Daily Technical Report
May 23, 2014
Sensex (24374) / Nifty (7276)
Exhibit 1: Nifty Daily Chart
On Thursday, our benchmark index opened more the half a
percent higher as indicated by the SGX Nifty. This optimism
continued for the major part of the session. However, index
witnessed some selling pressure in the latter part and as a
result, our market eventually closed with nominal gains. On
the sectoral front, the Realty, Power and Metal sectors were
among the major gainers; whereas the IT and TECK
counters remained under pressure. The advance to decline
ratio was strongly in favor of the advancing counters
(A=2256 D=753) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22131 / 6601 and 20264 / 6065 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23469 / 7005 and 22223 / 6632 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
The range bound action continues; but, Nifty made an
attempt to move out of the range during yesterday's session.
View
Neutral
Unfortunately, it didn't happen as the index faced
Support Levels
7193 - 7130
tremendous selling pressure near day's high. We have to
Resistance Levels
7320 - 7354
reiterate that there is no major change in the chart structure
and hence, we continue to expect a stock specific movement
in coming trading sessions. The near term range for the
Nifty remains at 7130 to 7354. We advise traders to be
stock specific and trade on positional basis.
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Daily Technical Report
May 23, 2014
Bank Nifty Outlook - (15056)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a positive
note in line with the benchmark index. Similar to Nifty, the
banking index too moved higher; In fact, at one point, the
Bank Nifty was outperforming our benchmark index by
soaring more than two percent. However, a strong selling
pressure in the second half pulled the index much lower
to close on a flat note. We continue to reiterate that
14857 level (wednesday low) is a key support for the
index in the near term. Any sustainable move below this
level would aggravate the selling pressure and as a result,
the index may correct further to test 14787 - 14662
levels. On the flipside, 15205 would act as an immediate
resistance for the banking index.
Actionable points:
Source: Falcon
View
Neutral
Support Levels
14857 - 14787
Resistance Level
15205
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Daily Technical Report
May 23, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,210
24,292
24,409
24,491
24,607
NIFTY
7,223
7,250
7,285
7,311
7,346
BANKNIFTY
14,800
14,928
15,066
15,194
15,332
ACC
1,339
1,364
1,386
1,411
1,433
AMBUJACEM
209
212
216
219
224
ASIANPAINT
528
533
541
546
555
AXISBANK
1,782
1,812
1,835
1,865
1,888
BAJAJ-AUTO
1,950
1,968
1,998
2,017
2,047
BANKBARODA
907
916
930
939
953
BHARTIARTL
325
329
335
339
344
BHEL
253
258
266
272
280
BPCL
546
553
559
566
573
CAIRN
339
343
349
352
358
CIPLA
380
384
388
392
396
COALINDIA
369
380
390
401
412
DLF
184
197
208
222
232
DRREDDY
2,255
2,276
2,300
2,321
2,345
GAIL
404
415
422
433
440
GRASIM
2,875
2,917
2,948
2,990
3,022
HCLTECH
1,299
1,311
1,326
1,338
1,352
HDFC
901
911
928
937
954
HDFCBANK
788
795
805
812
822
HEROMOTOCO
2,253
2,281
2,334
2,363
2,415
HINDALCO
149
152
157
160
165
HINDUNILVR
557
560
563
566
569
ICICIBANK
1,417
1,434
1,460
1,477
1,502
IDFC
130
133
135
138
141
INDUSINDBK
544
556
565
576
585
INFY
3,026
3,070
3,125
3,169
3,224
ITC
337
342
345
349
352
JINDALSTEL
274
279
287
292
301
KOTAKBANK
875
884
897
906
919
LT
1,456
1,468
1,488
1,500
1,519
LUPIN
906
917
927
938
949
M&M
1,099
1,118
1,145
1,165
1,192
MARUTI
2,170
2,218
2,252
2,300
2,334
MCDOWELL-N
2,712
2,748
2,777
2,813
2,842
NMDC
174
177
181
184
188
NTPC
143
148
153
158
163
ONGC
385
389
396
400
407
PNB
964
975
992
1,002
1,019
POWERGRID
121
123
125
127
129
RELIANCE
1,071
1,086
1,100
1,115
1,128
RELINFRA
684
698
709
723
734
SBIN
2,440
2,476
2,507
2,543
2,574
SSLT
247
253
257
263
267
SUNPHARMA
564
572
580
588
596
TATAMOTORS
421
426
433
439
446
TATAPOWER
94
97
99
102
104
TATASTEEL
458
465
471
477
484
TCS
2,055
2,083
2,104
2,132
2,153
TECHM
1,726
1,737
1,751
1,762
1,776
ULTRACEMCO
2,188
2,227
2,258
2,297
2,328
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Daily Technical Report
May 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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