Daily Technical Report
August 25, 2014
Sensex (26420) / Nifty (7913)
Exhibit 1: Nifty Weekly Chart
The concluding session of the week opened on a positive
note as indicated by the SGX Nifty. However, entire days
price action was lethargic and very narrow, which finally led
the index to close on a flat note. On the sectoral front, the
Banking and IT counters were among the major gainers;
whereas the Realty, Power sectors remained under pressure
throughout the session. The advance to decline ratio was in
favor of the declining counters. (A=1461 D=1556)
(Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
24605 / 7356 and 21484 / 6428 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25709 / 7688 and 24506 / 7322 levels, respectively.
Source: Falcon
Trading strategy:
It’s been two consecutive successful weeks for the bulls as
Actionable points:
the Nifty managed to give a decent recovery from the recent
low of 7540. During the week, the Nifty continued to move
View
Neutral
higher by maintaining its positive bias and met our targets
of 7900 - 7940 (high during the week was 7929) as
Support Levels
7840 - 7800
mentioned in our previous weekly report. The current daily
Resistance Levels
7940 - 7980
chart of the Nifty does not indicate any major up move from
the current level. Looking at the chart structure of a few
individual sectors, we have come to the conclusion that the
Nifty may move sideways, maintaining positive bias, and
may gradually extend towards 8000 - 8050 levels, which
coincides with the higher end of the weekly ‘Upward
Sloping Channel’(please refer the exhibit). However; this
resistance zone is not far from the current level of the Nifty.
Hence, we would advise traders not to be aggressively long
on the Nifty.
The important support zone for the Nifty is now seen
around 7840 - 7750 levels. A sustainable move below
7750 may negate our positive bias on the market. As
mentioned, the Nifty is not offering any decent trade set up
and hence, it’s advisable to follow a stock specific
approach.
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Daily Technical Report
August 25, 2014
Bank Nifty Outlook - (15819)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened on a positive
note in line with the benchmark index. This momentum
stayed throughout the session, leading to a new all time
closing tad above the 15800 mark. As mentioned in our
previous report, we were bullish on the Bank Nifty above
17222 and in-line with our expectations, the index surged
immediately after breaking this important resistance level.
Going forward, we continue to maintain our positive
stance on the Bank Nifty and expect it to extend its gains
in the coming week as well. Hence, we advise traders to
use any dip towards 15700 - 15600 to create long
positions for a target of 16100 - 16200 levels. The stop
loss for the mentioned trade set up can be kept below
15500.
Actionable points:
View
Bullish
Source: Falcon
Expected Targets
16100 - 16200
Support Levels
15700 - 15500
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Daily Technical Report
August 25, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,312
26,366
26,437
26,491
26,562
NIFTY
7,885
7,899
7,914
7,928
7,943
BANKNIFTY
15,625
15,722
15,794
15,891
15,963
ACC
1,500
1,510
1,520
1,531
1,541
AMBUJACEM
207
209
212
214
217
ASIANPAINT
603
607
613
616
623
AXISBANK
398
400
403
405
408
BAJAJ-AUTO
2,224
2,245
2,260
2,281
2,296
BANKBARODA
893
907
918
931
943
BHARTIARTL
359
362
367
370
375
BHEL
223
225
229
231
234
BPCL
655
664
678
687
702
CAIRN
320
323
327
330
334
CIPLA
487
493
498
504
508
COALINDIA
350
354
360
363
369
DLF
191
193
195
197
200
DRREDDY
2,759
2,793
2,827
2,860
2,894
GAIL
425
429
434
438
443
GRASIM
3,384
3,412
3,434
3,462
3,484
HCLTECH
1,523
1,559
1,587
1,623
1,651
HDFC
1,020
1,032
1,054
1,067
1,089
HDFCBANK
820
834
841
854
862
HEROMOTOCO
2,495
2,516
2,545
2,566
2,595
HINDALCO
175
179
182
185
188
HINDUNILVR
695
699
706
711
718
ICICIBANK
1,525
1,532
1,544
1,551
1,563
IDFC
146
148
150
152
154
INDUSINDBK
564
567
570
574
577
INFY
3,526
3,563
3,586
3,623
3,646
ITC
338
341
344
347
351
JINDALSTEL
290
292
294
297
299
KOTAKBANK
1,012
1,021
1,028
1,038
1,044
LT
1,516
1,528
1,543
1,555
1,570
LUPIN
1,220
1,235
1,246
1,261
1,272
M&M
1,350
1,371
1,384
1,405
1,419
MARUTI
2,712
2,733
2,751
2,772
2,789
MCDOWELL-N
2,257
2,333
2,379
2,456
2,501
NMDC
173
173
175
175
177
NTPC
140
141
142
144
145
ONGC
420
424
429
433
438
PNB
956
970
983
997
1,010
POWERGRID
132
133
135
136
138
RELIANCE
989
993
1,000
1,005
1,012
SBIN
2,449
2,487
2,518
2,556
2,587
SSLT
285
288
292
296
300
SUNPHARMA
836
846
855
866
874
TATAMOTORS
504
508
514
518
524
TATAPOWER
92
93
94
94
95
TATASTEEL
530
534
538
542
546
TCS
2,424
2,444
2,456
2,476
2,488
TECHM
2,184
2,245
2,286
2,347
2,388
ULTRACEMCO
2,629
2,640
2,656
2,667
2,683
WIPRO
545
551
554
561
564
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Daily Technical Report
August 25, 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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