Daily Technical Report
October 21, 2013
Sensex (20883) / Nifty (6189)
Exhibit 1: Nifty Weekly Chart
The concluding session of the week opened on an optimistic
note considering positive sentiments across the globe. The
momentum accelerated as the day progressed and as a result,
the Nifty closed with nearly two and half a percent gains. All
sectors ended in the positive territory among which the
Banking, Metal, Capital Goods and Oil & Gas counters
contributed the major part of Friday’s massive rally. The
advance to decline ratio was strongly in favor of the advancing
counters. (A=1417 D=1075) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19561 / 5822 and 18821 / 5661 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20124 / 5963 and 19662 / 5855 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised.
On the Weekly chart, we are observing a ‘Horizontal Line’
Source: Falcon
(please refer the exhibit) resistance at 6230 level.
Actionable points:
Trading strategy:
The bulls ended the week on a cheerful note and as a result,
View
Neutral
the index (Nifty) has now closed just a tad below the
Resistance Level
6230
psychological mark of 6200. We are witnessing a convincing
Support Levels
6129 - 6070
weekly closing above the 6100 mark for the first time after May
17, 2013. The strong buying interest in the market is now
pushing the index towards 6230, which can be considered a
major hurdle for the bulls in the coming week. Going forward,
any sustainable move above this level would negate all near
term as well as intermediate term possibilities of weakness in
the market. As a result, the index may get pushed towards
6339 - 6357 levels and the possibility of a new all-time high
cannot be ruled out. The positive placement of the weekly
momentum oscillator may support this price movement. On the
flipside, this week’s low of 6032 would act as immediate
support for the index. Any sustainable move below this level
may put immediate brakes on this ongoing optimism. In this
scenario, we may witness a slide towards 5980 - 5910 levels.
Considering the current price action, we expect the volatility to
increase in the coming week. Hence, we advise traders to keep
booking profits as the market moves higher and revise stop
loss to protect gains.
www.angelbroking.com
1
Daily Technical Report
October 21, 2013
Bank Nifty Outlook - (10745)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty too opened higher and
witnessed a stellar rally of almost four percent. On the
daily chart, we are now observing that the index has
approached a ‘Downward Sloping Trend Line’ resistance
zone of 10800 - 10850. Hence, going forward, any
sustainable move beyond
10850 would confirm a
trendline breakout and as a result, we may witness an
extended rally towards 11000 - 11100. On the flipside,
the intraday support levels are seen around 10550 -
10400. We would like to highlight that the weekly ‘Lower
Top Lower Bottom’ in Bank Nifty in weekly chart is still
intact. This would get negated only if the index closes
above recent swing high of 11220 (high on September
19, 2013).
Actionable points:
View
Neutral
Support Levels
10550 - 10400
Source: Falcon
Resistance Levels
10850 - 11000
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
21/10/2013
Tata Steel
Cash
Long
325 - 321
328.90
308
350
www.angelbroking.com
2
Daily Technical Report
October 21, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,322
20,602
20,767
21,048
21,213
NIFTY
6,023
6,106
6,154
6,237
6,284
BANKNIFTY
10,242
10,493
10,639
10,890
11,035
ACC
1,113
1,129
1,140
1,156
1,167
AMBUJACEM
193
196
198
200
202
ASIANPAINT
468
477
486
496
504
AXISBANK
1,065
1,111
1,136
1,181
1,207
BAJAJ-AUTO
2,129
2,141
2,155
2,167
2,181
BANKBARODA
531
543
550
561
569
BHARTIARTL
345
351
355
361
365
BHEL
141
145
148
152
155
BPCL
344
353
359
368
374
CAIRN
326
327
329
331
333
CIPLA
410
413
416
419
422
COALINDIA
280
283
285
289
291
DLF
153
155
157
159
161
DRREDDY
2,392
2,426
2,450
2,483
2,507
GAIL
322
325
327
330
333
GRASIM
2,687
2,716
2,740
2,769
2,794
HCLTECH
1,056
1,079
1,094
1,118
1,133
HDFC
791
805
814
828
836
HDFCBANK
646
661
670
686
695
HEROMOTOCO
2,043
2,070
2,093
2,120
2,142
HINDALCO
108
111
114
117
119
HINDUNILVR
599
602
606
610
614
ICICIBANK
957
983
998
1,024
1,039
IDFC
92
94
96
98
99
INDUSINDBK
385
399
407
422
429
INFY
3,237
3,276
3,300
3,339
3,363
ITC
341
348
352
359
363
JINDALSTEL
249
252
256
259
263
JPASSOCIAT
44
46
47
48
49
KOTAKBANK
669
685
695
711
721
LT
808
840
860
892
912
LUPIN
890
897
905
912
920
M&M
860
872
880
891
899
MARUTI
1,412
1,440
1,456
1,485
1,501
NMDC
129
130
131
132
134
NTPC
142
144
146
148
149
ONGC
279
281
284
286
288
PNB
461
468
473
480
484
POWERGRID
96
98
99
101
102
RANBAXY
383
387
391
395
400
RELIANCE
872
889
898
915
925
RELINFRA
404
412
417
426
431
SBIN
1,610
1,637
1,655
1,682
1,699
SESAGOA
180
187
193
201
206
SUNPHARMA
616
624
629
637
642
TATAMOTORS
371
376
379
383
386
TATAPOWER
78
79
80
80
81
TATASTEEL
304
316
323
336
342
TCS
2,033
2,077
2,105
2,149
2,178
ULTRACEMCO
1,927
1,946
1,967
1,986
2,007
www.angelbroking.com
3
Daily Technical Report
October 21, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4