Daily Technical Report
November 22, 2013
Sensex (20229) / Nifty (5999)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened half a percent lower
as indicated by the SGX Nifty. Right from the opening trade, we
witnessed immense selling pressure in the market, which lasted
till the very end of the session. As a result, the Nifty kept falling
as the day progressed and eventually shaved off nearly two
percent from the previous close. On the sectoral front, the
Banking, Capital Goods and Auto counters were the major
losers and there was no sector in the positive territory. The
advance to decline ration was strongly in favor of declining
counters. (A=895 D=1569)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20035 / 5959 and 19014 / 5711 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20610 / 6119 and 20034 / 5960 levels, respectively.
The monthly momentum oscillators are now positively
Source: Falcon
poised; whereas the weekly momentum oscillators are
contradictory.
Actionable points:
Trading strategy:
View
Neutral
Yet another session dominated by the bears as they
Support Levels
5970 - 5940
snapped two percent during yesterday's session. As
Resistance Level
6058 - 6107
mentioned in our previous report, the 'Evening Star' pattern
got activated and as a result, we witnessed a free fall after
breaking the 6106 level. The index has now sneaked
marginally below the 'Upward Sloping Trendline' (please
refer the exhibit). However, at this juncture it is just above
the recent swing low of 5972. A sustainable move below
5970 may trigger further pessimism in the market. In this
scenario a fall towards 5940 - 5900 can be expected. On
the upside, 6058 - 6107 levels would act as immediate
resistance for the market in coming sessions.
www.angelbroking.com
1
Daily Technical Report
November 22, 2013
Bank Nifty Outlook - (10707)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened considerably lower
and remained under strong selling pressure of the bears.
Along with an 'Evening star' pattern, the index has now
also formed an even more bearish, ' Island Reversal'
Japanese candlestick pattern because of the gap down
opening seen yesterday. The index has now closed a tad
below daily '89 EMA' support placed at
10719.
Momentum oscillators on the daily chart are negatively
poised. Going forward, any sustainable move below
10657 may push the index towards 10500 - 10400
levels. On the flipside, 10866 - 10906 would act as
immediate resistance levels for the index.
Actionable points:
View
Neutral
Support Levels
10555 - 10412
Source: Falcon
Resistance Level
10866 - 10906
www.angelbroking.com
2
Daily Technical Report
November 22, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,942
20,086
20,333
20,476
20,723
NIFTY
5,915
5,957
6,027
6,069
6,139
BANKNIFTY
10,535
10,621
10,744
10,830
10,952
ACC
995
1,013
1,039
1,057
1,083
AMBUJACEM
166
169
173
175
179
ASIANPAINT
497
503
512
518
527
AXISBANK
1,055
1,071
1,094
1,110
1,134
BAJAJ-AUTO
1,881
1,907
1,946
1,972
2,011
BANKBARODA
591
599
610
619
630
BHARTIARTL
332
336
340
343
347
BHEL
134
135
138
140
143
BPCL
324
328
334
337
343
CAIRN
312
315
318
320
324
CIPLA
379
383
390
393
400
COALINDIA
263
266
271
274
279
DLF
142
144
146
148
151
DRREDDY
2,358
2,384
2,416
2,442
2,474
GAIL
313
317
323
327
333
GRASIM
2,546
2,562
2,588
2,604
2,630
HCLTECH
1,033
1,047
1,072
1,087
1,112
HDFC
765
773
789
797
812
HDFCBANK
629
633
639
644
650
HEROMOTOCO
1,968
1,982
2,005
2,019
2,041
HINDALCO
117
118
120
121
123
HINDUNILVR
566
570
577
581
588
ICICIBANK
1,012
1,021
1,031
1,040
1,050
IDFC
101
102
104
105
106
INDUSINDBK
390
396
407
413
424
INFY
3,266
3,305
3,352
3,392
3,439
ITC
306
309
315
318
324
JINDALSTEL
239
242
248
252
258
JPASSOCIAT
45
46
47
47
48
KOTAKBANK
696
704
716
724
736
LT
926
937
957
968
988
LUPIN
831
838
848
856
866
M&M
921
928
938
945
955
MARUTI
1,622
1,635
1,651
1,664
1,680
NMDC
128
129
130
131
133
NTPC
146
148
151
153
156
ONGC
265
268
272
275
280
PNB
505
511
522
528
538
POWERGRID
92
93
93
94
95
RANBAXY
403
409
418
424
434
RELIANCE
834
841
850
857
867
RELINFRA
403
406
411
414
418
SBIN
1,735
1,749
1,769
1,783
1,802
SESAGOA
171
175
182
186
192
SUNPHARMA
569
575
586
592
603
TATAMOTORS
379
381
384
386
389
TATAPOWER
75
76
78
79
81
TATASTEEL
374
378
382
386
389
TCS
1,946
1,966
2,000
2,021
2,055
ULTRACEMCO
1,821
1,833
1,860
1,872
1,899
www.angelbroking.com
3
Daily Technical Report
November 22, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4