6246 and 20474 / 6093 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
The opening session of the new calendar year 2014 started on
View
Neutral
a higher note; but once again slipped into consolidation mode
to close with very nominal loss. Yesterday's volumes were well
Support Levels
6250 - 6170
below the par, indicating lack of participation. However, the
Resistance Levels
6320 - 6363
chart structure remains the same. Hence, as mentioned in our
previous reports, we continue with our view that only a move
beyond 6320 or below 6250 will be a trend deciding move for
the index. In the bullish scenario, a closing above 6320 would
result in an upside rally towards 6380 - 6415; whereas on the
downside, 6180 - 6150 levels can be expected if the index
remains below 6250.
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Daily Technical Report
January 02, 2014
Bank Nifty Outlook - (11386)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty too opened on a flat note in line with the
Benchmark index. Throughout the session, the banking
index too traded in the narrow range and finally closed
on a flat note. Since there is no major change in chart
structure, we continue to reiterate our view that, if the
Bank Nifty sustains below Tuesday’s low of 11316, then a
further decline towards 11200 - 11074 can be expected.
On the upside, 11552 - 11622 levels are immediate
resistance levels for the banking index in coming trading
sessions.
Actionable points:
View
Neutral
Support Levels
11316 - 11200
Resistance levels
11552 - 11622
Source: Falcon
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Daily Technical Report
January 02, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,062
21,101
21,173
21,212
21,283
NIFTY
6,280
6,291
6,309
6,320
6,338
BANKNIFTY
11,322
11,354
11,393
11,425
11,465
ACC
1,095
1,102
1,108
1,115
1,122
AMBUJACEM
181
183
183
185
185
ASIANPAINT
487
493
499
505
510
AXISBANK
1,278
1,285
1,295
1,302
1,312
BAJAJ-AUTO
1,877
1,897
1,911
1,931
1,945
BANKBARODA
636
647
654
664
671
BHARTIARTL
327
332
336
341
344
BHEL
173
174
176
177
179
BPCL
343
346
349
352
356
CAIRN
322
323
324
325
326
CIPLA
398
400
403
405
408
COALINDIA
288
290
293
295
297
DLF
165
168
169
172
173
DRREDDY
2,522
2,530
2,537
2,545
2,553
GAIL
340
342
343
345
347
GRASIM
2,682
2,698
2,711
2,727
2,740
HCLTECH
1,243
1,251
1,260
1,268
1,278
HDFC
785
789
795
799
804
HDFCBANK
659
662
666
669
673
HEROMOTOCO
2,043
2,065
2,083
2,104
2,123
HINDALCO
120
121
122
123
125
HINDUNILVR
567
570
572
575
577
ICICIBANK
1,085
1,091
1,099
1,105
1,113
IDFC
108
109
110
111
112
INDUSINDBK
420
422
423
425
426
INFY
3,439
3,454
3,476
3,491
3,513
ITC
320
321
322
324
325
JINDALSTEL
259
261
263
264
266
JPASSOCIAT
53
54
55
56
57
KOTAKBANK
714
718
725
729
736
LT
1,058
1,063
1,072
1,077
1,085
LUPIN
903
910
918
925
933
M&M
937
943
948
953
958
MARUTI
1,745
1,755
1,766
1,775
1,786
NMDC
141
142
143
144
145
NTPC
136
137
138
139
140
ONGC
285
287
289
290
292
PNB
620
627
634
641
647
POWERGRID
99
99
100
100
100
RANBAXY
451
457
461
467
471
RELIANCE
881
885
892
896
902
RELINFRA
417
425
430
438
443
SBIN
1,753
1,759
1,767
1,773
1,781
SESAGOA
200
201
202
203
205
SUNPHARMA
566
569
571
575
577
TATAMOTORS
371
373
376
378
381
TATAPOWER
89
89
91
92
93
TATASTEEL
422
424
425
427
429
TCS
2,130
2,141
2,163
2,175
2,196
ULTRACEMCO
1,736
1,753
1,763
1,780
1,790
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Daily Technical Report
January 02, 2014
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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