Daily Technical Report
November 20, 2013
Sensex (20891) / Nifty (6203)
Exhibit 1: Nifty Daily Chart
On Tuesday, our benchmark index opened on a flat note
considering mixed global cues. Subsequently, Nifty slipped into
a consolidation mode and remained range bound throughout
the session to close on a muted note. On the sectoral front, the
Realty, Capital Goods and Teck counters were among the
major gainers; whereas the Consumer Durables, FMCG and
Healthcare sectors ended with nominal losses. The advance to
decline ratio was marginally in favor of the advancing
counters. (A=1286 D=1218)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20017 / 5954 and 19029/ 5716 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20651 / 6134 and 20097 / 5979 levels, respectively.
The monthly momentum oscillators are now positively
poised; whereas the weekly momentum oscillators are
contradictory.
Source: Falcon
Trading strategy:
Actionable points:
We witnessed lethargic and range bound activity during
yesterday session. In our previous report, we had mentioned
View
Neutral
that the 61.8% Fibonacci retracement level of the recent fall
Support Levels
6141 - 6110
might act as a resistance for the Nifty. The index has now
Resistance Level
6250 - 6305
closed around this level and has formed a 'Narrow Range'
body on the daily chart. An occurrence of such candle
indicates indecisiveness at the resistance level and does not
bode well for the bulls. Going forward, a sustainable move
below 6180 level may apply temporary brakes on current
optimism. In this case, the lower levels of 6141 - 6110 may
be retested. On the flipside, a move beyond 6213 is likely
to push the index towards 6250 - 6305 levels.
www.angelbroking.com
1
Daily Technical Report
November 20, 2013
Bank Nifty Outlook - (11188)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, in-line with our benchmark index, the Bank
Nifty too opened on a subdued note and oscillated within
a thin trading range. As a result, the daily chart now
depicts 'Narrow Range' body formation. The said pattern
has occurred when the market is near the strong
resistance. Similar to benchmark index, the Bank Nifty has
now closed tad below the 61.8% Retracement level
(11226) of the recent fall from 11540 to 10412 levels.
Hence, going forward, only if Bank Nifty manages to
sustain above this level (11226) then we may witness a
further rally up to 11400 - 11510 levels. On the other
hand, yesterday’s low of 11107 would now act as an
immediate support level for the index. Any sustainable
move below this level would open up chances of further
correction towards 10962 - 10660 levels.
Actionable points:
View
Neutral
Support Levels
11107 - 10962
Source: Falcon
Resistance Level
11400 - 11510
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
20/11/2013
United Spirits ltd
Cash
Buy
Above 2500
2483.35
2450
2575
www.angelbroking.com
2
Daily Technical Report
November 20, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,779
20,835
20,885
20,941
20,990
NIFTY
6,166
6,185
6,199
6,217
6,231
BANKNIFTY
11,067
11,128
11,168
11,228
11,268
ACC
1,036
1,046
1,060
1,070
1,083
AMBUJACEM
176
177
179
181
183
ASIANPAINT
525
528
531
534
538
AXISBANK
1,116
1,126
1,138
1,147
1,159
BAJAJ-AUTO
1,981
1,997
2,020
2,036
2,058
BANKBARODA
605
623
632
650
659
BHARTIARTL
343
347
351
355
358
BHEL
136
139
141
143
145
BPCL
333
339
347
354
362
CAIRN
317
320
323
325
328
CIPLA
395
398
402
405
409
COALINDIA
261
265
269
272
276
DLF
146
148
150
152
154
DRREDDY
2,407
2,429
2,455
2,477
2,503
GAIL
320
324
326
330
332
GRASIM
2,577
2,618
2,648
2,689
2,718
HCLTECH
1,090
1,096
1,105
1,112
1,121
HDFC
807
813
817
823
827
HDFCBANK
651
656
662
666
673
HEROMOTOCO
2,040
2,050
2,060
2,070
2,080
HINDALCO
117
121
123
126
128
HINDUNILVR
586
589
593
596
600
ICICIBANK
1,062
1,073
1,082
1,093
1,101
IDFC
105
106
107
108
109
INDUSINDBK
413
422
427
436
441
INFY
3,382
3,413
3,430
3,461
3,478
ITC
319
321
325
327
330
JINDALSTEL
240
248
253
260
266
JPASSOCIAT
47
48
49
50
51
KOTAKBANK
725
730
738
743
751
LT
972
984
991
1,003
1,010
LUPIN
849
859
867
877
885
M&M
932
940
946
954
960
MARUTI
1,601
1,642
1,666
1,707
1,732
NMDC
128
129
131
133
134
NTPC
153
154
155
156
157
ONGC
268
273
277
282
287
PNB
515
532
543
560
570
POWERGRID
93
94
95
96
97
RANBAXY
422
426
431
435
439
RELIANCE
870
874
879
884
889
RELINFRA
408
414
422
428
437
SBIN
1,738
1,781
1,805
1,848
1,872
SESAGOA
177
181
186
190
195
SUNPHARMA
597
602
609
613
620
TATAMOTORS
383
387
391
396
400
TATAPOWER
78
78
79
79
80
TATASTEEL
374
378
385
390
396
TCS
2,002
2,016
2,035
2,050
2,069
ULTRACEMCO
1,893
1,908
1,924
1,939
1,956
www.angelbroking.com
3
Daily Technical Report
November 20, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4