Daily Technical Report
August 22, 2014
Sensex (26360) / Nifty (7891)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a flat opening in-line with quiet
trading mood across the globe. Subsequently, index
witnessed some bit of profit booking from the early morning
highs; but managed to recover during the latter part of the
session to close with negligible gains. On the sectoral front,
the Consumer Durables, Banking and Capital Goods
counters were among the major gainers; whereas the
Realty, Metal and IT sectors remained under pressure
throughout the session. The advance to decline ratio was in
favor of the advancing counters. (A=1662 D=1361)
(Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24605 / 7356 and 21484 / 6428 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
25709 / 7688 and 24506 / 7322 levels, respectively.
Actionable points:
Trading strategy:
Yesterday was a third consecutive session where our
View
Neutral
benchmark index remained within a narrow trading range
Support Levels
7840 - 7800
and closed tad below the 7900 mark. We maintain our
Resistance Levels
7940 - 7980
view that the index is likely to move gradually towards the
7940 - 7980, which is the 'Upward Sloping Trend Line'
resistance zone and then consolidate for some time.
Meanwhile, the individual stocks are likely to outperform the
market. On the flipside, previous high of 7840 would act as
an important support for the index.
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Daily Technical Report
August 22, 2014
Bank Nifty Outlook - (15662)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a quite note;
but the entire day's movement was quite different to the
Nifty. Throughout the session, the Bank Nifty
outperformed our benchmark index by gaining more than
a percent. In the process, the banking index managed to
close at the highest point ever. Going forward, if the Bank
Nifty stays beyond 15722 then we are likely to witness a
strong upward momentum in the index. In this scenario,
16000 - 16200 levels can be expected. On the flipside,
15440 is now seen as an immediate support for the
index.
Actionable points:
View
Bullish above 15722
Expected Targets
16000 - 16200
Support Level
15440
Source: Falcon
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Daily Technical Report
August 22, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,160
26,260
26,362
26,462
26,565
NIFTY
7,825
7,858
7,889
7,922
7,953
BANKNIFTY
15,356
15,509
15,616
15,769
15,875
ACC
1,505
1,515
1,526
1,536
1,546
AMBUJACEM
210
212
214
216
219
ASIANPAINT
603
609
617
622
630
AXISBANK
389
394
398
403
407
BAJAJ-AUTO
2,165
2,217
2,248
2,299
2,330
BANKBARODA
865
883
896
914
927
BHARTIARTL
365
368
372
375
378
BHEL
226
228
230
232
234
BPCL
655
670
680
695
705
CAIRN
319
324
327
332
335
CIPLA
479
486
493
500
507
COALINDIA
359
361
366
369
373
DLF
192
194
198
201
205
DRREDDY
2,801
2,820
2,850
2,869
2,899
GAIL
419
425
431
438
444
GRASIM
3,347
3,377
3,421
3,451
3,495
HCLTECH
1,515
1,535
1,560
1,581
1,606
HDFC
1,049
1,057
1,068
1,076
1,088
HDFCBANK
815
824
830
838
844
HEROMOTOCO
2,487
2,523
2,547
2,582
2,607
HINDALCO
173
175
179
181
185
HINDUNILVR
703
707
713
716
722
ICICIBANK
1,516
1,530
1,547
1,562
1,578
IDFC
147
148
151
152
155
INDUSINDBK
560
564
569
574
579
INFY
3,514
3,532
3,547
3,565
3,581
ITC
342
344
346
348
350
JINDALSTEL
283
288
294
299
306
KOTAKBANK
984
1,001
1,015
1,032
1,045
LT
1,495
1,514
1,526
1,545
1,557
LUPIN
1,221
1,229
1,238
1,247
1,256
M&M
1,342
1,359
1,370
1,387
1,398
MARUTI
2,720
2,735
2,753
2,768
2,786
MCDOWELL-N
2,350
2,376
2,407
2,433
2,463
NMDC
168
171
174
177
180
NTPC
140
141
143
145
147
ONGC
417
422
426
430
434
PNB
908
937
954
983
999
POWERGRID
135
136
136
137
138
RELIANCE
983
989
996
1,003
1,010
SBIN
2,385
2,426
2,452
2,493
2,518
SSLT
286
288
291
293
295
SUNPHARMA
827
844
855
872
884
TATAMOTORS
500
507
512
519
524
TATAPOWER
92
92
94
95
96
TATASTEEL
529
533
537
541
546
TCS
2,411
2,422
2,441
2,452
2,471
TECHM
2,214
2,225
2,236
2,247
2,258
ULTRACEMCO
2,595
2,620
2,655
2,680
2,715
WIPRO
545
548
551
554
557
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Daily Technical Report
August 22, 2014
Research Team Tel: 022 - 30940000
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Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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