Daily Technical Report
July 21, 2014
Sensex (25642) / Nifty (7664)
Exhibit 1: Nifty Daily Chart
The concluding session of the week opened on slightly lower
on the back of negative cues from US bourses.
Subsequently, index fell sharply during the initial hour; but a
sharp recovery throughout the remaining session pushed
the index well inside the positive territory. On the sectoral
front, the IT, TECK and Banking counters closed in the
green; whereas the Realty, Power and Consumer Durables
sectors remained under pressure. The advance to decline
ratio was strongly in favor of the declining counters.
(A=1398 D=1542) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24000 / 7176 and 21084 / 6309 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25370 / 7584 and 23908 / 7141 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The last four consecutive sessions have posted a close well
inside the positive territory after breaking the crucial support
View
Neutral
level of 7480 on the Nifty on a closing basis. However, our
Support Level
7595
basic view (in the near term) remains intact as we are
interpreting this entire up move as a technical bounce. The
Resistance Levels
7690 - 7731
price structure on the daily chart remains weak as the
previous ‘Higher Top Higher Bottom’ formation on the daily
On the higher side, the possibility of a near term
chart was negated after confirming a close below 7480
correction will get negated if the Nifty stays above the
(Nifty). Further, the ‘Bearish Engulfing’ Japanese candlestick
‘Budget Day’ high of 7731 on a closing basis. In this
pattern formed during the previous week is still valid. At this
scenario, the Nifty may continue its upward momentum to
juncture, the Nifty is placed precisely at the 61.8% Fibonacci
test its recent high of 7809.
retracement level (7660) of the recent fall from 7808.85
(high on July 08, 2014) to 7422.15 (low on July 18, 2014).
Hence, it is considered as a strong resistance zone for the
index. Considering these technical evidences, we would
advise traders to remain light on positions and trade with a
proper exit strategy. However, we would not advise traders
to create fresh short position as the current momentum is
clearly on the higher side. The immediate support level on
the Nifty is seen at around 7595 levels. Traders can initiate
short positions only if the Nifty sustains below this crucial
support level for an immediate target of 7520 - 7460.
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Daily Technical Report
July 21, 2014
Bank Nifty Outlook - (15389)
Exhibit 2: Bank Nifty Daily Chart
On Friday, unlike Nifty, the banking index opened with
more than half a percent downside gap and extended its
losses during the initial hour. However, the price
movement during the remaining session was quite similar
to the benchmark index. Considering current positive
momentum, the banking index may move higher towards
the next resistance zone of 15550 - 15600 once it
manages to sustain above Friday’s high of 15463. Any
closing above the
15600 mark would open up the
possibilities of much higher targets. On the flipside, the
immediate support levels are seen around
15250 -
15100.
Actionable points:
View
Neutral
Support Level
15250 - 15100
Resistance Levels
15550 - 15600
Source: Falcon
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Daily Technical Report
July 21, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,327
25,484
25,599
25,756
25,871
NIFTY
7,559
7,611
7,648
7,701
7,738
BANKNIFTY
14,940
15,165
15,314
15,539
15,688
ACC
1,434
1,448
1,463
1,477
1,492
AMBUJACEM
215
218
221
223
227
ASIANPAINT
571
576
583
587
595
AXISBANK
1,902
1,949
1,979
2,026
2,057
BAJAJ-AUTO
2,036
2,059
2,074
2,097
2,113
BANKBARODA
817
827
835
845
854
BHARTIARTL
332
334
336
339
341
BHEL
232
235
239
242
245
BPCL
571
577
582
587
592
CAIRN
341
343
347
349
352
CIPLA
436
439
442
444
447
COALINDIA
362
369
373
380
384
DLF
213
217
220
224
228
DRREDDY
2,620
2,637
2,651
2,668
2,683
GAIL
437
441
447
451
457
GRASIM
3,289
3,313
3,344
3,369
3,400
HCLTECH
1,468
1,484
1,496
1,512
1,524
HDFC
959
971
980
991
1,000
HDFCBANK
816
824
830
839
845
HEROMOTOCO
2,395
2,450
2,481
2,536
2,567
HINDALCO
182
183
185
187
189
HINDUNILVR
619
621
623
625
628
ICICIBANK
1,415
1,448
1,468
1,500
1,520
IDFC
153
158
162
168
171
INDUSINDBK
521
532
538
549
555
INFY
3,226
3,239
3,257
3,270
3,288
ITC
339
342
344
347
350
JINDALSTEL
287
292
296
302
306
KOTAKBANK
882
909
928
955
975
LT
1,627
1,657
1,676
1,706
1,725
LUPIN
1,071
1,080
1,087
1,096
1,103
M&M
1,161
1,173
1,183
1,194
1,205
MARUTI
2,479
2,502
2,528
2,550
2,576
MCDOWELL-N
2,361
2,373
2,385
2,397
2,410
NMDC
164
169
172
177
180
NTPC
146
148
149
151
152
ONGC
404
407
411
414
418
PNB
913
921
928
936
942
POWERGRID
135
136
137
138
139
RELIANCE
962
970
977
984
991
RELINFRA
743
755
767
779
790
SBIN
2,514
2,538
2,562
2,586
2,609
SSLT
294
296
299
302
305
SUNPHARMA
727
735
740
747
752
TATAMOTORS
462
469
473
480
484
TATAPOWER
103
104
106
108
110
TATASTEEL
541
552
560
571
580
TCS
2,404
2,422
2,454
2,472
2,504
TECHM
2,089
2,106
2,122
2,139
2,155
ULTRACEMCO
2,501
2,526
2,563
2,589
2,626
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Daily Technical Report
July 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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