Daily Technical Report
March 21, 2014
Sensex (21740) / Nifty (6483)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened slightly lower on the back of
negative global cues. Subsequently, we witnessed a range
bound movement throughout the first half; but post midsession
strong selling pressure led the index to close with more than
half a percent losses. On the sectoral front, excluding IT and
TECK, all the sectors closed in the red. The Realty, Capital
Goods and Power counters were the major losers. The advance
to decline ratio was in favor of declining counters. (A=1221
D=1573)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20875 / 6210 and 19654 / 5884 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21441 / 6386 and 20923 / 6226 levels, respectively.
The weekly chart now clearly exhibits a breakout from the
Source: Falcon
‘Bullish Flag’ pattern.
Actionable points:
Trading strategy:
View
Neutral
Support Levels
6440 - 6400
Overall it’s been a slight negative session for the market as the
Resistance Levels
6563 - 6600
Nifty close below the 6500 mark. Despite strong pessimism
seen across the globe, our markets managed to hold their
range and shed only half a percent as compared to the
previous close. The chart structure is still unchanged and we
reiterate our view that, sooner or later we expect the index to
move towards 6600 - 6630 levels. On the flip side, 6440 -
6400 would remain as a strong support zone for the index and
any correction should be utilized to create long positions.
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Daily Technical Report
March 21, 2014
Bank Nifty Outlook - (12017)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened quietly but eventually
got influenced by the selling pressure seen across the
broader market. In the process, the banking index
trimmed more than a percent to close marginally above
the 12000 mark. Hence, we would repeatedly say that
only a closing above 12250 would start the next leg of
the rally. In this scenario, it may immediately move
towards 12450 - 12550 levels. On the downside, 11867
- 11750 levels are considered as a strong support zone
for the banking index.
Actionable points:
View
Neutral
Support Levels
11867 - 11750
Source: Falcon
Resistance levels
12250 - 12450
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Daily Technical Report
March 21, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,617
21,679
21,766
21,827
21,915
NIFTY
6,443
6,463
6,493
6,513
6,544
BANKNIFTY
11,885
11,951
12,056
12,122
12,227
ACC
1,234
1,247
1,267
1,281
1,301
AMBUJACEM
177
180
185
188
192
ASIANPAINT
509
513
516
519
523
1,325
1,341
1,362
1,379
1,400
AXISBANK
BAJAJ-AUTO
1,938
1,956
1,985
2,003
2,032
BANKBARODA
625
633
645
653
665
BHARTIARTL
289
292
298
301
307
BHEL
180
182
186
188
191
BPCL
422
426
434
439
446
CAIRN
327
328
331
333
336
CIPLA
375
381
385
391
395
COALINDIA
253
257
260
264
267
DLF
161
164
169
172
177
DRREDDY
2,738
2,758
2,785
2,805
2,831
GAIL
338
344
354
360
370
GRASIM
2,688
2,709
2,726
2,747
2,764
HCLTECH
1,380
1,394
1,410
1,424
1,440
HDFC
831
840
854
862
876
HDFCBANK
722
726
732
736
743
HEROMOTOCO
2,043
2,074
2,099
2,130
2,155
HINDALCO
117
118
120
121
123
HINDUNILVR
557
565
569
577
582
ICICIBANK
1,183
1,192
1,206
1,215
1,229
IDFC
109
110
113
114
117
INDUSINDBK
458
464
473
479
488
INFY
3,228
3,266
3,308
3,345
3,387
ITC
349
353
356
359
362
JINDALSTEL
254
257
261
264
268
JPASSOCIAT
45
46
47
48
49
728
738
751
761
774
KOTAKBANK
LT
1,198
1,209
1,226
1,237
1,254
LUPIN
924
932
946
954
967
M&M
961
970
981
989
1,001
MARUTI
1,833
1,845
1,860
1,872
1,887
NMDC
129
131
132
133
135
NTPC
115
115
116
116
117
ONGC
306
311
314
319
323
PNB
620
627
636
642
652
POWERGRID
97
98
100
101
103
RANBAXY
342
345
350
353
357
RELIANCE
895
900
904
910
913
RELINFRA
399
403
409
413
419
SBIN
1,652
1,665
1,685
1,698
1,719
SESAGOA
169
171
174
176
179
SUNPHARMA
574
582
589
597
604
TATAMOTORS
375
377
381
384
387
TATAPOWER
77
77
78
79
80
TATASTEEL
340
345
352
357
365
TCS
1,969
2,039
2,081
2,150
2,192
ULTRACEMCO
1,909
1,927
1,954
1,972
2,000
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Daily Technical Report
March 21, 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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