Daily Technical Report
September 24, 2014
Sensex (26776) / Nifty (8018)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a flat note considering
quiet trading mood across the globe. Subsequently, the
index made an attempt to move higher in the initial hour;
but failed to do so as the sharp sell-off throughout the
remaining session pulled the index much lower to close with
more than one and half a percent losses. All sectors closed
well inside the negative territory among which the Realty,
Oil & Gas, Metal and Capital Goods were the major losers.
The advance to decline ratio was strongly in favor of the
declining
counters.
(A=875 D=2148) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25513 / 7635 and 22059 / 6599 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
26761 / 8018 and 25454 / 7607 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
Monday’s positive session had opened up the possibilities of
Support Levels
7950 - 7320
a new high. Yesterday, during the initial hour, our market
Resistance Levels
8050 - 8070
made a valiant attempt to surpass the stiff resistance of
8160; but once again failed to do so. In fact, a massive sell
off across the broader market pull the Nifty way below
morning’s high. The Nifty has now managed to close below
the 8050 mark, which is a sign of weakness. However,
considering past few day’s directionless movement, we
advise traders not to trade aggressively in the market. In
addition, we are nearing the September month derivate
expiry and hence, it’s advisable to stick to stock specific
approach with a proper exit strategy. Going forward, a
sustainable move below the 8000 mark may reinforce the
pessimism in our market. In this scenario, we can expect the
Nifty to retest 7950 - 7920 levels. On the flipside, 8050 -
8070 would act as an immediate resistance zone.
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Daily Technical Report
September 24, 2014
Bank Nifty Outlook - (15903)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty’s movement was quite similar to
the benchmark index. Post the initial hour, we witnessed a
vertical fall from the morning’s high and in the process,
the Bank Nifty sneaked well below the hourly support level
of the 16000 mark. In a broader perspective, the overall
range of 16300 to 15750 remains intact. But, within this
range, the banking index is likely to trade with a negative
bias as long as it remains below 16000. In case, if the
index manages to sustain below
15900 then the
possibility of testing 15800 - 15750 levels cannot be
ruled out.
Actionable points:
View
Neutral
Resistance Level
16000
Support Levels
15800 - 15750
Source: Falcon
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Daily Technical Report
September 24, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,413
26,594
26,925
27,107
27,438
NIFTY
7,910
7,964
8,062
8,116
8,213
BANKNIFTY
15,667
15,785
16,013
16,131
16,359
ACC
1,434
1,449
1,473
1,488
1,511
AMBUJACEM
210
212
213
215
217
ASIANPAINT
611
623
640
652
669
AXISBANK
391
395
402
406
414
BAJAJ-AUTO
2,337
2,365
2,411
2,440
2,485
BANKBARODA
905
917
938
950
970
BHARTIARTL
399
403
409
413
419
BHEL
210
213
219
222
228
BPCL
630
640
658
668
686
CAIRN
310
313
317
320
324
CIPLA
551
568
596
613
641
COALINDIA
326
331
338
342
350
DLF
148
152
159
163
170
DRREDDY
3,130
3,165
3,210
3,244
3,289
GAIL
428
436
446
453
463
GRASIM
3,580
3,620
3,689
3,729
3,798
HCLTECH
1,681
1,703
1,719
1,741
1,757
HDFC
1,046
1,056
1,070
1,080
1,094
HDFCBANK
839
844
851
856
863
HEROMOTOCO
2,933
2,956
2,992
3,015
3,051
HINDALCO
150
154
159
162
168
HINDUNILVR
726
734
744
753
763
ICICIBANK
1,496
1,517
1,555
1,576
1,613
IDFC
140
141
144
145
148
INDUSINDBK
617
624
636
642
654
INFY
3,541
3,574
3,629
3,662
3,717
ITC
364
367
371
375
378
JINDALSTEL
206
208
211
214
216
KOTAKBANK
1,016
1,029
1,041
1,054
1,066
LT
1,468
1,482
1,504
1,518
1,540
LUPIN
1,322
1,339
1,369
1,386
1,416
M&M
1,318
1,333
1,350
1,365
1,383
MARUTI
3,018
3,040
3,076
3,098
3,134
NMDC
165
167
170
172
175
NTPC
134
136
137
138
140
ONGC
396
402
412
417
427
PNB
938
952
974
989
1,011
POWERGRID
134
135
137
138
140
RELIANCE
942
954
975
987
1,007
SBIN
2,501
2,529
2,577
2,604
2,652
SSLT
276
278
281
284
287
SUNPHARMA
755
768
788
800
820
TATAMOTORS
499
508
526
535
552
TATAPOWER
83
84
86
87
89
TATASTEEL
472
479
490
497
509
TCS
2,619
2,654
2,718
2,753
2,817
TECHM
2,411
2,442
2,478
2,510
2,546
ULTRACEMCO
2,541
2,571
2,620
2,650
2,699
WIPRO
567
575
584
592
602
ZEEL
290
295
303
308
316
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Daily Technical Report
September 24, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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