Daily Technical Report
December 24, 2014
Sensex (27507) / Nifty (8267)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a flat opening in our market on the
back of mixed global cues. Subsequently, the Nifty moved
upwards in the initial hour; but, post the midsession; we
witnessed a sharp fall from day’s high to end the session
with a cut of nearly 0.60%. Barring FMCG, all sectors
ended the session ended in the negative territory amongst
which the IT, Capital Goods and Oil & Gas were the major
losers. The advance to decline ratio was strongly in favor of
the declining counters. (A=1036 D=1901) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27017 / 8082 and 23339 / 6982 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
Source: Falcon
at 28009 / 8395 and 26982 / 8073 levels, respectively.
Actionable points:
Trading strategy:
View
Neutral
After witnessing a sharp rally in the late trade on Monday,
Support Levels
8250 - 8200
our benchmark index opened quietly and then extended its
Resistance Level
8370
gains by nearly half a percent. However, during the second
half, we observed a strong selling pressure in some of the
heavyweight constituents which dragged the index lower to
close with more than half a percent loss. As mentioned in
our previous report, the Nifty faced a strong resistance
around 8350 - 8370 (61.8% Fibonacci retracement level of
the recent fall) levels. The index has now managed to close
tad above the 8250 mark. However, looking at yesterday’s
price action, it can be concluded that traders can choose to
go short on the market by maintaining a strict stop loss
above the 8370 mark. On the flipside, we may see this
momentum reinforcing once the Nifty manages to stay
below 8250 level. In this scenario, 8200 - 8150 levels can
be re-tested.
The coming trading session may trade with enhanced
volatility on the back of December month derivative series
expiry. Thus, traders are advised to trade with strict stop
losses and avoid taking undue risks.
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Daily Technical Report
December 24, 2014
Bank Nifty Outlook - (18604)
Exhibit 2: Bank Nifty Daily Chart
Monday’s outperformer became the major culprit in
yesterday’s session as the banking index fell sharply from
the morning high and ended the session almost at the
lowest point of the day. Yesterday, the Bank Nifty
registered a new high of 18923.60 and then failed to
sustain at higher levels. Although, the index has closed
precisely at the strong support of the hourly ’20 EMA’
placed around 18550, the daily closing does not bode
well for the bulls. Going forward, any sustainable move
below yesterday’s low of
18558 may extend this
correction towards 18400 - 18300 levels. On the flipside,
18700 - 18800 are seen as immediate resistance levels
for the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
18700 - 18800
Support Levels
18550 - 18400
Source: Falcon
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Daily Technical Report
December 24, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,235
27,371
27,611
27,747
27,987
NIFTY
8,183
8,225
8,295
8,337
8,407
BANKNIFTY
18,330
18,467
18,695
18,832
19,060
ACC
1,366
1,374
1,384
1,392
1,402
AMBUJACEM
224
226
228
229
231
ASIANPAINT
726
733
742
748
757
AXISBANK
484
489
497
502
511
BAJAJ-AUTO
2,443
2,481
2,504
2,542
2,564
BANKBARODA
1,037
1,048
1,064
1,075
1,091
BHARTIARTL
346
351
354
358
361
BHEL
255
258
264
267
273
BPCL
640
645
654
659
668
CAIRN
241
244
246
249
251
CIPLA
604
617
626
638
647
COALINDIA
374
379
386
391
398
DLF
129
131
133
135
137
DRREDDY
3,155
3,181
3,209
3,234
3,262
GAIL
439
443
446
451
454
GRASIM
3,363
3,415
3,458
3,510
3,553
HCLTECH
1,486
1,512
1,548
1,574
1,610
HDFC
1,092
1,108
1,137
1,153
1,182
HDFCBANK
944
952
963
971
982
HEROMOTOCO
3,075
3,106
3,132
3,163
3,188
HINDALCO
150
152
154
155
157
HINDUNILVR
756
761
766
771
776
ICICIBANK
345
349
355
360
366
IDFC
152
154
156
158
161
INDUSINDBK
764
775
782
793
800
INFY
1,927
1,950
1,986
2,008
2,044
ITC
370
372
375
377
380
JINDALSTEL
141
143
146
149
152
KOTAKBANK
1,218
1,231
1,252
1,265
1,285
LT
1,463
1,480
1,510
1,527
1,557
LUPIN
1,412
1,425
1,444
1,457
1,475
M&M
1,238
1,253
1,267
1,282
1,296
MARUTI
3,364
3,381
3,403
3,420
3,442
NMDC
143
144
146
147
149
NTPC
136
139
142
145
147
ONGC
346
349
353
356
361
PNB
219
221
224
226
229
POWERGRID
135
137
138
140
142
RELIANCE
884
889
897
901
909
SBIN
302
305
309
311
315
SSLT
197
201
206
210
215
SUNPHARMA
799
806
814
821
829
TATAMOTORS
476
482
492
498
508
TATAPOWER
79
80
82
83
86
TATASTEEL
384
389
398
403
412
TCS
2,474
2,495
2,516
2,537
2,558
TECHM
2,515
2,544
2,580
2,609
2,645
ULTRACEMCO
2,503
2,524
2,537
2,558
2,571
WIPRO
545
549
553
556
560
ZEEL
370
375
379
383
388
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Daily Technical Report
December 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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