Daily Technical Report
March 24, 2014
Sensex (21754) / Nifty (6493)
Exhibit 1: Nifty Daily Chart
The concluding session of the week opened half a percent
higher as indicated by the SGX nifty. The entire day's price
action was within the range of Thursday’s price action which
eventually led to a flat closing. On the sectoral front,
Healthcare and Oil & Gas counters somehow managed o
close in the green; whereas The Realty, Metal and Banking
counters remained under pressure. The advance to decline
ratio was in favor of advancing counters. (A=1205
D=843)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20894 / 6216 and 19654 / 5885 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21471 / 6397 and 20926 / 6227 levels, respectively.
Source: Falcon
The weekly chart now clearly exhibits a breakout from the
‘Bullish Flag’ pattern.
Actionable points:
Trading strategy:
View
Neutral
Support Levels
6440 - 6400
Resistance Levels
6563 - 6600
It’s been two weeks now since our markets posted a new all
time high on a closing basis. We are neglecting all the
negative developments that are taking place across the globe.
This clearly indicates strength of our markets. Technically
speaking, we are not observing any major change in the chart
structure. The weekly ‘RSI’ momentum oscillator level is now
moving beyond the 60 mark, which is sign of gaining strength
of the higher degree trend i.e. bullish. Hence, we reiterate that
sooner or later markets would move out of this consolidation
phase and the index is likely to head towards 6700 - 6780
levels. Traders are advised to avoid intraday trading and stick
to their positional approach as it has become a buy-on-dips
market. On the lower side, the strong support zone is seen
around 6450 - 6430 levels. A dip (if any) towards this support
zone can be used as a buying opportunity.
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Daily Technical Report
March 24, 2014
Bank Nifty Outlook - (12092)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty opened half a percent higher in
line with the benchmark indices. It’s been a quiet week for
the bank nifty too. Like previous sessions, the banking
index traded in narrow and finally managed to close on a
flat note. Since there is no change in the chart structure
we reiterate our view that only a closing above 12250
would start the next leg of the rally. In this scenario, it may
immediately move towards 12450 - 12550 levels. On the
downside, 11867 - 11750 levels are considered as a
strong support zone for the banking index.
Actionable points:
View
Neutral
Support Levels
11867 - 11750
Source: Falcon
Resistance levels
12250 - 12450
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Daily Technical Report
March 24, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,644
21,699
21,785
21,839
21,925
NIFTY
6,463
6,478
6,501
6,516
6,538
BANKNIFTY
12,007
12,049
12,086
12,129
12,166
ACC
1,248
1,259
1,269
1,281
1,291
AMBUJACEM
180
182
184
187
189
ASIANPAINT
498
504
511
517
524
1,286
1,340
1,376
1,430
1,466
AXISBANK
BAJAJ-AUTO
1,964
1,971
1,979
1,986
1,995
BANKBARODA
636
646
653
663
670
BHARTIARTL
286
289
295
298
303
BHEL
185
186
187
189
190
BPCL
422
425
429
433
437
CAIRN
326
328
331
332
335
CIPLA
382
385
387
390
393
COALINDIA
256
259
262
265
268
DLF
166
168
170
173
175
DRREDDY
2,738
2,758
2,778
2,798
2,818
GAIL
345
349
354
358
363
GRASIM
2,703
2,724
2,742
2,763
2,781
HCLTECH
1,368
1,397
1,427
1,456
1,486
HDFC
828
836
847
854
865
HDFCBANK
728
731
734
737
740
HEROMOTOCO
2,022
2,045
2,080
2,103
2,139
HINDALCO
118
121
122
125
127
HINDUNILVR
564
568
574
578
585
ICICIBANK
1,179
1,189
1,202
1,212
1,224
IDFC
106
108
110
112
114
INDUSINDBK
465
468
473
476
481
INFY
3,237
3,271
3,305
3,339
3,372
ITC
350
354
356
360
362
JINDALSTEL
255
260
265
270
275
JPASSOCIAT
47
48
48
49
50
729
737
746
753
762
KOTAKBANK
LT
1,196
1,206
1,221
1,231
1,245
LUPIN
933
939
946
951
958
M&M
951
961
975
985
1,000
MARUTI
1,845
1,857
1,868
1,880
1,891
NMDC
125
127
130
132
135
NTPC
112
113
115
116
117
ONGC
297
302
310
315
324
PNB
631
637
641
646
650
POWERGRID
98
99
101
103
104
RANBAXY
339
344
349
354
359
RELIANCE
863
874
894
905
925
RELINFRA
399
404
408
413
417
SBIN
1,678
1,690
1,701
1,713
1,724
SESAGOA
170
173
176
179
182
SUNPHARMA
570
575
584
589
598
TATAMOTORS
379
384
387
392
395
TATAPOWER
78
79
79
81
81
TATASTEEL
346
354
360
368
373
TCS
2,059
2,093
2,119
2,153
2,179
ULTRACEMCO
1,916
1,936
1,950
1,970
1,984
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Daily Technical Report
March 24, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Sameet Chavan
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Technical Analyst
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