Daily Technical Report
January 24, 2014
Sensex (21374) / Nifty (6346)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened slightly lower
considering mixed cues from other Asian bourses. During the
session the index traded within a narrow range but maintained
the underlying positive bias to end with nominal gains. The
Consumer Durables and Capital Goods counters outperformed
whereas Auto, Metal and Oil & Gas stocks remained under
pressure throughout the session. The advance to decline ratio
was in favor of the declining counters. (A=1254
D=1453)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20577 / 6122 and 19371 / 5808 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20983 / 6247 and 20596 / 6128 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
The daily ‘RSI-Smoothened’ momentum oscillator is
positively poised.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, the bulls once again pushed the index towards the
stiff resistance of 6360. It is proving out to be a major hurdle
View
Bullish above 6360
and despite some intraday optimism, the bulls have not been
Expected Targets
6415 - 6500
successful as yet. Since, the resistance has not been crossed,
Support Levels
6280 - 6234
we reiterate our view that only a close above 6360 may
eventually result in a rally towards 6415 / 6500 levels. On the
flipside, 6280 will now hold a key support on an intraday
basis. Any move below this support would result in a loss of
current optimism. In this scenario, the strong support zone of
hourly ’89 EMA’ (6234) may get tested.
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Daily Technical Report
January 24, 2014
Bank Nifty Outlook - (11199)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened marginally lower and
yet again traded in a narrow range on the back of mixed
price action seen in some of the heavyweight constituents.
As a result, the banking index ended the session with
negligible losses. The mentioned level of 11220 is yet to
be crossed on a closing basis. In this scenario, we expect
the index to move towards 11350 - 11450 on the back of
the hourly chart structure and the positive placement of
the daily ‘RSI-Smoothened’ oscillator. On the flipside,
11075 - 10876 levels would now act as a key support for
the Bank Nifty.
Actionable points:
View
Bullish above 11250
Expected Targets
11350 - 11450
Support Levels
11075 - 10876
Source: Falcon
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Daily Technical Report
January 24, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,204
21,289
21,349
21,434
21,494
NIFTY
6,300
6,323
6,339
6,362
6,378
BANKNIFTY
11,082
11,141
11,181
11,239
11,280
ACC
1,010
1,015
1,021
1,026
1,033
AMBUJACEM
168
170
172
173
175
ASIANPAINT
466
469
472
476
478
AXISBANK
1,167
1,192
1,206
1,230
1,245
BAJAJ-AUTO
1,901
1,920
1,935
1,954
1,968
BANKBARODA
620
623
629
633
638
BHARTIARTL
303
309
312
318
322
BHEL
168
169
171
173
175
BPCL
338
342
346
351
355
CAIRN
318
322
324
327
330
CIPLA
413
416
421
424
428
COALINDIA
256
258
260
262
264
DLF
156
157
159
161
162
DRREDDY
2,645
2,657
2,672
2,684
2,700
GAIL
338
344
348
355
359
GRASIM
2,560
2,576
2,585
2,601
2,610
HCLTECH
1,372
1,392
1,418
1,438
1,465
HDFC
827
842
851
865
874
HDFCBANK
669
674
678
683
686
HEROMOTOCO
2,040
2,047
2,058
2,065
2,076
HINDALCO
113
114
114
115
116
HINDUNILVR
556
562
566
571
576
ICICIBANK
1,062
1,071
1,081
1,090
1,100
IDFC
99
100
101
102
102
INDUSINDBK
423
426
431
434
439
INFY
3,746
3,769
3,784
3,807
3,822
ITC
323
326
328
331
333
JINDALSTEL
257
262
266
271
274
JPASSOCIAT
48
48
49
49
50
KOTAKBANK
698
702
707
710
715
LT
996
1,014
1,029
1,048
1,062
LUPIN
903
912
925
935
947
M&M
868
879
898
909
928
MARUTI
1,769
1,782
1,801
1,813
1,832
NMDC
140
143
145
147
149
NTPC
130
130
131
132
133
ONGC
280
283
286
288
292
PNB
600
605
612
617
624
POWERGRID
97
98
98
98
99
RANBAXY
407
412
417
422
426
RELIANCE
855
861
866
871
877
RELINFRA
401
405
410
413
418
SBIN
1,626
1,642
1,652
1,669
1,679
SESAGOA
206
208
210
211
213
SUNPHARMA
593
601
607
615
621
TATAMOTORS
376
380
384
388
393
TATAPOWER
76
76
77
78
78
TATASTEEL
384
387
390
392
396
TCS
2,216
2,234
2,255
2,274
2,295
ULTRACEMCO
1,650
1,678
1,704
1,732
1,758
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Daily Technical Report
January 24, 2014
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
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