Daily Technical Report
January 23, 2014
Sensex (21338) / Nifty (6339)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened on a subdued note
considering quiet trading mood across the globe. During the
initial hour, we witnessed a bit of selling pressure but a smart
recovery from day’s low eventually led to a closing near the
highest point of the session. Barring the Capital Goods and
FMCG, all other sectors closed in the positive territory. The
Healthcare, Metal and Oil & Gas counters were among the
major gainers. The advance to decline ratio was in favor of the
advancing
counters.
(A=1407
D=1272)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20577 / 6122 and 19371 / 5808 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20983 / 6247 and 20596 / 6128 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
The daily ‘RSI-Smoothened’ momentum oscillator is
positively poised.
Source: Falcon
Actionable points:
Trading strategy:
Despite early morning weakness, the bulls successfully
View
Bullish above 6360
managed to hold the Nifty above the 6280 support level. The
Expected Targets
6415 - 6500
index maintained its positive bias for the major part of the
Support Levels
6280 - 6234
session and made an effort to approach 6360 mark during
late trade. The hourly chart structure indicates high probability
of a breakout above 6360. However, we would wait for a
sustainable movement above this resistance level. A close
above 6360 may eventually result in a rally towards 6415 /
6500 levels. On the flipside, 6280 will now hold a key support
on an intraday basis. Any move below this support would result
in a loss of current optimism. In this scenario, the strong
support zone of hourly ’89 EMA’ (6234) may get tested.
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Daily Technical Report
January 23, 2014
Bank Nifty Outlook - (11207)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened quietly and
immediately slipped lower in line with weakness across
the broader market. However, the index found decent
support around the hourly ’89 EMA’ level of 11090 and
thus managed to recover smartly throughout the
remaining part of the session. We have been mentioning
a crucial resistance level of 11220, which was crossed on
an intraday basis. Although, the closing is a tad lower, we
expect the index to move towards 11350 - 11450 on the
back of the hourly chart structure and the positive
placement of the daily ‘RSI-Smoothened’ oscillator. On
the flipside, 11075 - 10876 levels would now act as a
key support for the Bank Nifty.
Actionable points:
View
Bullish above 11250
Expected Targets
11350 - 11450
Support Levels
11075 - 10876
Source: Falcon
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Daily Technical Report
January 23, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,085
21,211
21,295
21,421
21,504
NIFTY
6,263
6,301
6,325
6,363
6,388
BANKNIFTY
11,030
11,119
11,184
11,272
11,337
ACC
1,013
1,018
1,024
1,030
1,035
AMBUJACEM
168
170
171
172
173
ASIANPAINT
461
467
473
479
485
AXISBANK
1,159
1,174
1,188
1,203
1,217
BAJAJ-AUTO
1,917
1,933
1,943
1,959
1,969
BANKBARODA
620
627
631
638
643
BHARTIARTL
100
100
101
101
102
BHEL
302
306
309
313
316
BPCL
167
168
170
172
174
CAIRN
330
337
342
348
353
CIPLA
319
320
322
324
326
COALINDIA
411
417
421
427
432
DLF
258
260
263
265
267
DRREDDY
154
157
158
160
162
GAIL
2,625
2,648
2,668
2,691
2,711
GRASIM
339
341
344
346
348
HCLTECH
2,537
2,561
2,590
2,614
2,643
HDFC
1,399
1,422
1,436
1,459
1,473
HDFCBANK
824
832
839
848
855
HEROMOTOCO
669
673
679
683
689
HINDALCO
2,038
2,049
2,061
2,072
2,083
HINDUNILVR
111
113
114
116
117
ICICIBANK
547
557
562
572
577
IDFC
1,061
1,074
1,083
1,096
1,105
INDUSINDBK
427
431
434
438
441
INFY
3,723
3,745
3,761
3,783
3,799
ITC
320
324
326
330
332
JINDALSTEL
258
260
262
264
265
JPASSOCIAT
47
48
48
49
50
KOTAKBANK
689
700
709
719
729
LT
985
995
1,006
1,016
1,027
LUPIN
891
909
920
939
950
M&M
891
904
911
924
931
MARUTI
1,783
1,796
1,807
1,820
1,831
NMDC
143
144
145
146
147
NTPC
129
131
132
134
135
ONGC
283
286
289
292
295
PNB
595
606
613
625
632
POWERGRID
97
98
98
99
99
RANBAXY
411
413
416
419
422
RELIANCE
851
862
869
879
886
RELINFRA
398
405
410
418
422
SBIN
1,624
1,635
1,647
1,658
1,669
SESAGOA
205
208
210
212
214
SUNPHARMA
568
583
591
606
615
TATAMOTORS
377
382
385
389
392
TATAPOWER
75
76
77
77
78
TATASTEEL
381
387
391
397
400
TCS
2,246
2,260
2,278
2,293
2,311
ULTRACEMCO
1,653
1,674
1,689
1,710
1,725
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Daily Technical Report
January 23, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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