Daily Technical Report
October 22, 2013
Sensex (20894) / Nifty (6205)
Exhibit 1: Nifty Weekly Chart
The opening session of the week started off on a flat note
considering quiet mood across the globe. We witnessed a
range bound activity throughout the session and eventually the
index closed on a muted note with a positive bias. On the
sectoral front, the Capital Goods, Realty and Metal counters
closed in the positive territory; whereas the FMCG, IT and Tech
sector’s remained under pressure. The advance to decline ratio
was strongly in favor of the advancing counters. (A=1440
D=993) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19591 / 5830 and 18867 / 5673 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20198 / 5986 and 19779 / 5889 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised.
Source: Falcon
On the Weekly chart, we are observing a ‘Horizontal Line’
(please refer the exhibit) resistance at 6230 level.
Actionable points:
Trading strategy:
Finally, the Nifty managed to close above the psychological
View
Bearish Below 6163
level of 6200 for the first time after 11th November 2010.
Resistance Level
6230
Although, we witnessed a positive closing, the overall activity
Expected Targets
6129 - 6070
was very choppy and range bound. This has resulted in
'Narrow Range' body formation on the daily chart. On the
higher side, we would still await a closing above 6230 mark,
which can be considered as a major hurdle for the bulls. Any
sustainable move above this level would negate all near term
as well as intermediate term possibilities of weakness in the
market. As a result, the index may get pushed towards 6339 -
6357 levels and the possibility of a new all-time high cannot
be ruled out. On the flipside, yesterday's low of 6163 would act
as immediate support for the Nifty. A move below this level
may pull the index lower to test 6129 - 6070 levels.
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Daily Technical Report
October 22, 2013
Bank Nifty Outlook - (10798)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a subdued note
in - line with our benchmark indices. The Bank Nifty has
now precisely tested the 78.6% Fibonacci Retracement
level of previous the previous fall (High of 11219 to low
of 9582). As there is no major change in the price
structure, we continue to reiterate our view that any
sustainable move beyond
10850 would open up
possibilities of further upside towards 11000 - 11220
levels. On the flipside, the intraday support levels are
seen around 10700 - 10550. We would like to highlight
that the weekly ‘Lower Top Lower Bottom’ in Bank Nifty in
weekly chart is still intact. This would get negated only if
the index closes above recent swing high of 11220 (high
on September 19, 2013).
Actionable points:
View
Bearish Below 10700
Expected Targets
10550 - 10400
Resistance Levels
10850 - 11000
Source: Falcon
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
22/10/2013
Aurobindo Pharma
Cash
Long
216 - 213
218.80
207
232
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Daily Technical Report
October 22, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,676
20,785
20,878
20,987
21,080
NIFTY
6,140
6,173
6,196
6,228
6,251
BANKNIFTY
10,619
10,708
10,790
10,879
10,961
ACC
1,107
1,128
1,147
1,168
1,187
AMBUJACEM
188
193
199
204
210
ASIANPAINT
470
493
511
534
553
AXISBANK
1,147
1,161
1,174
1,188
1,200
BAJAJ-AUTO
2,126
2,138
2,154
2,166
2,181
BANKBARODA
539
553
562
576
584
BHARTIARTL
345
349
354
358
364
BHEL
142
144
146
148
151
BPCL
351
357
364
370
377
CAIRN
325
328
330
333
336
CIPLA
408
412
418
422
427
COALINDIA
279
284
287
291
294
DLF
157
162
165
169
172
DRREDDY
2,394
2,417
2,451
2,474
2,507
GAIL
323
325
328
331
334
GRASIM
2,629
2,676
2,720
2,767
2,811
HCLTECH
1,022
1,053
1,084
1,115
1,145
HDFC
795
808
817
830
840
HDFCBANK
655
663
671
679
687
HEROMOTOCO
2,077
2,088
2,102
2,113
2,127
HINDALCO
113
116
118
120
123
HINDUNILVR
603
606
608
611
614
ICICIBANK
991
1,001
1,013
1,023
1,035
IDFC
95
98
100
103
105
INDUSINDBK
404
415
422
433
440
INFY
3,213
3,274
3,326
3,387
3,439
ITC
335
340
348
353
361
JINDALSTEL
238
242
250
254
261
JPASSOCIAT
46
47
47
48
49
KOTAKBANK
690
704
714
727
737
LT
869
897
913
942
958
LUPIN
895
904
912
921
928
M&M
862
875
885
898
908
MARUTI
1,438
1,479
1,511
1,552
1,584
NMDC
129
132
134
137
139
NTPC
143
146
147
149
150
ONGC
280
283
285
287
289
PNB
468
476
484
491
499
POWERGRID
99
99
100
100
100
RANBAXY
384
391
399
407
415
RELIANCE
889
901
908
920
928
RELINFRA
413
423
429
438
444
SBIN
1,643
1,657
1,676
1,690
1,709
SESAGOA
192
196
199
203
207
SUNPHARMA
621
626
631
635
640
TATAMOTORS
371
375
383
388
396
TATAPOWER
79
79
80
81
81
TATASTEEL
325
331
335
340
344
TCS
2,005
2,038
2,083
2,116
2,161
ULTRACEMCO
1,824
1,892
1,938
2,005
2,052
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Daily Technical Report
October 22, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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