Daily Technical Report
September 21, 2015
Sensex (26219) / Nifty (7982)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark index opened higher post the
FOMC meet and then extended its gains to test the 8050
mark. Due to some profit booking at higher levels the Nifty
trim some of its gains to close with more than a percent gains.
Barring nominal loss from the FMCG, Capital Goods and
Consumer Durables pack, all other sectors closed well inside
the positive territory
amongst which the Banking, Realty
and Healthcare were the major gainers. The advance to
decline ratio was strongly in favor of the declining counters.
(A=1722 D=910) (Source: www.bseindia.com).
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27117 / 8211 and 25904 / 7811 levels, respectively.
Source: Falcon
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 26051 / 7920 and 27161 / 8239 levels, respectively.
Actionable points:
Trading strategy:
We witnessed good traction in the market throughout the
View
Neutral
week. Barring Tuesday’s session, all other sessions ended in
Resistance Levels
8060 - 8095
the positive. The relief rally extended for a second consecutive
Support Level
7900 - 7853
week and in the process the Nifty tested our mentioned level
of 7980. In fact, post the FOMC meet, we witnessed a positive
reaction on Friday as the Nifty opened nearly a percent higher
and then went on to test the 8050 mark. However, modest
profit booking in the latter half of Friday’s session led the Nifty
to surrender some of the gains and close the week a tad
below the 8000 mark. The concluded week’s up move was very
much in line of our expectations; but now we would like to
stick to our directional view. On the daily chart, we are seeing
a strong resistance zone of the ‘Downside Gap Area’ (8225.05
to 8060.05) created on August 24, 2015. Looking at the weekly
chart, it can be observed that the Nifty has now reached its
‘Upward Sloping Trend Line’ (drawn by joining July 18, 2014
low and June
12,
2015) as well as the
50% Fibonacci
retracement level of the fall from 8621.55 to 7539.50. Thus, we
maintain our cautious stance on the market and advice traders
to lighten up their long positions. At this juncture, a prudent
strategy would be to focus on stock specific moves with a
proper exit strategy and wait for reversal signs on the
downside to happen on the charts. A sustainable move below
7853 would trigger pessimism in the market; in such a
scenario, we may see the Nifty test 7678 - 7540 levels.
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Daily Technical Report
September 21, 2015
Bank Nifty Outlook - (17409)
Exhibit 2: Bank Nifty Daily Chart
The BankNifty index opened with a gap up opening on
Friday on the news of FOMC leaving the interest rates
unchanged and the hopes of RBI cutting interest rates in
upcoming policy on
29th September. The optimism
continued post opening and the BankNifty index rallied
higher during the day and crossed the intermediate high of
17570 registered on 28th August.However, the index saw
minor profit booking from higher levels gauging the
negative European markets and ended the session with gain
of 2.62% and weekly gain of 4.79%.For near term, it would
be crucial to watch whether the index crosses Friday's high
of
17602. Above this mentioned resistance level, the
BankNifty index could move upto 17825 - 17910 range
which is a crucial resistance zone as the 61.8% retracement
of the previous corrective move and 89EMA on daily charts
coincides in the mentioned range. On the flipside, the
immediate support for the index is placed around 17000
which is the lower end of Friday's gap area and 20 EMA on
Source: Falcon
daily charts.
Actionable points:
View
Neutral
Resistance Levels
17602 - 17825
Support Levels
17000
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Daily Technical Report
September 21, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,932
26,076
26,274
26,417
26,615
NIFTY
7,898
7,940
7,998
8,039
8,097
BANKNIFTY
16,943
17,176
17,389
17,622
17,835
ACC
1,341
1,358
1,383
1,400
1,425
AMBUJACEM
206
208
210
212
214
ASIANPAINT
812
827
838
853
864
AXISBANK
492
505
513
525
533
BAJAJ-AUTO
2,211
2,254
2,316
2,360
2,422
BANKBARODA
181
185
189
194
197
BHARTIARTL
348
352
358
362
367
BHEL
202
205
210
213
217
BOSCHLTD
21,200
21,540
21,952
22,292
22,704
BPCL
850
860
874
883
897
CAIRN
139
141
144
146
148
CIPLA
634
643
656
665
678
COALINDIA
336
340
342
346
349
DRREDDY
3,968
3,987
4,016
4,035
4,064
GAIL
278
283
289
293
300
GRASIM
3,433
3,465
3,507
3,539
3,581
HCLTECH
930
940
948
958
966
HDFC
1,172
1,190
1,213
1,230
1,253
HDFCBANK
1,017
1,033
1,048
1,064
1,078
HEROMOTOCO
2,345
2,387
2,417
2,458
2,488
HINDALCO
73
75
77
78
80
HINDUNILVR
779
788
803
812
826
ICICIBANK
269
273
279
284
290
IDEA
144
145
147
149
151
INDUSINDBK
893
906
918
931
944
INFY
1,088
1,096
1,107
1,115
1,126
ITC
307
313
320
326
334
KOTAKBANK
620
639
653
672
687
LT
1,504
1,522
1,553
1,571
1,602
LUPIN
1,848
1,873
1,892
1,917
1,936
M&M
1,149
1,174
1,195
1,220
1,240
MARUTI
4,289
4,345
4,412
4,468
4,534
NMDC
99
101
103
105
107
NTPC
123
125
127
129
132
ONGC
225
232
237
244
248
PNB
135
137
140
142
145
POWERGRID
130
132
133
135
137
RELIANCE
868
882
891
904
913
SBIN
236
239
243
246
250
VEDL
96
97
100
101
103
SUNPHARMA
872
889
905
921
937
TATAMOTORS
323
327
330
334
337
TATAPOWER
60
62
64
66
67
TATASTEEL
222
225
230
233
238
TCS
2,512
2,532
2,559
2,579
2,606
TECHM
538
550
557
569
576
ULTRACEMCO
2,861
2,900
2,959
2,998
3,057
WIPRO
574
583
589
598
604
YESBANK
756
764
771
779
787
ZEEL
389
394
400
405
412
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Daily Technical Report
September 21, 2015
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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