Daily Technical Report
December 20, 2013
Sensex (20709) / Nifty (6167)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened higher on the back
strong overnight cues from US bourses. However, the index
failed to sustain at higher level as selling pressure dragged
Nifty substantially lower to close almost at the lowest point of
the session. On the sectoral front, the Banking sector remained
under pressure along with Oil & Gas and Capital goods;
whereas the IT, TECH and healthcare pack closed in the green.
The advance to decline ratio was in favor of the declining
counters. (A=1099 D=1319)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20311 / 6042 and 19167 / 5752 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20795 / 6189 and 20285 / 6036 levels, respectively.
The weekly momentum oscillators are still negatively
poised.
Source: Falcon
The weekly charts of both the benchmark indices now
depict a ‘Bearish Engulfing’ Japanese candlestick pattern.
Actionable points:
Trading strategy:
View
Sell below 6129
The optimism from the RBI Monetary policy was followed by the
Expected Targets
6080 - 6000 - 5970
'Taper Talk' from the FOMC meet on Wednesday night. As a
Resistance Levels
6236 - 6264
result, despite strong overnight cues from US bourses, the bulls
failed to mark their existence in the positive territory on the
Indian bourses. In our previous report, we had mentioned
about the ‘Bullish Engulfing' pattern is still intact. Only a
sustainable move below 6129 would negate the pattern and as
a result, the index may slide towards 6080 - 6000 levels. On
the flipside, 6236 - 6287 levels are seen as immediate support
levels. Traders are advised to exit all long positions in the event
of a close below the 6129 mark as that would also confirm a
“Bearish Engulfing” Japanese candlestick pattern on the weekly
chart.
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Daily Technical Report
December 20, 2013
Bank Nifty Outlook - (11087)
Exhibit 2: Bank Nifty Daily Chart
On Thursday, the Bank Nifty gave a clear indication of
significant inherent weakness as the index pared all early
morning gains. Selling pressure aggravated as the day
progressed and as a result, the Bank Nifty closed with
more than two percent loss. Unlike our benchmark index,
the Bank Nifty sneaked and closed below Wednesday's
low of 11117. The index is now just above the support
zone of 'Upward Sloping Trend Line' (please refer the
exhibit) and the daily ‘89 EMA'(10944). Any sustainable
move below 10944 may trigger tremendous pessimism in
the banking index. In this scenario, we may see a sharp
decline towards 10850 - 10700 levels. On the flipside, if
the bulls manage to hold the support level of 10944 then
we may witness range bound activity between 11500-
11000 levels.
Actionable points:
View
Sell below 10944
Expected Targets
10850 - 10700
Source: Falcon
Resistance levels
11174 - 11400
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Daily Technical Report
December 20, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,419
20,564
20,791
20,935
21,162
NIFTY
6,081
6,124
6,194
6,237
6,307
BANKNIFTY
10,746
10,917
11,211
11,382
11,676
ACC
1,061
1,071
1,089
1,100
1,117
AMBUJACEM
172
174
177
179
183
ASIANPAINT
476
481
490
495
505
AXISBANK
1,210
1,234
1,266
1,290
1,322
BAJAJ-AUTO
1,849
1,873
1,909
1,933
1,969
BANKBARODA
620
629
644
653
667
BHARTIARTL
313
318
324
329
335
BHEL
156
159
163
166
170
BPCL
322
330
340
348
359
CAIRN
310
314
320
324
330
CIPLA
383
391
396
405
410
COALINDIA
275
278
281
284
288
DLF
151
155
159
163
167
DRREDDY
2,408
2,436
2,463
2,491
2,518
GAIL
328
332
339
344
351
GRASIM
2,545
2,593
2,674
2,721
2,802
HCLTECH
1,170
1,203
1,231
1,264
1,292
HDFC
753
765
787
798
821
HDFCBANK
629
641
662
674
696
HEROMOTOCO
2,036
2,060
2,095
2,118
2,153
HINDALCO
116
118
119
121
122
HINDUNILVR
545
550
557
561
568
ICICIBANK
1,024
1,044
1,078
1,097
1,131
IDFC
101
102
105
107
109
INDUSINDBK
402
412
424
434
445
INFY
3,414
3,463
3,504
3,553
3,594
ITC
308
311
314
317
320
JINDALSTEL
246
248
252
254
257
JPASSOCIAT
50
51
52
53
55
KOTAKBANK
696
709
733
746
770
LT
1,025
1,043
1,075
1,093
1,125
LUPIN
873
891
905
924
938
M&M
911
925
940
954
970
MARUTI
1,695
1,738
1,768
1,811
1,841
NMDC
126
131
136
141
147
NTPC
133
134
135
136
137
ONGC
265
269
276
281
288
PNB
551
565
581
596
612
POWERGRID
94
97
99
101
104
RANBAXY
429
439
447
457
465
RELIANCE
833
844
854
864
875
RELINFRA
398
406
419
427
440
SBIN
1,675
1,703
1,741
1,769
1,807
SESAGOA
197
201
205
209
213
SUNPHARMA
560
572
579
591
599
TATAMOTORS
360
365
369
374
378
TATAPOWER
87
88
90
92
94
TATASTEEL
403
407
413
417
423
TCS
2,037
2,059
2,085
2,107
2,132
ULTRACEMCO
1,700
1,715
1,740
1,755
1,780
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Daily Technical Report
December 20, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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