Daily Technical Report
November 21, 2013
Sensex (20635) / Nifty (6123)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened tad lower considering
mixed global cues. The index then oscillated within a narrow
trading range of nearly half a percent. However, we witnessed
immense selling pressure towards the fag end of the session,
which let the index to close well inside the negative territory.
Except Metal, all other sectors influenced the sharp correction
in our market. The advance to decline ration was marginally in
favor of declining counters. (A=1228 D=1287)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20031 / 5958 and 19023 / 5714 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20650 / 6132 and 20073 / 5971 levels, respectively.
The monthly momentum oscillators are now positively
poised; whereas the weekly momentum oscillators are
Source: Falcon
contradictory.
Actionable points:
Trading strategy:
Yesterday, after a dull session on Tuesday and range bound
View
Bearish below 6106
activity in the first half, we witnessed a sharp correction
Expected Targets
6036 - 5972
from intraday highs. In the process, the Nifty plunged nearly
Resistance Level
6163 - 6213
one and half a percent in less than an hour. This price
development has resulted in a formation of ‘Evening Star’
Japanese candlestick pattern at the strong resistance of
61.8% Fibonacci retracement level of the previous fall. The
said pattern has significantly bearish implications and is
generally formed around market tops. Also the RSI
momentum indicator has given a negative crossover and
indicates possibility of near term correction if the index
sustains below yesterday’s low of 6106. In this scenario,
6036 - 5972 levels may be re-tested. On the flipside, the
immediate resistance levels are seen around 6163 - 6213.
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Daily Technical Report
November 21, 2013
Bank Nifty Outlook - (10967)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened lower and traded
with modest pessimism for the major part of the session.
However, post midsession, the index suddenly plunged in-
line with our benchmark index and eventually managed
to close below the 11000 mark. In Bank Nifty also, we
are now observing bearish ‘Evening Star’ pattern. Again,
the said pattern has occurred near 61.8% Fibonacci
retracement level of the recent fall and also at the trend
line resistance. (Please refer Exhibit). Hence, going
forward, any sustainable move below 10900 may result
in further correction towards 10811 - 10660 levels. On
the flipside,
110067
-
11208 levels would act as
immediate resistances for the index.
Actionable points:
View
Bearish below 10900
Expected Targets
10811 - 10660
Resistance Level
11067 - 11208
Source: Falcon
Technical Calls
Date
Stock
Segment
Action
Price Range
CMP
SL
Target
21/11/2013
IDFC
Future
Sell
106-108
106.5
110.05
102 / 96
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Daily Technical Report
November 21, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,388
20,512
20,703
20,827
21,019
NIFTY
6,047
6,085
6,145
6,182
6,242
BANKNIFTY
10,759
10,863
11,010
11,114
11,261
ACC
1,040
1,052
1,063
1,076
1,087
AMBUJACEM
173
175
178
180
183
ASIANPAINT
512
518
528
534
543
AXISBANK
1,100
1,116
1,136
1,152
1,172
BAJAJ-AUTO
1,931
1,953
1,989
2,010
2,046
BANKBARODA
610
619
631
640
653
BHARTIARTL
335
340
346
351
358
BHEL
137
139
142
144
146
BPCL
327
331
339
343
350
CAIRN
313
316
320
322
326
CIPLA
385
389
395
399
405
COALINDIA
263
268
271
276
280
DLF
143
147
151
155
159
DRREDDY
2,390
2,408
2,435
2,453
2,480
GAIL
318
322
326
330
335
GRASIM
2,545
2,577
2,631
2,662
2,716
HCLTECH
1,062
1,074
1,095
1,107
1,128
HDFC
787
797
812
822
837
HDFCBANK
639
644
652
657
664
HEROMOTOCO
1,964
1,988
2,026
2,051
2,089
HINDALCO
117
119
122
124
127
HINDUNILVR
571
576
586
591
600
ICICIBANK
1,020
1,035
1,056
1,070
1,092
IDFC
103
105
107
109
111
INDUSINDBK
411
416
423
427
435
INFY
3,365
3,384
3,414
3,432
3,462
ITC
316
319
322
324
328
JINDALSTEL
245
249
255
258
264
JPASSOCIAT
46
47
49
50
51
KOTAKBANK
715
724
734
743
754
LT
961
969
981
989
1,001
LUPIN
844
851
863
870
882
M&M
922
932
945
955
969
MARUTI
1,607
1,629
1,664
1,686
1,721
NMDC
128
130
132
133
136
NTPC
151
153
155
157
159
ONGC
269
273
278
282
286
PNB
521
529
541
550
562
POWERGRID
92
93
94
95
96
RANBAXY
409
416
427
434
445
RELIANCE
842
852
868
878
894
RELINFRA
407
412
420
426
434
SBIN
1,751
1,774
1,804
1,826
1,857
SESAGOA
183
185
187
189
192
SUNPHARMA
586
592
601
607
616
TATAMOTORS
380
383
388
391
396
TATAPOWER
78
79
80
80
81
TATASTEEL
375
380
384
389
394
TCS
1,997
2,010
2,030
2,043
2,063
ULTRACEMCO
1,862
1,878
1,906
1,923
1,951
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Daily Technical Report
November 21, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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