Daily Technical Report
December 22, 2014
Sensex (27372) / Nifty (8225)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark index opened higher for the
second consecutive session and then consolidated
throughout the remaining part to end the session well above
the 8200 mark. The Capital Goods, IT, Metal and Oil &
Gas were among the major gainers; whereas the FMCG,
Realty and Auto sectors remained under pressure
throughout the session. The advance to decline ratio was
strongly in favor of the advancing counters. (A=1483
D=1417) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27017 / 8082 and 23339 / 6982 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
Source: Falcon
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Actionable points:
Trading strategy:
In the concluded week, we witnessed a complete roller-
View
Neutral
coaster ride in the market as the first half was dominated by
Support Levels
8180 - 8150
the bears and the latter by the bulls. In our previous weekly
Resistance Levels
8250 - 8280
report, we had mentioned that the crucial support of 8180
on the Nifty could likely get breached and the index may
In fact, if the Nifty closes below the Friday’s low of 8208,
drift lower in the week to follow. As expected, the Nifty
then we may see a resumption of the downward move
violated the mentioned support level and then drifted
where the Nifty could retest 8050 - 7961 levels. This
sharply towards our initial target of
7950 (low was
would then confirm a ‘Lower Top’ on the daily chart,
7961.35). However, quite surprising to us, the Nifty gave a
which may not bode well for the bulls in the near term. At
v-shaped recovery from the low and pared down all the
this juncture, we’ll rather adopt a wait-and-watch
losses to regain the 8200 mark. The massive rally was
approach and will closely observe the above mentioned
triggered by strength in the US bourses post the FOMC
possibilities.
meet on Wednesday and on the domestic front, the Union
It’s advisable for traders to stay light on positions and
cabinet gave a nod to the Goods and Services Tax (GST)
adopt a proper exit strategy. Also, the coming week may
bill. As a result, the chart structure has now become a bit
witness slightly higher volatility on account of the expiry of
confusing. The recent fall in the Nifty precisely halted
the December month derivative series.
around the 78.6% Fibonacci retracement level of rise from
7723.85 to 8626.95. On the other hand, we are now
observing a strong resistance zone around 8250 - 8300
levels on the Nifty, which is the daily ’20 EMA’ as well as the
50% Fibonacci retracement level of the recent fall from
8626.95 to 7961.35. Going forward, we maintain our
mildly negative stance on the market as long as the Nifty
doesn’t surpass 8300 on a closing basis.
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Daily Technical Report
December 22, 2014
Bank Nifty Outlook - (18479)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened higher in line
with the Nifty. However, the overall intraday movement
was muted as the index struggled to surpass the strong
resistance of 18550. Going forward, we maintain our
view that only a sustainable move beyond this level may
extend this up move. On the flipside, if we witness a
selling pressure in the banking conglomerates then we
may witness immediate correction towards
18300
-
18200 levels.
Actionable points:
View
Neutral
Resistance Level
18500 - 18550
Support Levels
18300 - 18200
Source: Falcon
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Daily Technical Report
December 22, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,182
27,277
27,387
27,482
27,592
NIFTY
8,178
8,201
8,232
8,256
8,287
BANKNIFTY
18,336
18,407
18,485
18,557
18,635
ACC
1,361
1,371
1,386
1,395
1,410
AMBUJACEM
219
222
225
228
230
ASIANPAINT
709
721
740
752
772
AXISBANK
483
487
492
495
500
BAJAJ-AUTO
2,414
2,444
2,484
2,514
2,554
BANKBARODA
1,011
1,026
1,049
1,063
1,086
BHARTIARTL
330
336
343
349
356
BHEL
253
256
261
264
269
BPCL
638
646
656
664
675
CAIRN
233
237
240
244
247
CIPLA
606
612
623
630
641
COALINDIA
362
369
374
381
387
DLF
124
128
133
137
143
DRREDDY
3,140
3,170
3,195
3,225
3,250
GAIL
426
431
436
440
445
GRASIM
3,313
3,345
3,367
3,399
3,421
HCLTECH
1,523
1,556
1,579
1,612
1,634
HDFC
1,092
1,103
1,112
1,123
1,132
HDFCBANK
924
933
941
949
957
HEROMOTOCO
2,979
3,026
3,088
3,135
3,196
HINDALCO
150
154
156
160
163
HINDUNILVR
738
746
759
767
780
ICICIBANK
343
349
353
360
364
IDFC
153
154
156
157
159
INDUSINDBK
759
765
775
781
791
INFY
1,976
1,987
1,998
2,009
2,020
ITC
362
366
371
374
379
JINDALSTEL
132
134
138
140
144
KOTAKBANK
1,211
1,223
1,245
1,258
1,279
LT
1,505
1,520
1,533
1,549
1,562
LUPIN
1,397
1,408
1,424
1,434
1,450
M&M
1,199
1,210
1,231
1,243
1,264
MARUTI
3,279
3,319
3,391
3,431
3,502
NMDC
137
139
141
143
145
NTPC
131
133
135
137
138
ONGC
339
344
349
354
359
PNB
218
221
226
229
234
POWERGRID
129
132
134
138
140
RELIANCE
871
886
897
912
923
SBIN
298
301
307
310
315
SSLT
203
206
208
211
214
SUNPHARMA
795
801
811
817
826
TATAMOTORS
476
481
489
494
503
TATAPOWER
80
82
83
85
86
TATASTEEL
398
402
407
410
415
TCS
2,445
2,478
2,501
2,534
2,557
TECHM
2,538
2,559
2,583
2,603
2,627
ULTRACEMCO
2,423
2,461
2,488
2,525
2,552
WIPRO
539
545
550
555
560
ZEEL
370
376
382
388
394
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Daily Technical Report
December 22, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
-
Technical Analyst
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