Daily Technical Report
July 23, 2014
Sensex (26026) / Nifty (7768)
Exhibit 1: Nifty Daily Chart
Yesterday’s session opened higher as indicated by the pre-
opening session. Barring some small correction post the
midsession, index maintained its strong optimism
throughout the session and eventually closed with more
than a percent gains. On the sectoral front, the IT, Oil &
Gas and Consumer Durables sectors closed with decent
gains; whereas the Capital Goods and Power counters
remained slightly under pressure for yet another session.
The advance to decline ratio was marginally in favor of the
declining
counters.
(A=1471 D=1491) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24000 / 7176 and 21084 / 6309 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
25370 / 7584 and 23908 / 7141 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Our benchmark index posted six consecutive sessions in the
Support Levels
7717 - 7676
positive territory. Honestly speaking, yesterday’s up move
Resistance Level
7809
was quite unexpected for us. Due to decent rally, the index
has now closed well above the ‘Budget Day’ high of 7731.
Going forward, we would advise traders to shift their focus
on individual stock moves. In case, if the positive
momentum sustains in the market then the index may test its
new all-time high of 7809 or may surpass it. On the
flipside, 7717 would now act as an immediate support level
for the index. This level coincides with the small ‘Upward
Sloping Channel’ in the hourly chart. Only a sustainable
move below this level would apply immediate brakes on
current optimism. As a result, the index may slide towards
7676 level.
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Daily Technical Report
July 23, 2014
Bank Nifty Outlook - (15427)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher; but as the
day progressed, we observed that the banking index
completely underperformed the Nifty by closing
marginally in the positive territory. Due to this narrow
price action, we are not seeing any major change in the
chart structure. We maintain our view that 15550 -
15600 is seen as an immediate resistance zone; whereas
the immediate support is seen around 15300 - 15089.
Actionable points:
View
Neutral
Support Levels
15300 - 15089
Resistance Levels
15550 - 15600
Source: Falcon
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Daily Technical Report
July 23, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,682
25,854
25,952
26,124
26,222
NIFTY
7,680
7,724
7,749
7,793
7,818
BANKNIFTY
15,235
15,331
15,402
15,498
15,569
ACC
1,463
1,476
1,488
1,501
1,513
AMBUJACEM
218
221
223
225
227
ASIANPAINT
584
594
602
612
621
AXISBANK
1,985
2,000
2,018
2,034
2,052
BAJAJ-AUTO
2,052
2,061
2,073
2,082
2,094
BANKBARODA
809
820
833
844
857
BHARTIARTL
334
344
350
361
367
BHEL
227
231
235
238
242
BPCL
575
579
585
589
595
CAIRN
339
341
344
346
350
CIPLA
434
438
441
445
448
COALINDIA
375
382
385
391
395
DLF
212
214
216
219
221
DRREDDY
2,627
2,676
2,706
2,754
2,785
GAIL
429
435
439
445
450
GRASIM
3,326
3,360
3,392
3,426
3,458
HCLTECH
1,482
1,505
1,519
1,543
1,557
HDFC
994
1,018
1,031
1,055
1,068
HDFCBANK
821
830
837
846
852
HEROMOTOCO
2,486
2,503
2,526
2,543
2,565
HINDALCO
180
184
187
191
194
HINDUNILVR
621
628
632
638
643
ICICIBANK
1,457
1,470
1,480
1,493
1,503
IDFC
156
159
161
164
167
INDUSINDBK
545
552
558
565
572
INFY
3,178
3,206
3,226
3,254
3,275
ITC
348
350
352
355
356
JINDALSTEL
290
293
296
300
303
KOTAKBANK
923
936
945
958
966
LT
1,608
1,631
1,658
1,681
1,708
LUPIN
1,070
1,084
1,094
1,108
1,118
M&M
1,160
1,170
1,182
1,192
1,204
MARUTI
2,455
2,484
2,523
2,552
2,590
MCDOWELL-N
2,354
2,370
2,393
2,409
2,432
NMDC
170
173
175
178
181
NTPC
147
148
150
151
152
ONGC
404
407
409
411
413
PNB
897
909
923
935
949
POWERGRID
133
134
136
137
139
RELIANCE
989
1,010
1,022
1,043
1,055
RELINFRA
732
745
760
773
788
SBIN
2,480
2,502
2,526
2,548
2,571
SSLT
290
294
297
300
303
SUNPHARMA
739
745
751
757
764
TATAMOTORS
466
477
482
493
498
TATAPOWER
102
103
105
106
107
TATASTEEL
548
555
562
569
576
TCS
2,433
2,483
2,511
2,561
2,590
TECHM
2,085
2,110
2,127
2,152
2,169
ULTRACEMCO
2,486
2,503
2,519
2,536
2,551
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Daily Technical Report
July 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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