Daily Technical Report
June 23, 2014
Sensex (25106) / Nifty (7511)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a flat note as
indicated by the SGX Nifty. Throughout the session, we
witnessed a range bound movement; but the index
managed to maintain its negative bias to close almost at
the lowest point of the day. On the sectoral front, the
Capital goods, Auto and Healthcare counters were under
pressure; whereas the Consumer Durables counters
managed to outperform the benchmark index. The advance
to decline ratio was in favor of the declining counters.
(A=1250 D=1720) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22994 / 6861 and 20576 / 6158 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
24785 / 7404 and 22961 / 6853 levels, respectively.
The daily ‘RSI’ momentum oscillator confirmed its
breakdown from the ‘Horizontal Line’ level of 64.50
Source: Falcon
Trading strategy:
Actionable points:
The nominal losses on a weekly basis doesn’t portray the
View
Bearish below 7500
actual price action happened during the week. Honestly
Expected Targets
7430 - 7400
speaking, the market movement on Tuesday and
Resistance Level
7612
Wednesday might have certainly whipsawed many day
traders. In fact, we expected Nifty to sneak below Monday’s
low of 7487.55, which didn’t happen. However, despite
We reiterate that the correction which we are expecting is
Tuesday’s surprising spurt, all other sessions during the
purely for the near term. The higher degree trend remains
week moved as per our expectation. Looking at the hourly
strongly bullish and hence, it’s advisable to use every
chart, it is clearly seen that the ’89 EMA’ is playing a sheet
meaningful correction to accumulate stocks from a value
anchor role for the index. But, we maintain our view that the
buying proposition.
Nifty is likely to sneak below 7487.55 and then may correct
towards 7430 - 7400 levels. The important observation on
daily ‘RSI’ momentum oscillator supports our hypothesis.
This technical tool broke down from the ‘Horizontal line’
level of 64.50 (please refer the exhibit 2), which can be
considered as a strong sign of weakness. However, at this
juncture, we are not seeing any major signal on higher
degree chart of breaking the crucial support of 7400. In
case of any major development during the next week, if the
index sustains below the 7400 mark then the possibility of
testing 7280 - 7220 levels cannot be ruled out. On the
upside,
7612
-
7700 levels are seen as immediate
resistance levels for the index.
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Daily Technical Report
June 23`, 2014
Bank Nifty Outlook - (14998)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened on a flat note in
line with the benchmark index. Subsequently, index made
a valiant attempt to move higher; but the hourly ’89 EMA’
level of 15200 acted as a strong hurdle. Immediately post
the midsession, we witnessed a strong selling pressure
near day’s high, which eventually dragged the index
lower to close tad below the 15000 mark. The index is
now trading near the lower end of the range, which is
14850. Looking at the negative placement of weekly ‘RSI’
momentum oscillator, we expect the index to correct
towards 14700 - 14600 levels if it manages to sustain
below 14850. On the flipside, 15220 would act as a
strong resistance for the index.
Actionable points:
View
Bearish below 14850
Expected Targets
14700 - 14600
Resistance Level
15220
Source: Falcon
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Daily Technical Report
June 23`, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,926
25,016
25,146
25,236
25,366
NIFTY
7,460
7,486
7,523
7,549
7,586
BANKNIFTY
14,840
14,919
15,057
15,136
15,274
ACC
1,406
1,422
1,444
1,460
1,482
AMBUJACEM
214
216
219
221
223
ASIANPAINT
550
559
566
576
583
AXISBANK
1,804
1,835
1,859
1,891
1,915
BAJAJ-AUTO
2,118
2,149
2,176
2,207
2,234
BANKBARODA
812
821
836
845
859
BHARTIARTL
331
335
337
341
344
BHEL
233
236
240
243
248
BPCL
536
544
557
565
577
CAIRN
362
367
370
375
379
CIPLA
413
419
429
435
444
COALINDIA
374
380
387
394
401
DLF
202
205
208
212
215
DRREDDY
2,404
2,422
2,448
2,465
2,491
GAIL
431
435
441
445
451
GRASIM
3,442
3,472
3,516
3,545
3,589
HCLTECH
1,415
1,429
1,449
1,464
1,483
HDFC
957
963
970
976
983
HDFCBANK
812
817
824
829
837
HEROMOTOCO
2,479
2,500
2,533
2,554
2,587
HINDALCO
159
161
166
168
172
HINDUNILVR
615
620
625
629
635
ICICIBANK
1,372
1,385
1,405
1,417
1,437
IDFC
127
128
129
130
132
INDUSINDBK
546
551
555
560
564
INFY
3,270
3,293
3,316
3,340
3,363
ITC
331
333
336
338
341
JINDALSTEL
311
315
319
323
328
KOTAKBANK
909
920
931
942
953
LT
1,623
1,635
1,653
1,666
1,684
LUPIN
977
988
1,002
1,013
1,027
M&M
1,113
1,129
1,153
1,168
1,193
MARUTI
2,340
2,353
2,375
2,389
2,411
MCDOWELL-N
2,438
2,559
2,632
2,753
2,826
NMDC
170
172
175
177
180
NTPC
149
150
152
154
156
ONGC
406
412
421
427
436
PNB
936
944
956
964
976
POWERGRID
129
131
132
134
135
RELIANCE
1,025
1,031
1,040
1,046
1,055
RELINFRA
708
718
732
741
755
SBIN
2,535
2,559
2,591
2,615
2,648
SSLT
286
289
293
296
301
SUNPHARMA
615
623
633
641
651
TATAMOTORS
429
433
438
442
447
TATAPOWER
99
100
102
103
105
TATASTEEL
507
514
524
530
541
TCS
2,247
2,270
2,284
2,307
2,321
TECHM
1,958
1,984
2,014
2,040
2,070
ULTRACEMCO
2,673
2,700
2,736
2,763
2,798
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Daily Technical Report
June 23`, 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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