Daily Technical Report
December 23, 2014
Sensex (27702) / Nifty (8324)
Exhibit 1: Nifty Daily Chart
The opening session of the week started slightly higher amid
firm global cues. Subsequently, the index consolidated
within a narrow range until the last hour of the trade where
we witnessed a spurt in the market to push the index
beyond the 8300 mark. All sectors during the session ended
in the positive territory amongst which the Banking, FMCG
and Metal were the major gainers. The advance to decline
ratio was in favor of the advancing counters. (A=1552
D=1355) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27017 / 8082 and 23339 / 6982 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
The trading for the penultimate week of the calendar year
View
Neutral
2014 began on a positive note citing favorable cues from
Support Level
8250
the other Asian bourses. As expected, the Nifty was unable
Resistance Levels
8350 - 8370
to cross the stiff resistance zone of the daily ’89 EMA’
placed around
8250
-
8290. As a result, the index
consolidated marginally below this technical evidence for
the major part of the session. However, the concluding hour
of the day dictated the dominance of the bulls as the Nifty
soared more than a percent during the period and
surpassed the 8300 mark with an ease. Honestly speaking,
we were not expecting Nifty to cross this psychological level
so soon and without any discomfort. Currently, although,
the chart structure is showing possibility of extending these
gains; we would not trade aggressively on the long side
considering the possibility of forming a ‘Lower Top’.
Meanwhile, if the index manages to test 8350 - 8370
(61.8% Fibonacci retracement level of the recent fall) levels
then we would rather focus more on a stock specific action.
On the lower side, 8250 would now act as an immediate
resistance for the index.
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Daily Technical Report
December 23, 2014
Bank Nifty Outlook - (18747)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened marginally
higher and then slipped into a consolidation mode for the
major part of the session. However, the banking
conglomerates suddenly picked up a strong momentum
on the upside and became one of the major contributors
in pushing the Nifty well beyond the 8300 mark. Quite
surprisingly, the Bank Nifty thrashed the 78.6% Fibonacci
retracement level (18600) of the recent fall and then went
on to test the 18800 mark. At this juncture, we’ll adopt a
wait-n-watch approach for the Bank Nifty and will focus
more on its constituents. On the upside, the immediate
resistance level is seen at 18875.45 (high on December
05,
2014), which is the all time high also. On the
downside,
18600
-
18500 are seen as immediate
support levels for the index.
Actionable points:
View
Neutral
Resistance Level
18875
Support Levels
18600 - 18500
Source: Falcon
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Daily Technical Report
December 23, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,260
27,481
27,603
27,824
27,946
NIFTY
8,192
8,258
8,294
8,361
8,397
BANKNIFTY
18,280
18,514
18,658
18,891
19,035
ACC
1,371
1,377
1,383
1,389
1,395
AMBUJACEM
222
226
228
231
233
ASIANPAINT
725
735
741
752
758
AXISBANK
481
490
495
504
509
BAJAJ-AUTO
2,423
2,450
2,480
2,507
2,537
BANKBARODA
1,023
1,039
1,049
1,065
1,075
BHARTIARTL
342
345
347
351
353
BHEL
256
261
264
269
272
BPCL
640
647
653
661
666
CAIRN
240
244
247
251
254
CIPLA
610
614
618
623
627
COALINDIA
373
382
387
395
401
DLF
129
131
134
136
139
DRREDDY
3,143
3,190
3,223
3,270
3,303
GAIL
429
438
445
454
461
GRASIM
3,330
3,374
3,399
3,444
3,469
HCLTECH
1,553
1,571
1,583
1,601
1,613
HDFC
1,099
1,122
1,137
1,160
1,174
HDFCBANK
934
949
957
972
981
HEROMOTOCO
3,038
3,076
3,100
3,138
3,161
HINDALCO
153
154
157
158
160
HINDUNILVR
746
757
763
774
781
ICICIBANK
347
353
357
363
367
IDFC
154
156
157
158
159
INDUSINDBK
757
767
775
785
793
INFY
1,960
1,980
1,995
2,015
2,030
ITC
365
369
374
379
383
JINDALSTEL
135
140
144
149
152
KOTAKBANK
1,229
1,244
1,254
1,269
1,279
LT
1,498
1,511
1,528
1,541
1,557
LUPIN
1,399
1,420
1,433
1,453
1,466
M&M
1,206
1,236
1,255
1,285
1,304
MARUTI
3,334
3,364
3,388
3,418
3,442
NMDC
139
142
144
148
150
NTPC
134
137
138
141
143
ONGC
347
352
355
361
364
PNB
218
221
223
226
229
POWERGRID
134
135
136
138
139
RELIANCE
885
895
901
911
917
SBIN
301
304
307
310
312
SSLT
200
205
211
217
222
SUNPHARMA
802
808
812
818
822
TATAMOTORS
475
485
491
501
507
TATAPOWER
83
84
84
85
85
TATASTEEL
393
399
404
410
415
TCS
2,451
2,482
2,506
2,537
2,560
TECHM
2,519
2,557
2,583
2,621
2,647
ULTRACEMCO
2,483
2,500
2,515
2,532
2,547
WIPRO
546
550
554
558
562
ZEEL
370
374
378
382
386
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Daily Technical Report
December 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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