Daily Technical Report
September 23, 2015
Sensex (25652) / Nifty (7812)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened slightly higher in-line with the
global cues. Subsequently, index consolidated during the first
half; but, post the mid session, we witnessed a complete
nosedive in the market, which eventually resulted in a sharp
cut tad over two percent. All sectors during the session closed
well inside the negative territory amongst which the Banking,
Capital Goods and Metal witnessed massive correction. The
advance to decline ratio was strongly in favor of the declining
counters. (A=944 D=1738) (Source: www.bseindia.com).
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27117 / 8211 and 25904 / 7811 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
Source: Falcon
at 26051 / 7920 and 27161 / 8239 levels, respectively.
Actionable points:
Trading strategy:
Post gap up opening, the Nifty started falling from the initial
View
Neutral
trades. However, the selling pressure accelerated in the later
Resistance Levels
7850 - 7900
half of the session and as a result the index breached its
Support Level
7678 - 7600
crucial support of 7900 mark with an ease. The correction in
the index is on our expected lines as we have been warning
about the same in our daily report. The formation of ‘Bearish
Engulfing’ in yesterday’s session after the formation of
‘Shooting Star’ pattern on Friday indicates resumption of the
downtrend. The pull back seems ended around 8050 levels
and we may again rift towards 7600 levels in near term. Thus,
it’s a sell on rise market and any pullback should be used to
initiate short positions. Going forward, the immediate support
for Nifty is placed at 7678 and 7600 levels. On the flipside,
7850-7900 range will now act as a crucial resistance for the
index.
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Daily Technical Report
September 23, 2015
Bank Nifty Outlook - (17031)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty started the session with marginal
gains and started moving higher in the initial trades. But, the
up move was short livened as the responsive sellers were
active at higher levels. For the third consecutive session, the
banking index taken resistance in the ‘Gap’ area made on
August 24, 2015. The selling pressure accelerated as the day
progressed and as a result the Bank Nifty underperformed
the benchmark indices and closed the session the its low
point of the day (with the loss of 2.92 percent). With
yesterday’s massive strain, the Bank Nifty has made ‘Bearish
Engulfing’ pattern of previous two trading session in the
daily chart. The formation of such pattern has bearish
implication on a follow up closing below yesterday’s low i.e.
16946. Going forward, the selling pressure may continue
16780 - 16500 levels. On the upside, the resistance is placed
at 17180 - 17300 levels.
Actionable points:
Source: Falcon
View
Neutral
Resistance Levels
17180 - 17300
Support Levels
16780 - 16500
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Daily Technical Report
September 23, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
25,086
25,369
25,854
26,137
26,622
NIFTY
7,640
7,726
7,874
7,960
8,108
BANKNIFTY
16,504
16,767
17,210
17,474
17,916
ACC
1,307
1,330
1,364
1,387
1,420
AMBUJACEM
202
205
208
211
215
ASIANPAINT
778
791
815
829
853
AXISBANK
487
498
517
528
546
BAJAJ-AUTO
2,185
2,222
2,278
2,315
2,370
BANKBARODA
178
183
189
194
201
BHARTIARTL
332
338
346
352
361
BHEL
194
198
204
208
214
BOSCHLTD
20,145
20,527
21,213
21,595
22,281
BPCL
839
850
865
877
892
CAIRN
138
140
143
144
147
CIPLA
635
640
647
651
658
COALINDIA
308
316
330
338
353
DRREDDY
3,849
3,889
3,945
3,985
4,041
GAIL
285
288
290
293
295
GRASIM
3,340
3,385
3,432
3,477
3,524
HCLTECH
912
928
947
962
981
HDFC
1,129
1,149
1,183
1,203
1,237
HDFCBANK
1,004
1,017
1,039
1,052
1,073
HEROMOTOCO
2,330
2,360
2,405
2,434
2,479
HINDALCO
70
72
74
76
79
HINDUNILVR
775
780
789
794
802
ICICIBANK
262
266
273
278
285
IDEA
139
141
144
146
149
INDUSINDBK
849
869
895
914
940
INFY
1,080
1,094
1,115
1,129
1,150
ITC
305
309
313
317
322
KOTAKBANK
619
631
650
662
682
LT
1,427
1,456
1,509
1,538
1,591
LUPIN
1,842
1,857
1,878
1,893
1,914
M&M
1,166
1,177
1,190
1,200
1,213
MARUTI
4,398
4,436
4,478
4,515
4,557
NMDC
99
101
103
104
106
NTPC
115
118
123
125
130
ONGC
228
231
236
240
245
PNB
129
132
137
140
145
POWERGRID
125
128
132
136
140
RELIANCE
819
833
859
874
900
SBIN
229
233
241
246
253
VEDL
87
90
95
98
103
SUNPHARMA
883
892
900
909
918
TATAMOTORS
302
309
321
328
341
TATAPOWER
60
62
64
65
67
TATASTEEL
213
217
223
226
232
TCS
2,447
2,487
2,530
2,569
2,612
TECHM
539
548
563
572
587
ULTRACEMCO
2,699
2,754
2,845
2,900
2,991
WIPRO
582
589
597
603
611
YESBANK
693
713
743
764
794
ZEEL
375
382
393
400
411
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Daily Technical Report
September 23, 2015
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Technical Analyst
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