Daily Technical Report
September 23, 2014
Sensex (27207) / Nifty (8146)
Exhibit 1: Nifty Daily Chart
The opening session of the week began with a downside
gap as indicated by the SGX Nifty. Subsequently, the index
consolidated within a narrow range and eventually
managed to recover complete losses to even close slightly
inside the positive territory. On the sectoral front, the
Consumer Durables, FMCG, Auto and Oil & Gas counters
outperformed the benchmark index; whereas the Metal,
Health Care and Realty sectors remained under pressure.
The advance to decline ratio was marginally in favor of the
advancing counters. (A=1682 D=1353) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25513 / 7635 and 22059 / 6599 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26761 / 8018 and 25454 / 7607 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
A quiet session on Friday was followed by a gap down
View
Neutral
opening in our market. As a result, the Nifty shed nearly
Support Levels
8110 - 8050
half a percent during the initial hour. However, we
Resistance Level
8180
witnessed a strong buying interest emerging at lower levels
and hence, the index took a complete u-turn after posting a
low of 8064.80. This clearly indicates that the mentioned
support level of 8050 has a huge significance. In fact, post
the midsession, a positive momentum reinforced in some of
the heavyweight index constituents. This resulted into a
complete recovery from the lower levels and the Nifty
eventually managed to surpass the 8130 mark on a closing
basis. This positive development has now opened up the
possibilities of a new high. We reiterate that 8220 - 8240
levels can be expected in this case. On the lower side, 8050
remains to be a strong and crucial support level for the
index.
We are now nearing the September month derivate expiry;
hence, the volatility may increase in our market. It’s
advisable to trade with proper exit strategy and stick to stock
centric approach.
www.angelbroking.com
1
Daily Technical Report
September 23, 2014
Bank Nifty Outlook - (16195)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened lower in-line
with our benchmark index and had a similar movement
as it managed to pare down complete losses immediately
post the midsession. However, unlike the Nifty, the
banking index witnessed some profit booking towards the
latter part of the session, which resulted in a closing with
marginal gains. Despite all these developments, we are
not seeing any major change in chart structure. Hence,
we continue to reiterate our view that if the Bank Nifty
manages to sustain above 16200 then we may expect an
up move to continue towards 16350 - 16450 levels. On
the flipside, the
16100 mark is now seen as an
immediate support for the index.
Actionable points:
View
Neutral
Resistance Levels
16200 - 16350
Support Level
16100
Source: Falcon
www.angelbroking.com
2
Daily Technical Report
September 23, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,791
26,999
27,127
27,335
27,463
NIFTY
8,029
8,087
8,124
8,183
8,219
BANKNIFTY
15,911
16,053
16,163
16,304
16,414
ACC
1,466
1,480
1,490
1,504
1,514
AMBUJACEM
209
212
214
217
219
ASIANPAINT
634
643
655
665
677
AXISBANK
397
403
407
413
417
BAJAJ-AUTO
2,371
2,392
2,416
2,437
2,461
BANKBARODA
926
940
952
966
978
BHARTIARTL
406
410
414
419
423
BHEL
218
220
223
225
228
BPCL
643
657
666
679
688
CAIRN
317
319
321
323
325
CIPLA
597
605
615
623
634
COALINDIA
336
340
344
347
352
DLF
161
164
169
171
176
DRREDDY
3,110
3,161
3,199
3,250
3,288
GAIL
438
446
451
459
463
GRASIM
3,606
3,657
3,693
3,744
3,781
HCLTECH
1,638
1,669
1,686
1,716
1,734
HDFC
1,044
1,062
1,072
1,090
1,101
HDFCBANK
848
852
855
860
863
HEROMOTOCO
2,904
2,951
2,980
3,027
3,057
HINDALCO
158
160
163
165
168
HINDUNILVR
712
727
737
751
761
ICICIBANK
1,539
1,559
1,576
1,597
1,614
IDFC
142
144
145
146
148
INDUSINDBK
616
629
637
650
657
INFY
3,604
3,627
3,655
3,678
3,706
ITC
352
361
367
376
381
JINDALSTEL
204
209
212
218
221
KOTAKBANK
1,021
1,033
1,046
1,058
1,071
LT
1,504
1,519
1,531
1,545
1,558
LUPIN
1,356
1,373
1,393
1,411
1,431
M&M
1,343
1,358
1,367
1,382
1,391
MARUTI
3,021
3,043
3,064
3,087
3,108
NMDC
169
171
173
175
176
NTPC
135
136
137
137
138
ONGC
397
408
414
425
431
PNB
966
978
987
999
1,008
POWERGRID
135
136
137
138
139
RELIANCE
983
988
992
996
1,000
SBIN
2,507
2,554
2,590
2,637
2,672
SSLT
274
279
282
286
289
SUNPHARMA
776
787
799
810
823
TATAMOTORS
504
522
532
550
561
TATAPOWER
86
87
87
88
88
TATASTEEL
494
497
502
505
510
TCS
2,653
2,687
2,711
2,745
2,768
TECHM
2,437
2,453
2,471
2,487
2,505
ULTRACEMCO
2,558
2,587
2,627
2,657
2,696
WIPRO
573
577
581
586
590
ZEEL
300
303
310
313
319
www.angelbroking.com
3
Daily Technical Report
September 23, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4