Daily Technical Report
April 22, 2014
Sensex (22765) / Nifty (6818)
Exhibit 1: Nifty Daily Chart
The opening session of the week started with very minor gains
as indicated by the SGX Nifty. Subsequently, index slipped into
a consolidation mode and remained sideways for the major
part of the session. However, a strong surge during the final
hour resulted in a half a percent up move to conclude the day.
On the sectoral front, the capital Goods, Metal and Capital
Goods counters were among the major gainers; whereas the
IT, FMCG and Realty sectors closed with nominal losses. The
advance to decline ratio was strongly in favor of the advancing
counters. (A=1761 D=1029)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21390 / 6376 and 19898 / 5958 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22286 / 6667 and 21446 / 6397 levels, respectively.
Source: Falcon
The weekly ‘Stochastic’ momentum oscillator is signaling a
negative crossover.
Actionable points:
Trading strategy:
View
Neutral
Resistance Levels
6820 - 6860
Last Thursday’s strong closing was followed by a muted
Support Levels
6785 - 6748
opening; but our benchmark index (Nifty) managed to
maintain its positive bias throughout the session. As a result,
we witnessed a highest ever closing that too well above the
psychological level of
6800. Although, the current
momentum is quite strong on the upside, we feel that 6850
- 6860 (161% Fibonacci retracement level of the recent
hourly fall) would act as a major hurdle for the bulls. In
case, if the index manages to move well beyond this
resistance zone then it would certainly surprise us. On the
lower side, the intraday support levels are seen at 6785 -
6748. We are now approaching April month derivative
expiry session and hence, the volatility is likely to be
increased in next two sessions. We advise traders to trade
with strict stop losses and avoid taking undue risks.
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Daily Technical Report
April 22, 2014
Bank Nifty Outlook - (12959)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened slightly higher in-line
with our benchmark index. Right from the initial trade, the
banking index maintained its positive bias and eventually
went on to add another one and half a percent to the
bull’s kitty. If the momentum sustains in the banking
heavyweights then there is a possibility that the Bank Nifty
may test its recent high of 13055.60 or may even move
beyond it. Considering the daily as well as hourly chart
structure, we would like to remain neutral on the banking
index. On the downside, 12850 - 12700 levels are seen
as immediate support in coming trading sessions.
Actionable points:
View
Neutral
Resistance Levels
13056 - 13150
Support Levels
12850 - 12700
Source: Falcon
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Daily Technical Report
April 22, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,574
22,669
22,732
22,828
22,891
NIFTY
6,771
6,795
6,810
6,833
6,849
BANKNIFTY
12,769
12,864
12,933
13,028
13,097
ACC
1,318
1,334
1,352
1,368
1,385
AMBUJACEM
210
213
215
219
221
ASIANPAINT
526
533
540
546
554
AXISBANK
1,453
1,479
1,494
1,520
1,535
BAJAJ-AUTO
1,989
2,002
2,019
2,031
2,048
BANKBARODA
765
776
783
794
801
BHARTIARTL
321
328
332
339
343
BHEL
178
182
186
190
193
BPCL
437
450
459
473
482
CAIRN
352
358
364
370
377
CIPLA
393
396
401
404
408
COALINDIA
287
292
295
299
302
DLF
154
156
158
160
162
DRREDDY
2,513
2,532
2,555
2,573
2,596
GAIL
369
371
374
377
380
GRASIM
2,734
2,768
2,789
2,823
2,844
HCLTECH
1,413
1,426
1,435
1,448
1,457
HDFC
864
871
876
883
889
HDFCBANK
705
711
719
724
732
HEROMOTOCO
2,184
2,215
2,231
2,262
2,278
HINDALCO
140
142
143
145
146
HINDUNILVR
588
593
602
608
617
ICICIBANK
1,243
1,262
1,277
1,297
1,312
IDFC
117
118
120
121
122
INDUSINDBK
490
498
503
511
516
INFY
3,141
3,162
3,191
3,212
3,241
ITC
346
350
353
356
359
JINDALSTEL
275
279
282
286
289
KOTAKBANK
787
794
802
809
816
LT
1,254
1,288
1,307
1,341
1,360
LUPIN
943
950
957
964
971
M&M
973
1,003
1,021
1,052
1,070
MARUTI
1,933
1,961
1,981
2,008
2,028
MCDOWELL-N
2,810
2,829
2,850
2,868
2,889
NMDC
147
149
150
152
153
NTPC
122
123
124
125
126
ONGC
320
322
324
325
327
PNB
773
789
798
814
823
POWERGRID
104
105
107
108
109
RELIANCE
948
954
962
968
976
RELINFRA
508
520
530
542
551
SBIN
2,001
2,036
2,058
2,093
2,114
SSLT
188
195
201
208
214
SUNPHARMA
613
617
623
627
633
TATAMOTORS
420
426
430
436
441
TATAPOWER
82
83
84
85
86
TATASTEEL
414
419
422
427
430
TCS
2,194
2,208
2,225
2,239
2,257
TECHM
1,753
1,763
1,778
1,789
1,804
ULTRACEMCO
2,194
2,207
2,223
2,236
2,253
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Daily Technical Report
April 22, 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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