Daily Technical Report
January 21, 2014
Sensex (21205) / Nifty (6304)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on a flat note but
strong buying interest at lower levels resulted in a sharp
intraday rally. Thus the index closed at the highest point of the
day. On the sectoral front, excluding Oil & Gas all the sectors
closed in the green. The IT, Tech and FMCG counters were the
major gainers in yesterdays up move. The advance to decline
ratio was in favor of the advancing counters. (A=1364
D=1285)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20577 / 6122 and 19371 / 5808 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20983 / 6247 and 20596 / 6128 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
The daily ‘RSI-Smoothened’ momentum oscillator is
positively poised.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday significant buying interest was seen once the nifty
View
Neutral
approached the mentioned support zone of hourly '89 EMA'
Support Levels
6234 - 6160
placed around 6234. In-line with the expectations, the index
eventually bounced back to close the session above the 6300
Resistance Levels
6327 - 6360
mark. Considering the overall hourly and daily chart structure,
it is highly likely that yesterday's strong optimism gets carried
over into today's session and the index may head towards the
crucial resistance at 6360. Also, a move beyond 6360 would
result in an extended rally towards the 6415 mark. On the flip
side, the 6234 level is likely to act as a crucial support in the
near term.
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Daily Technical Report
January 21, 2014
Bank Nifty Outlook - (11008)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened a on a flat note and
moved lower in the initial trades. However, In-line with the
benchmark index, the banking index too recovered
sharply from day's low and eventually closed with nearly a
percent gain. Going forward, it remains to be seen if the
optimism persists and crossing the 11220 level would be
extremely important to consider a positive bias for the
banking index. On the flipside, 10876 would now act as
a key support for the Bank Nifty.
Actionable points:
View
Neutral
Support Levels
10876 - 10814
Resistance levels
11090 - 11220
Source: Falcon
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Daily Technical Report
January 21, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,922
21,064
21,143
21,284
21,363
NIFTY
6,221
6,262
6,285
6,326
6,349
BANKNIFTY
10,823
10,915
10,969
11,061
11,115
ACC
1,009
1,020
1,027
1,037
1,044
AMBUJACEM
168
170
171
173
175
ASIANPAINT
480
485
489
494
498
AXISBANK
1,119
1,141
1,155
1,177
1,190
BAJAJ-AUTO
1,909
1,920
1,936
1,947
1,963
BANKBARODA
610
616
623
629
635
BHARTIARTL
304
306
310
312
315
BHEL
170
172
173
175
177
BPCL
329
336
340
347
351
CAIRN
323
325
326
328
329
CIPLA
414
417
419
422
425
COALINDIA
264
267
271
273
277
DLF
151
153
155
157
159
DRREDDY
2,602
2,628
2,655
2,681
2,708
GAIL
344
347
350
353
356
GRASIM
2,558
2,577
2,597
2,616
2,637
HCLTECH
1,353
1,392
1,414
1,453
1,476
HDFC
820
828
836
844
852
HDFCBANK
661
665
671
676
681
HEROMOTOCO
2,035
2,061
2,081
2,107
2,127
HINDALCO
109
110
112
114
115
HINDUNILVR
541
548
555
562
569
ICICIBANK
1,020
1,032
1,040
1,052
1,060
IDFC
99
100
101
102
102
INDUSINDBK
414
424
430
440
447
INFY
3,682
3,716
3,738
3,771
3,793
ITC
321
325
328
333
335
JINDALSTEL
254
257
260
263
266
JPASSOCIAT
46
47
47
48
48
KOTAKBANK
711
720
729
737
746
LT
979
989
999
1,009
1,020
LUPIN
894
902
910
918
925
M&M
881
894
904
916
926
MARUTI
1,744
1,761
1,779
1,796
1,815
NMDC
139
141
144
146
148
NTPC
130
131
132
133
134
ONGC
281
284
288
291
295
PNB
585
593
598
606
611
POWERGRID
96
97
98
99
100
RANBAXY
397
403
408
413
419
RELIANCE
852
861
875
884
898
RELINFRA
390
396
400
405
409
SBIN
1,606
1,624
1,635
1,653
1,664
SESAGOA
194
200
203
209
212
SUNPHARMA
578
584
592
598
606
TATAMOTORS
368
371
374
378
380
TATAPOWER
76
77
78
78
79
TATASTEEL
365
370
375
379
384
TCS
2,167
2,252
2,301
2,387
2,436
ULTRACEMCO
1,670
1,694
1,710
1,734
1,750
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Daily Technical Report
January 21, 2014
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Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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