Daily Technical Report
May 20, 2014
Sensex (24363) / Nifty (7264)
Exhibit 1: Nifty Daily Chart
The opening session on Monday began nearly a percent
higher as indicated by the SGX Nifty. Subsequently, index
traded within a narrow trading; but managed to maintain
its positive bias throughout the session to close around the
opening level. All defensive sectors like, the IT, Health Care
and FMCG witnessed tremendous correction throughout the
session; whereas the Capital Goods, Realty, Power and Oil
& Gas counters were among the major gainers. The
advance to decline ratio was strongly in favor of the
advancing counters (A=2154 D=698) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21976 / 6554 and 20264 / 6065 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23162 / 6913 and 22222/ 6630 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, index opened higher and eventually managed to
View
Neutral
close with decent gains of nearly a percent. However,
Support Level
7193
relatively this price activity can be considered as a lull and
Resistance Levels
7300 - 7350
range bound. Undoubtedly, yesterday’s session belonged to
so many individual stocks that ended with sizable gains.
Since there is no major change in the chart structure, we
continue to mention a broad trading range of 7564 / 7067
and expect the individual stocks to outperform our
benchmark index. The intraday resistance levels are seen at
7300 - 7350; whereas 7193 would act as a key support in
coming session.
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Daily Technical Report
May 20, 2014
Bank Nifty Outlook - (15222)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened with an upside
gap and gently advanced higher to add another two and
half a percent to Friday’s closing. Going forward, though
the major trend remains bullish, we expect the Bank Nifty
to remain within a broader trading range of 14468 to
15742 over the next few trading session. However, the
index constituents are likely to outperform the index. The
intraday resistance levels are seen around
15300 -
15400; whereas the support is seen around 15050 -
14800. Traders are advised to adopt a stock specific
approach and trade with strict stop losses.
Actionable points:
View
Neutral
Support Levels
15050 - 14800
Resistance Levels
15300 - 15400
Source: Falcon
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Daily Technical Report
May 20, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
23,966
24,165
24,307
24,505
24,647
NIFTY
7,152
7,208
7,249
7,305
7,347
BANKNIFTY
14,913
15,068
15,187
15,341
15,460
ACC
1,392
1,417
1,435
1,461
1,479
AMBUJACEM
211
215
222
226
233
ASIANPAINT
511
519
531
539
550
AXISBANK
1,723
1,791
1,845
1,914
1,968
BAJAJ-AUTO
1,807
1,843
1,906
1,942
2,005
BANKBARODA
907
938
966
998
1,026
BHARTIARTL
326
332
338
344
350
BHEL
215
241
257
283
299
BPCL
545
560
575
590
605
CAIRN
335
345
351
360
366
CIPLA
375
380
387
392
399
COALINDIA
331
360
377
406
423
DLF
168
175
180
187
191
DRREDDY
2,143
2,215
2,318
2,389
2,492
GAIL
401
415
426
440
450
GRASIM
2,930
2,975
3,047
3,093
3,165
HCLTECH
1,192
1,250
1,314
1,371
1,435
HDFC
885
901
916
932
947
HDFCBANK
791
802
818
829
845
HEROMOTOCO
2,357
2,403
2,438
2,484
2,519
HINDALCO
138
145
149
156
160
HINDUNILVR
525
540
567
583
610
ICICIBANK
1,421
1,445
1,469
1,493
1,517
IDFC
122
127
129
134
137
INDUSINDBK
540
550
567
577
593
INFY
2,873
2,944
3,071
3,142
3,269
ITC
321
329
345
354
370
JINDALSTEL
259
274
283
299
308
KOTAKBANK
893
905
919
930
944
LT
1,406
1,465
1,500
1,559
1,593
LUPIN
867
891
929
953
991
M&M
1,042
1,071
1,105
1,134
1,169
MARUTI
2,158
2,186
2,218
2,246
2,278
MCDOWELL-N
2,552
2,586
2,631
2,665
2,710
NMDC
154
162
167
174
179
NTPC
128
137
143
152
158
ONGC
378
397
409
428
439
PNB
897
956
990
1,049
1,083
POWERGRID
118
120
123
125
127
RELIANCE
1,073
1,096
1,111
1,134
1,148
RELINFRA
595
663
702
770
809
SBIN
2,392
2,480
2,537
2,626
2,683
SSLT
215
221
226
232
237
SUNPHARMA
546
565
594
613
642
TATAMOTORS
433
439
448
454
463
TATAPOWER
91
94
96
100
102
TATASTEEL
424
437
449
462
474
TCS
1,905
1,971
2,065
2,131
2,226
TECHM
1,663
1,701
1,768
1,806
1,874
ULTRACEMCO
2,256
2,297
2,335
2,376
2,413
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Daily Technical Report
May 20, 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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