Daily Technical Report
January 22, 2014
Sensex (21205) / Nifty (6304)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened a tad higher
considering positive cues from other Asian bourses.
Subsequently, the index slipped into a consolidation mode and
eventually managed to close on a flat note. On the sectoral
front, the Banking, Auto and Metal sectors outperformed the
index; whereas the IT and Oil & Gas counters remained under
pressure throughout the session. The advance to decline ratio
was in favor of the advancing counters. (A=1376
D=1247)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20577 / 6122 and 19371 / 5808 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20983 / 6247 and 20596 / 6128 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
The daily ‘RSI-Smoothened’ momentum oscillator is
positively poised.
Source: Falcon
Actionable points:
Trading strategy:
A strong closing on Monday was followed by a quiet session
View
Neutral
yesterday but the overall bias remained positive for major part
Support Levels
6234 - 6160
of the session. As the market traded in a very narrow range
Resistance Levels
6330 - 6360
during the session, we are not observing any major change in
the chart structure. Hence, we continue to mention the crucial
and stiff resistance level of 6360. Only a sustainable move
beyond 6360 would result in a rally towards the 6415 mark. In
this case, the positive placement of daily ‘RSI-Smoothened’
may come into action and the index may even break a recent
swing high of 6415. On the flipside, the hourly '89 EMA' level
6234 is likely to act as a key support in coming trading
sessions.
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Daily Technical Report
January 22, 2014
Bank Nifty Outlook - (11172)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened slightly higher and
unlike, the benchmark index, traded with strong optimism
throughout the session. The Bank Nifty clearly
outperformed the Nifty by posting one and half a percent
gain as compared to the previous day. Although the Bank
Nifty moved higher, the index has not crossed the
mentioned resistance level of
11220. However,
considering the hourly chart structure along with the
positive placement of the daily ‘RSI-Smoothened’
oscillator, we are of the view that the resistance at 11220
will most likely be challenged in the coming session.
Once above 11220, we may witness immense buying
interest among the market participants, which may
eventually result into a rally towards 11350 - 11450. On
the flipside, 11075 - 10876 levels would now act as a
key support for the Bank Nifty.
Source: Falcon
Actionable points:
View
Bullish above 11220
Expected Targets
11350 - 11450
Support Levels
11075 - 10876
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Daily Technical Report
January 22, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,134
21,193
21,248
21,306
21,361
NIFTY
6,282
6,298
6,314
6,330
6,346
BANKNIFTY
10,979
11,075
11,133
11,229
11,286
ACC
1,016
1,024
1,030
1,038
1,044
AMBUJACEM
168
170
171
173
175
ASIANPAINT
468
473
478
484
489
AXISBANK
1,146
1,167
1,180
1,201
1,213
BAJAJ-AUTO
1,920
1,931
1,939
1,950
1,957
BANKBARODA
615
624
633
642
651
BHARTIARTL
298
301
306
310
315
BHEL
166
168
171
173
176
BPCL
328
333
339
343
350
CAIRN
321
322
325
326
329
CIPLA
412
415
419
422
427
COALINDIA
257
260
265
268
273
DLF
154
156
157
158
160
DRREDDY
2,619
2,635
2,652
2,668
2,685
GAIL
337
341
346
350
355
GRASIM
2,561
2,582
2,604
2,625
2,646
HCLTECH
1,416
1,428
1,443
1,455
1,471
HDFC
827
832
838
844
849
HDFCBANK
666
671
675
680
684
HEROMOTOCO
2,040
2,054
2,079
2,093
2,118
HINDALCO
110
111
112
114
115
HINDUNILVR
544
552
557
564
569
ICICIBANK
1,038
1,058
1,069
1,089
1,100
IDFC
99
100
101
102
102
INDUSINDBK
425
430
435
439
444
INFY
3,697
3,728
3,749
3,779
3,801
ITC
326
328
330
331
334
JINDALSTEL
256
259
261
263
265
JPASSOCIAT
47
48
48
49
50
KOTAKBANK
686
696
714
724
742
LT
999
1,005
1,011
1,018
1,024
LUPIN
899
903
910
914
920
M&M
884
894
908
918
932
MARUTI
1,768
1,785
1,799
1,816
1,830
NMDC
141
143
144
146
148
NTPC
128
129
131
133
134
ONGC
282
285
287
289
291
PNB
597
604
610
617
623
POWERGRID
97
97
98
99
99
RANBAXY
404
409
413
419
423
RELIANCE
855
859
866
870
878
RELINFRA
398
401
405
408
412
SBIN
1,633
1,646
1,659
1,673
1,686
SESAGOA
202
206
209
213
216
SUNPHARMA
568
574
584
590
600
TATAMOTORS
366
375
382
391
397
TATAPOWER
76
76
77
78
79
TATASTEEL
372
378
382
388
392
TCS
2,234
2,257
2,298
2,321
2,362
ULTRACEMCO
1,682
1,691
1,705
1,714
1,729
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Daily Technical Report
January 22, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]ngelbroking.com
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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