Daily Technical Report
September 24, 2013
Sensex (19901) / NIFTY (5890)
Exhibit 1: Nifty Hourly Chart
The opening session of the week began with a percent
downside gap considering weak closing in U.S. bourses on
Friday. The selling pressure increased as the day progressed
and as a result, the Nifty closed below the strong psychological
support of 5900. The Banking counters once again dragged
the market along with the Realty, Capital Goods and Oil &
Gas counters; whereas the Consumer Durables and IT sectors
once again outperformed our benchmark index. The advance
to decline ratio was strongly in the favor of declining counters.
(A=988 D=1324) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19299 / 5755 and 18711 / 5634 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19537 / 5775 and 19394 / 5784 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas weekly momentum oscillators are
contradictory and signaling a positive crossover.
The current weekly candle resembles a ‘Spinning Top’
Japanese candlestick pattern.
Source: Falcon:
On a closing basis, the ‘Lower Top - Lower Bottom’
formation on the weekly chart is still intact (Nifty).
Actionable points:
Trading strategy:
A weak closing on Friday followed by a gap down opening
View
Bearish below 5870
yesterday morning as the bears impose their might on the
Expected Targets
5830 - 5798
market. Selling pressure aggravated as the day progressed
and as a result, the index remained under pressure throughout
Resistance Levels
5950 - 5990
the session. In the process, the Nifty precisely met with our
initial target of 5880. Considering the hourly chart, it is clearly
seen that the index is oscillating within the ‘Upward Sloping
Channel’ (please refer the exhibit) and now nearing a lower
range of the pattern around 5850 - 5830 zone. Also, the
hourly ’89 EMA’ is placed at 5830. Further, last week’s low of
5798 remains to be a major and important hurdle for the
bears. Hence, we advise traders to remain cautious once the
market reaches this support zone of 5830 - 5798. The daily
‘RSI’ momentum oscillator is now signaling a negative
crossover. Any sustainable move below 5798 would lead to a
breakdown from the ‘Channel’ pattern and indicates the
possibility that the index may slide towards 5738 - 5650 levels.
Considering the above hypothesis, we can conclude that 5798
is a last ray of hope for the bulls in the near term. On the
upside, the immediate resistance levels are seen at 5950 -
5990.
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Daily Technical Report
September 24, 2013
Bank Nifty Outlook - (10212)
Exhibit 2: Bank Nifty Daily Chart
Once again, the Banking sector became the major culprit
in dragging down our market as the Bank Nifty opened
considerably lower and shed more than four percent
during the session. The index is now trading marginally
above last week’s low of 10175. Also, the hourly ’89 EMA’
placed around 10214. The coming trading session is very
crucial for the index. Any sustainable move below 10175
would trigger immense pessimism in the index we then
expect an immediate slide towards 9980 - 9800 levels.
The daily ‘RSI’ momentum oscillator is also negatively
poised. On the flipside, as long as 10175 level is intact, a
short term bounce (relief rally) towards 10350 - 10450
levels cannot be ruled out.
Actionable points:
View
Bearish below 10175
Expected Targets
9980 - 9800
Resistance Levels
10350 - 10450
Source: Falcon:
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Daily Technical Report
September 24, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,602
19,752
19,976
20,125
20,349
NIFTY
5,799
5,844
5,917
5,962
6,035
BANKNIFTY
9,968
10,090
10,300
10,422
10,631
ACC
1,065
1,088
1,113
1,136
1,161
AMBUJACEM
184
187
192
194
199
ASIANPAINT
472
479
487
494
502
AXISBANK
984
1,007
1,046
1,069
1,108
BAJAJ-AUTO
1,935
1,957
1,985
2,007
2,036
BANKBARODA
487
500
521
534
555
BHARTIARTL
325
330
335
340
345
BHEL
124
127
131
134
138
BPCL
308
316
328
336
348
CAIRN
314
317
320
324
327
CIPLA
417
421
428
433
440
COALINDIA
293
299
304
309
314
DLF
134
138
144
147
153
DRREDDY
2,287
2,333
2,365
2,411
2,443
GAIL
326
330
335
339
344
GRASIM
2,682
2,724
2,791
2,833
2,900
HCLTECH
1,040
1,065
1,082
1,108
1,125
HDFC
755
765
781
792
807
HDFCBANK
623
633
642
652
662
HEROMOTOCO
1,940
1,969
1,995
2,025
2,050
HINDALCO
112
114
116
118
120
HINDUNILVR
616
629
647
660
678
ICICIBANK
908
926
950
968
992
IDFC
89
91
95
97
101
INDUSINDBK
368
377
393
402
419
INFY
2,979
2,999
3,021
3,042
3,064
ITC
341
345
351
356
362
JINDALSTEL
244
249
256
260
267
JPASSOCIAT
35
37
39
40
42
KOTAKBANK
698
709
725
735
751
LT
780
796
823
839
866
LUPIN
828
841
860
873
892
M&M
842
852
861
870
879
MARUTI
1,348
1,375
1,415
1,441
1,481
NMDC
119
121
122
124
125
NTPC
137
140
144
147
151
ONGC
266
271
280
285
294
PNB
460
472
492
504
524
POWERGRID
98
98
100
100
102
RANBAXY
316
326
335
345
355
RELIANCE
857
866
873
882
889
RELINFRA
395
402
412
419
429
SBIN
1,600
1,627
1,671
1,698
1,741
SESAGOA
172
178
181
188
191
SUNPHARMA
541
549
560
568
579
TATAMOTORS
325
330
335
340
346
TATAPOWER
75
77
80
82
86
TATASTEEL
283
288
296
301
309
TCS
1,920
1,938
1,957
1,975
1,995
ULTRACEMCO
1,727
1,759
1,817
1,849
1,907
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Daily Technical Report
September 24, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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