Daily Technical Report
August 24, 2015
Sensex (27366) / Nifty (8300)
Exhibit 1: Nifty Hourly Chart
On Friday, our benchmark index opened with a massive
downside gap owing to extremely negative cues from the
global bourses. The index extended this loss in the initial hour
and then consolidated for quite some time. However, a smart
recovery in the broader market towards the fag end of the
session trimmed some losses and thus, the Nifty eventually
closed at the 8300 mark. Barring nominal gains from the IT,
FMCG and Healthcare, all other sectors ended well inside the
negative territory; amongst which the Capital Goods, Auto and
Banking counters were the major draggers. The advance to
decline ratio was strongly in favor of the declining counters.
(A=955 D=1862) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27812 / 8421 and 25915 / 7807 levels, respectively.
Source: Falcon
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27848 / 8450 and 27840 / 8427 levels, respectively.
Actionable points:
Trading strategy:
The Nifty had been trading within a range of 8650 - 8300
View
Neutral
since the last four weeks. However, once again, global
Resistance Levels
8350 - 8420
concerns frightened our markets and the Indian Rupee (INR)
Support Levels
8240 - 8150
hit a fresh two-year low. As a result, we witnessed a sharp
correction on Thursday, followed by a gap down opening on
Friday, leading the Nifty well below the 8300 mark. A breach
of an important support with a gap is known as a ‘Breakaway
Gap’, which is a sign of weakness. Thus, we are of the view that
the earlier trading range of 8650 - 8300 has now shifted
lower, wherein 8350 - 8420 would act a strong hurdle on the
upside. On the downside, an immediate correction towards
8100 (78.60% Fibonacci retracement level of the up move
from 7940.30 to 8654.75) on the Nifty cannot be ruled out.
As of now, we are not sure whether this level would get
breached. We would rather closely observe market movement
and see if the Nifty reaches the 8100 mark. If pessimism
continues to persist and the Nifty sneaks below this important
support level, then we may see a continuation of this
corrective move towards the 7940 level. At this juncture, it’s
advisable to exercise caution and remain light on positions.
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Daily Technical Report
August 24, 2015
Bank Nifty Outlook - (18057)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty opened with a deep cut of more than 300
points well below the psychological level of 18000 on Friday
on the back of extremely negative global cues. After the
initial sell off, the banking index moved in a narrow range
for the first half of the session. However, we witnessed some
pull back in the banking counters in the latter half and as a
result, the Bank Nifty somehow managed to close above the
18000 mark by losing 1.24 percent. On the daily chart, the
banking index found a decent support around the ‘Falling
Trend Line’ level of 17850. Although, the Bank Nifty gave a
modest recovery on Friday, going forward, we expect 18300
- 18500 to act as a strong hurdle on the upside; whereas, a
breach of Friday’s low of 17842 may extend this down move
towards 17600 - 17500 levels.
Actionable points:
View
Neutral
Resistance Level
18300 - 18400
Source: Falcon
Support Levels
17842 - 17600
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Daily Technical Report
August 24, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,002
27,184
27,313
27,495
27,625
NIFTY
8,185
8,243
8,282
8,340
8,380
BANKNIFTY
17,729
17,893
18,006
18,170
18,283
ACC
1,361
1,384
1,403
1,426
1,446
AMBUJACEM
212
219
229
236
246
ASIANPAINT
852
870
881
899
910
AXISBANK
508
517
523
531
537
BAJAJ-AUTO
2,310
2,358
2,433
2,482
2,557
BANKBARODA
183
191
196
205
210
BHARTIARTL
352
361
367
376
383
BHEL
240
245
248
252
255
BOSCHLTD
23,321
23,722
24,191
24,592
25,061
BPCL
857
873
884
900
911
CAIRN
135
138
140
144
146
CIPLA
660
679
690
709
720
COALINDIA
342
345
349
353
357
DRREDDY
4,154
4,199
4,256
4,301
4,358
GAIL
298
305
312
318
325
GRASIM
3,538
3,582
3,624
3,668
3,711
HCLTECH
923
944
961
982
998
HDFC
1,202
1,215
1,227
1,240
1,252
HDFCBANK
1,040
1,051
1,062
1,073
1,084
HEROMOTOCO
2,460
2,507
2,583
2,630
2,706
HINDALCO
81
83
85
88
89
HINDUNILVR
851
867
878
894
905
ICICIBANK
285
291
294
300
304
IDEA
150
151
153
155
157
INDUSINDBK
876
891
908
922
939
INFY
1,099
1,125
1,143
1,168
1,186
ITC
320
325
328
334
337
KOTAKBANK
669
679
689
699
709
LT
1,710
1,725
1,740
1,755
1,770
LUPIN
1,817
1,847
1,883
1,914
1,950
M&M
1,272
1,297
1,313
1,339
1,355
MARUTI
4,485
4,526
4,570
4,611
4,655
NMDC
91
92
93
94
96
NTPC
120
122
124
125
127
ONGC
249
252
255
259
261
PNB
149
154
158
163
166
POWERGRID
132
133
134
135
136
RELIANCE
891
899
906
914
921
SBIN
252
260
264
272
277
VEDL
91
93
95
97
99
SUNPHARMA
894
916
929
951
964
TATAMOTORS
322
327
333
339
345
TATAPOWER
65
67
67
69
70
TATASTEEL
229
233
236
240
243
TCS
2,612
2,644
2,687
2,719
2,762
TECHM
535
549
559
573
583
ULTRACEMCO
2,872
2,922
2,976
3,027
3,080
WIPRO
559
567
572
581
586
YESBANK
664
678
693
708
723
ZEEL
370
377
384
390
398
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Daily Technical Report
August 24, 2015
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Technical Analyst
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