Daily Technical Report
March 25, 2014
Sensex (22055) / Nifty (6584)
Exhibit 1: Nifty Daily Chart
The opening session of the week started on a positive note
considering strong cues from other Asian bourses. Right from
the initial trade, we observed immense buying interest among
market participants, which resulted in a rally of nearly one and
half a percent to end the session at the highest point of the
day. On the sectoral front, the Banking and Oil & Gas counters
contributed heavily in yesterday’s up move; whereas the
Healthcare,
Consumer Durables and IT sectors
underperformed our benchmark index. The advance to decline
ratio was in favor of the advancing counters. (A=1276
D=1527)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20939 / 6230 and 19708 / 5900 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21551 / 6423 and 21034 / 6261 levels, respectively.
The weekly chart now clearly exhibits a breakout from the
Source: Falcon
‘Bullish Flag’ pattern.
Actionable points:
Trading strategy:
View
Bullish
Finally, after 9 days of consolidation, our markets moved out
Expected Targets
6630 - 6680
of the narrow trading range. In the process, the Nifty managed
Support Levels
6510 - 6470
to close well above the 6550 mark. This price development has
now confirmed a ‘Bullish Flag’ pattern on the daily chart. The
theoretical target of this pattern comes around 6750 - 6800
levels. Looking at the strong momentum in some of the
heavyweight constituents, we expect the Nifty to achieve these
levels in a quick time. We reiterate that traders should not think
of shorting in such kind of optimism, avoid intraday trading
and stick to the positional approach. On the lower side, 6470
- 6440 has now become a strong base in the near term.
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Daily Technical Report
March 25, 2014
Bank Nifty Outlook - (12408)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher in-line with
the positive sentiments seen across the broader market. In
fact, the banking sector was among the major gainers
which influenced the sizable intraday rally. After several
attempts the Bank Nifty finally managed to post a closing
above the importance resistance level of 12250. This
resulted in a confirmation of ‘Bullish Pennant’ (please
refer the exhibit) pattern. Considering this pattern and the
ongoing uptrend, we expect the Bank Nifty to rally
towards 12800 - 12900 levels in coming 1- 2 weeks. On
the flipside, 12134 - 11989 levels would act as a strong
support zone for the index.
Actionable points:
View
Bullish
Expected Targets
12800 - 12900
Support Levels
12134 - 11989
Source: Falcon
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Daily Technical Report
March 25, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,739
21,897
21,986
22,144
22,233
NIFTY
6,481
6,532
6,562
6,613
6,643
BANKNIFTY
12,034
12,221
12,322
12,509
12,610
ACC
1,232
1,257
1,276
1,301
1,320
AMBUJACEM
181
184
186
188
191
ASIANPAINT
499
512
518
531
537
1,379
1,395
1,410
1,426
1,441
AXISBANK
BAJAJ-AUTO
1,964
1,993
2,009
2,038
2,054
BANKBARODA
652
658
665
672
678
BHARTIARTL
289
292
295
297
300
BHEL
184
186
188
191
193
BPCL
425
429
435
439
444
CAIRN
328
330
332
334
336
CIPLA
383
387
394
398
406
COALINDIA
261
265
269
273
277
DLF
167
169
172
174
177
DRREDDY
2,719
2,735
2,760
2,775
2,800
GAIL
343
356
364
378
385
GRASIM
2,734
2,761
2,779
2,806
2,825
HCLTECH
1,383
1,399
1,424
1,440
1,466
HDFC
832
846
855
869
878
HDFCBANK
727
739
746
758
765
HEROMOTOCO
2,046
2,083
2,103
2,140
2,160
HINDALCO
116
119
121
123
125
HINDUNILVR
570
576
580
586
590
ICICIBANK
1,187
1,215
1,232
1,259
1,277
IDFC
110
111
112
113
115
INDUSINDBK
468
479
486
498
505
INFY
3,240
3,258
3,288
3,306
3,337
ITC
352
356
360
364
368
JINDALSTEL
260
262
265
268
271
JPASSOCIAT
48
48
49
50
51
734
750
760
776
785
KOTAKBANK
LT
1,207
1,219
1,229
1,240
1,250
LUPIN
942
948
953
959
965
M&M
968
978
986
996
1,005
MARUTI
1,858
1,872
1,888
1,902
1,917
NMDC
127
131
134
137
140
NTPC
112
113
114
115
116
ONGC
306
314
318
325
329
PNB
638
650
657
669
676
POWERGRID
100
101
103
105
106
RANBAXY
343
346
349
352
355
RELIANCE
884
895
902
912
919
RELINFRA
408
411
415
418
422
SBIN
1,697
1,711
1,725
1,740
1,754
SESAGOA
173
176
178
180
182
SUNPHARMA
573
576
582
585
591
TATAMOTORS
387
389
392
394
397
TATAPOWER
79
80
80
81
82
TATASTEEL
351
357
362
368
373
TCS
2,114
2,133
2,146
2,165
2,177
ULTRACEMCO
1,954
1,963
1,972
1,981
1,990
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Daily Technical Report
March 25, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Sameet Chavan
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Technical Analyst
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