Daily Technical Report
April 23, 2014
Sensex (22758) / Nifty (6815)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened on a flat note
considering quiet global cues. Barring small early morning up
move, the index remained within a narrow trading range for
the remaining session and eventually ended with negligible
losses. On the sectoral front, the capital Goods and Oil & Gas
counters were among the major gainers; whereas the IT,
FMCG and Metal sectors remained under pressure throughout
the session. The advance to decline ratio was in favor of the
advancing
counters.
(A=1525
D=1324)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21390 / 6376 and 19898 / 5958 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22286 / 6667 and 21446 / 6397 levels, respectively.
The weekly ‘Stochastic’ momentum oscillator is signaling a
negative crossover.
Source: Falcon
Actionable points:
Trading strategy:
We witnessed a complete lethargic session just ahead of the
View
Bearish below 6806
April month derivative expiry session. Index consolidated
Expected Targets
6760 - 6748
within a small band for the entire session and maintained
Resistance Levels
6820 - 6860
its existence above the 6800 mark. This price movement
resulted in a formation of ‘Narrow Range’ body. An
occurrence of such pattern near the resistance zone
indicates uncertainty among market participants. We
continue to mention that 6850 - 6860 (161% Fibonacci
retracement level of the recent hourly fall) would act as a
major hurdle for the bulls. On the other hand, if the Nifty
manages to sustain below yesterday’s low of 6806 then we
may witness some intraday correction in the market. In this
scenario, the index may test 6760 - 6748 levels.
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Daily Technical Report
April 23, 2014
Bank Nifty Outlook - (12987)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a flat note in-line
with our benchmark index. The intraday movement of the
Bank Nifty was quite identical to the benchmark index.
The banking index too remained in a narrow band and
eventually closed with very minor gains. This resulted in a
‘Narrow Range’ body formation. Considering overbought
positions of intraday momentum oscillators, any
sustainable move below yesterday’s low of 12913 may
lead to some intraday correction. In this scenario, index
may test 12830 - 12700 levels. On the flipside, 13056 -
13150 are seen as immediate resistance levels.
Actionable points:
View
Bearish below 12913
Expected Targets
12830 - 12700
Resistance Levels
13056 - 13150
Source: Falcon
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Daily Technical Report
April 23, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,654
22,706
22,780
22,832
22,905
NIFTY
6,788
6,802
6,820
6,833
6,852
BANKNIFTY
12,854
12,921
12,980
13,047
13,107
ACC
1,309
1,323
1,341
1,354
1,372
AMBUJACEM
208
211
214
217
220
ASIANPAINT
530
533
538
541
545
AXISBANK
1,476
1,488
1,500
1,512
1,524
BAJAJ-AUTO
1,980
1,992
2,011
2,022
2,041
BANKBARODA
766
773
782
789
797
BHARTIARTL
329
332
335
338
341
BHEL
182
184
187
189
192
BPCL
450
466
477
493
503
CAIRN
359
361
364
366
369
CIPLA
390
393
398
401
406
COALINDIA
293
296
298
302
304
DLF
154
155
158
160
162
DRREDDY
2,529
2,541
2,560
2,572
2,591
GAIL
370
374
380
385
390
GRASIM
2,733
2,753
2,785
2,805
2,837
HCLTECH
1,419
1,436
1,448
1,465
1,477
HDFC
861
868
877
884
894
HDFCBANK
713
720
725
732
737
HEROMOTOCO
2,221
2,244
2,259
2,282
2,297
HINDALCO
137
141
144
148
151
HINDUNILVR
588
592
598
602
608
ICICIBANK
1,258
1,274
1,286
1,302
1,315
IDFC
117
118
120
121
122
INDUSINDBK
487
492
500
505
513
INFY
3,107
3,129
3,164
3,186
3,222
ITC
346
349
351
354
356
JINDALSTEL
267
271
278
283
289
KOTAKBANK
790
796
801
807
812
LT
1,302
1,324
1,340
1,362
1,377
LUPIN
944
963
974
993
1,004
M&M
1,006
1,016
1,031
1,041
1,056
MARUTI
1,943
1,959
1,983
1,999
2,023
MCDOWELL-N
2,816
2,825
2,840
2,848
2,863
NMDC
149
150
151
151
152
NTPC
122
123
124
125
126
ONGC
317
322
327
331
336
PNB
770
779
795
805
821
POWERGRID
103
105
106
107
108
RELIANCE
938
953
971
986
1,004
RELINFRA
516
522
532
537
547
SBIN
2,018
2,034
2,055
2,070
2,092
SSLT
187
191
196
199
205
SUNPHARMA
613
617
620
623
627
TATAMOTORS
422
425
430
433
438
TATAPOWER
81
82
84
85
86
TATASTEEL
415
418
421
424
427
TCS
2,200
2,211
2,230
2,241
2,260
TECHM
1,754
1,764
1,776
1,786
1,798
ULTRACEMCO
2,175
2,189
2,209
2,223
2,243
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Daily Technical Report
April 23, 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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