Daily Technical Report
June 20, 2014
Sensex (25202) / Nifty (7541)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index (Nifty) opened with more
than 20 points upside gap on the back of positive overnight
cues from the US bourses. However, index once again
surprised most of the traders as it fell sharply from day’s
high and closed marginally inside the negative territory. The
IT, Healthcare and Consumer Durables counters were
among the major gainers; whereas the Oil & Gas, Banking
and Capital Goods sectors ended in the negative territory.
The advance to decline ratio was marginally in favor of the
declining
counters.
(A=1406 D=1586) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22994 / 6861 and 20576 / 6158 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
24785 / 7404 and 22961 / 6853 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
It was a third consecutive session where we witnessed
View
Bearish below 7500
complete reversal from the early morning trend. As
Expected Targets
7430 - 7400
mentioned in our previous report, the ‘Upward Sloping
Resistance Levels
7612
Trend Line’ provided a strong support for yet another time.
But, looking at the hourly chart structure and the breakdown
from the daily ‘RSI’ momentum oscillator level of 64.50
(please refer the exhibit), we expect the index to penetrate
this trend line. In this scenario, we can expect immediate
correction towards 7430 - 7400 levels. On the flipside, a
sustainable move beyond
7612 would negate these
possibilities. As a result, the index may go back to test 7663
- 7700 levels.
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Daily Technical Report
June 20, 2014
Bank Nifty Outlook - (15067)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher in-line with
our benchmark index. As the day progressed, we
observed a decent correction in most of the banking
heavyweights, which led the index to close with a percent
loss. Since the price action was not that bigger, the
mentioned trading range of 15462 - 15128 remains
intact. However, considering the overall sentiments across
the broader market, if the Bank Nifty manages to break
14850, then we may witness a sharp correction towards
14700 - 14600 levels. On the flipside, the hourly ’89
EMA’ level of 15220 would act as a strong resistance for
the index.
Actionable points:
View
Neutral
Support Levels
14850 - 14700
Source: Falcon
Resistance Level
15220
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Daily Technical Report
June 20, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,876
25,039
25,232
25,395
25,589
NIFTY
7,446
7,493
7,550
7,597
7,654
BANKNIFTY
14,769
14,918
15,125
15,275
15,482
ACC
1,416
1,436
1,467
1,487
1,518
AMBUJACEM
213
216
221
224
229
ASIANPAINT
544
556
563
575
582
AXISBANK
1,804
1,823
1,845
1,864
1,886
BAJAJ-AUTO
2,126
2,143
2,158
2,175
2,190
BANKBARODA
818
831
851
864
884
BHARTIARTL
331
335
340
343
348
BHEL
235
238
242
245
250
BPCL
531
548
577
594
623
CAIRN
358
363
369
373
379
CIPLA
415
420
425
431
435
COALINDIA
374
380
389
394
403
DLF
203
205
208
210
213
DRREDDY
2,396
2,422
2,438
2,464
2,481
GAIL
431
437
447
453
463
GRASIM
3,489
3,517
3,546
3,575
3,604
HCLTECH
1,390
1,424
1,444
1,478
1,498
HDFC
949
959
965
974
980
HDFCBANK
812
819
829
836
847
HEROMOTOCO
2,505
2,522
2,549
2,566
2,593
HINDALCO
161
164
168
171
174
HINDUNILVR
614
620
625
630
635
ICICIBANK
1,377
1,394
1,415
1,432
1,453
IDFC
127
128
129
131
132
INDUSINDBK
530
544
552
566
574
INFY
3,215
3,264
3,293
3,342
3,371
ITC
332
334
335
338
339
JINDALSTEL
310
314
320
324
329
KOTAKBANK
891
907
935
951
979
LT
1,621
1,639
1,668
1,685
1,714
LUPIN
988
1,000
1,009
1,021
1,030
M&M
1,148
1,162
1,173
1,188
1,199
MARUTI
2,322
2,351
2,400
2,429
2,478
MCDOWELL-N
2,398
2,500
2,644
2,745
2,889
NMDC
170
173
176
179
182
NTPC
149
151
152
154
156
ONGC
392
407
422
437
452
PNB
944
956
974
986
1,004
POWERGRID
128
130
132
134
137
RELIANCE
1,006
1,024
1,050
1,068
1,093
RELINFRA
709
722
742
755
775
SBIN
2,550
2,578
2,623
2,651
2,696
SSLT
288
291
297
301
306
SUNPHARMA
622
632
639
649
655
TATAMOTORS
430
434
439
443
448
TATAPOWER
101
103
105
106
108
TATASTEEL
509
514
520
526
532
TCS
2,179
2,228
2,258
2,307
2,337
TECHM
1,980
2,005
2,027
2,053
2,075
ULTRACEMCO
2,708
2,732
2,774
2,798
2,840
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Daily Technical Report
June 20, 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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