Daily Technical Report
October 21, 2014
Sensex (26430) / Nifty (7879)
Exhibit 1: Nifty Daily Chart
The trading for the week kicked off with an upside gap of
nearly a percent as indicated by the SGX Nifty.
Subsequently, the Nifty remained within a narrow range
throughout the remaining session and eventually closed tad
below the 7900 mark. For yet another session, Barring IT
and TECK, all other sectors managed to close in the green.
The Oil & Gas, Capital Goods and Banking sectors were
among the major contributors. The advance to decline ratio
was in favor of the advancing counters. (A=1633 D=1206)
(Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25827 / 7718 and 22431 / 6710 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26742 / 7911 and 25757 / 7697 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday, we witnessed a gap up opening in our markets
View
Neutral
owing to stellar performance by the Bhartiya Janata Party
Support Level
7840
(BJP) in the Maharashtra and Haryana Assembly elections
Resistance Levels
7910 - 7972
coupled with the Oil & Gas reforms announced by the
government on Saturday. However, during the rest of the
session, the Nifty did nothing as it traded within a narrow
range and eventually managed to close with over a percent
gains. In our previous reports, we have been continuously
mentioning about the strong support zone around 7700.
Looking at yesterday's closing, we can conclude that this
level has certainly proved its significance. In-line with our
view, the Nifty has now reached the higher end of the
'Falling Wedge' pattern. A sustainable move beyond 7910
would confirm the breakout of the pattern and in this
scenario; we may see the Nifty going back towards 7980 -
8050 levels.
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Daily Technical Report
October 21, 2014
Bank Nifty Outlook - (16217)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Banking index too opened substantially
higher considering a strong optimism across the broader
market. In the process, the Bank Nifty precisely met with
our target of 16300. The daily chart now exhibits a
'Horizontal Line' resistance at
16310. Although, the
current momentum in banking sector is quite strong; we
are not willing to anticipate this breakout. In case of a
move beyond 16300 on a closing basis, the index may
rally towards 16500 - 16600 levels. L On the flipside,
16150 would now be seen as a strong support for the
index.
Actionable points:
View
Neutral
Resistance Levels
16300 - 16500
Support Level
16150
Source: Falcon
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Daily Technical Report
October 21, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,290
26,360
26,439
26,509
26,588
NIFTY
7,832
7,856
7,881
7,905
7,930
BANKNIFTY
16,083
16,150
16,224
16,290
16,364
ACC
1,392
1,408
1,421
1,437
1,450
AMBUJACEM
207
210
212
215
216
ASIANPAINT
638
643
650
655
662
AXISBANK
406
412
416
422
425
BAJAJ-AUTO
2,361
2,387
2,407
2,433
2,453
BANKBARODA
850
862
878
890
906
BHARTIARTL
396
399
401
404
406
BHEL
220
224
228
233
237
BPCL
674
686
700
712
726
CAIRN
273
275
278
280
283
CIPLA
594
599
605
610
616
COALINDIA
346
354
360
367
374
DLF
105
110
113
118
122
DRREDDY
2,916
2,941
2,965
2,990
3,013
GAIL
448
454
459
464
470
GRASIM
3,257
3,287
3,336
3,366
3,415
HCLTECH
1,449
1,473
1,504
1,528
1,559
HDFC
994
1,007
1,021
1,034
1,047
HDFCBANK
878
886
898
906
917
HEROMOTOCO
2,785
2,862
2,904
2,980
3,022
HINDALCO
140
143
145
149
151
HINDUNILVR
723
730
735
741
746
ICICIBANK
1,514
1,526
1,537
1,549
1,560
IDFC
136
138
140
142
144
INDUSINDBK
658
662
669
673
680
INFY
3,765
3,789
3,826
3,849
3,886
ITC
347
349
354
356
361
JINDALSTEL
120
128
135
143
150
KOTAKBANK
981
992
1,013
1,024
1,044
LT
1,466
1,481
1,492
1,506
1,518
LUPIN
1,329
1,358
1,375
1,404
1,421
M&M
1,231
1,246
1,263
1,278
1,296
MARUTI
2,962
2,983
2,999
3,020
3,036
NMDC
156
158
161
162
165
NTPC
139
141
143
145
147
ONGC
407
413
421
427
435
PNB
919
937
948
967
978
POWERGRID
132
134
135
137
138
RELIANCE
900
918
929
947
958
SBIN
2,531
2,550
2,572
2,591
2,613
SSLT
229
233
237
242
246
SUNPHARMA
788
795
805
812
822
TATAMOTORS
480
487
492
500
504
TATAPOWER
85
86
87
87
88
TATASTEEL
440
445
451
456
462
TCS
2,369
2,396
2,445
2,472
2,521
TECHM
2,220
2,258
2,289
2,327
2,358
ULTRACEMCO
2,367
2,409
2,432
2,474
2,497
WIPRO
540
548
562
570
583
ZEEL
314
322
328
336
342
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Daily Technical Report
October 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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