Daily Technical Report
May 22, 2014
Sensex (24298) / Nifty (7253)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened on a flat note considering
quiet mood across the globe. During the session, index
remained range bound; but traded with negative bias for
the major part of the session and eventually managed to
close marginally in the negative territory. On the sectoral
front, the Realty, IT and FMCG sectors were among the
major gainers; whereas the Capital Goods and Banking
continued their profit booking. The advance to decline ratio
was strongly in favor of the advancing counters (A=2081
D=883) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21976 / 6554 and 20264 / 6065 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23162 / 6913 and 22222/ 6630 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Third consecutive session post the event traded within the
View
Neutral
narrow range and ended on a flat note. However, unlike
Support Levels
7193 - 7130
previous two sessions, index traded with a negative bias
Resistance Levels
7287 - 7354
almost throughout the session and closed marginally in the
negative territory. Since, there is no major change in the
chart structure; we continue to expect a stock specific
movement in coming trading session as well. The near term
range of 7354 to 7130 is still intact. We advise traders to
stick to their stock specific approach and trade with a
positional perspective.
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Daily Technical Report
May 22, 2014
Bank Nifty Outlook - (14952)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a quiet note
and continued its profit booking throughout the session.
In the process, the Bank Nifty shed another percent to
close below the 15000 mark. Going forward, yesterday’s
low of 14857 holds a key support for the index. Any
sustainable move below this level would aggravate the
selling pressure and as a result, the index may correct
further to test 14787 - 14662 levels. On the flipside,
15127 would act as an immediate resistance for the
banking index.
Actionable points:
View
Neutral
Support Levels
14857 - 14787
Resistance Level
15127
Source: Falcon
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Daily Technical Report
May 22, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,028
24,163
24,291
24,426
24,554
NIFTY
7,168
7,211
7,249
7,291
7,329
BANKNIFTY
16,710
15,831
13,979
13,100
11,248
ACC
1,330
1,355
1,397
1,423
1,465
AMBUJACEM
206
210
216
220
226
ASIANPAINT
520
533
541
555
563
AXISBANK
1,774
1,794
1,831
1,852
1,888
BAJAJ-AUTO
1,831
1,896
1,935
2,000
2,039
BANKBARODA
907
921
939
952
970
BHARTIARTL
327
333
342
348
356
BHEL
258
265
273
279
287
BPCL
544
552
558
567
573
CAIRN
340
344
350
353
359
CIPLA
382
386
390
394
398
COALINDIA
348
359
367
379
386
DLF
175
184
189
198
204
DRREDDY
2,254
2,277
2,303
2,326
2,351
GAIL
398
406
416
424
435
GRASIM
2,871
2,912
2,986
3,026
3,100
HCLTECH
1,297
1,316
1,330
1,349
1,363
HDFC
927
934
940
947
953
HDFCBANK
800
805
810
814
819
HEROMOTOCO
2,281
2,311
2,353
2,383
2,425
HINDALCO
147
153
158
165
170
HINDUNILVR
554
558
561
565
569
ICICIBANK
1,404
1,422
1,440
1,458
1,475
IDFC
128
130
133
135
138
INDUSINDBK
535
548
559
571
582
INFY
3,075
3,116
3,140
3,181
3,205
ITC
337
339
341
343
345
JINDALSTEL
277
282
288
293
298
KOTAKBANK
873
885
895
907
917
LT
1,444
1,460
1,486
1,502
1,528
LUPIN
917
923
931
937
945
M&M
1,104
1,127
1,145
1,168
1,186
MARUTI
2,138
2,153
2,182
2,197
2,226
MCDOWELL-N
2,570
2,664
2,716
2,810
2,862
NMDC
163
170
180
187
197
NTPC
141
143
145
148
150
ONGC
385
392
397
404
409
PNB
961
974
993
1,006
1,026
POWERGRID
122
123
124
126
127
RELIANCE
1,056
1,067
1,085
1,096
1,114
RELINFRA
662
679
701
718
740
SBIN
2,402
2,431
2,480
2,509
2,558
SSLT
230
240
245
255
260
SUNPHARMA
568
572
579
584
591
TATAMOTORS
428
432
439
443
450
TATAPOWER
93
95
97
99
101
TATASTEEL
450
456
463
470
477
TCS
2,043
2,063
2,076
2,096
2,109
TECHM
1,706
1,726
1,755
1,775
1,804
ULTRACEMCO
2,184
2,228
2,294
2,337
2,403
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Daily Technical Report
May 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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