Daily Technical Report
September 22, 2014
Sensex (27090) / Nifty (8121)
Exhibit 1: Nifty Daily Chart
The concluding session of the week opened on a positive
note as indicated by the SGX Nifty. Index then witnessed a
half a percent follow up buying to yesterday’s rally; but,
failed to sustain at higher levels and eventually managed to
close with very nominal gains. On the sectoral front, the IT
and TECK counters outperformed the benchmark index;
whereas the Capital Goods and Oil & Gas sector remained
under pressure. The advance to decline ratio was
marginally in favor of the declining counters. (A=1439
D=1621) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25513 / 7635 and 22059 / 6599 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26761 / 8018 and 25454 / 7607 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The concluded week was a difficult one for most traders as
the Nifty displayed dual sentiments. During the initial part of
View
Neutral
the week, in-line with our view, the Nifty corrected
Support Levels
8080 - 8040
immediately after posting a close below the important
Resistance Levels
8130 - 8180
support of 8050. In the process, the Nifty tested our
mentioned level of 7960 and went slightly below it. Until
Thursday’s opening, the near term chart structure looked
Going forward, only a sustainable move beyond 8130 on
slightly bearish as the Nifty sustained well below the 8000
the Nifty would open up the possibilities of a new high.
mark. But, quite surprisingly, we witnessed a sudden spurt
However still, we are not expecting any major upside targets
in the market during the initial hour of trade on Thursday,
if this happens. In this scenario, 8220 - 8240 levels can be
which pulled the Nifty much higher from the early
seen on the Nifty. On the flipside, the hourly ’89 EMA’ level
morning’s low of 7939.70 in merely a few minutes. In this
of 8050 would once again act as a crucial support zone for
course of action, the Nifty managed to surge way beyond
the index. Similar to this week’s action, the Nifty may again
start showing weakness once it sneaks below the 8050 mark
the hourly ’89 EMA’ resistance zone of 8030 - 8050 before
on an hourly closing basis.
anyone could realize it. At times, being a trader, one needs
to have a flexible approach. Hence, immediately after this
To summarize, the Nifty is directionless at this moment;
development, we started looking at the market with a
hence, it’s advisable to remain light on positions and
positive bias and expected the Nifty to test 8100 - 8130. In
maintain a stock centric approach.
such a range bound market, we would like to take one step
at a time and hence, we are advising traders to concentrate
more on stock specific movements than the index as the
market is unable to find a clear near term direction.
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Daily Technical Report
September 22, 2014
Bank Nifty Outlook - (16152)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened higher in-line
with our benchmark index and pared down all early
morning gains. However, in the latter part, the Bank Nifty
slightly outperformed the Nifty by recovering from day’s
low to end the session on a flat note. Since, there is no
major change in chart structure, we continue to reiterate
our view that if the Bank Nifty manages to sustain above
16200 then we may expect an up move to continue
towards 16350 - 16450 levels. On the flipside, the
16000 mark is now seen as an immediate support for the
index.
Actionable points:
View
Neutral
Resistance Levels
16200 - 16350
Support Level
16000
Source: Falcon
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Daily Technical Report
September 22, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,929
27,010
27,128
27,209
27,328
NIFTY
8,074
8,098
8,129
8,153
8,185
BANKNIFTY
16,005
16,079
16,138
16,212
16,271
ACC
1,484
1,495
1,507
1,518
1,530
AMBUJACEM
209
212
214
217
220
ASIANPAINT
657
663
669
675
681
AXISBANK
393
400
406
413
418
BAJAJ-AUTO
2,343
2,378
2,403
2,438
2,463
BANKBARODA
920
935
951
965
981
BHARTIARTL
404
409
415
420
426
BHEL
217
222
227
232
237
BPCL
643
650
660
667
678
CAIRN
319
322
325
327
330
CIPLA
611
620
629
637
646
COALINDIA
339
342
346
349
353
DLF
168
170
173
175
178
DRREDDY
3,113
3,168
3,204
3,259
3,295
GAIL
438
444
449
455
460
GRASIM
3,598
3,642
3,671
3,715
3,743
HCLTECH
1,596
1,635
1,673
1,712
1,750
HDFC
1,038
1,052
1,063
1,077
1,088
HDFCBANK
845
853
859
866
872
HEROMOTOCO
2,893
2,922
2,970
2,999
3,046
HINDALCO
160
162
164
167
169
HINDUNILVR
718
728
740
749
761
ICICIBANK
1,548
1,560
1,568
1,580
1,588
IDFC
144
146
148
150
153
INDUSINDBK
614
622
629
636
643
INFY
3,617
3,660
3,724
3,766
3,830
ITC
352
355
358
362
365
JINDALSTEL
199
205
214
220
229
KOTAKBANK
1,037
1,050
1,060
1,073
1,083
LT
1,489
1,510
1,550
1,572
1,611
LUPIN
1,346
1,374
1,393
1,420
1,439
M&M
1,344
1,359
1,380
1,395
1,417
MARUTI
3,005
3,044
3,069
3,108
3,133
NMDC
170
172
174
177
179
NTPC
135
137
138
139
141
ONGC
392
398
408
414
424
PNB
957
967
983
994
1,009
POWERGRID
134
135
137
139
141
RELIANCE
976
986
1,001
1,011
1,026
SBIN
2,508
2,538
2,585
2,615
2,662
SSLT
280
283
285
287
289
SUNPHARMA
794
801
813
819
831
TATAMOTORS
509
514
521
526
534
TATAPOWER
86
87
89
90
91
TATASTEEL
502
506
510
514
517
TCS
2,601
2,657
2,699
2,755
2,797
TECHM
2,411
2,444
2,470
2,504
2,529
ULTRACEMCO
2,603
2,622
2,644
2,663
2,685
WIPRO
570
579
586
595
602
ZEEL
298
306
311
319
325
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Daily Technical Report
September 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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