Daily Technical Report
September 25, 2013
Sensex (19920) / NIFTY (5892)
Exhibit 1: Nifty Hourly Chart
Yesterday, the index opened on a subdued note considering
quiet trading mood across the globe. Subsequently, the index
oscillated within a broad trading range of nearly 90 points but
eventually closed with neutral bias. On the sectoral front, the
Metal, PSU and IT counters remained under pressure; whereas
the Auto, Capital Goods and Consumer Durables sectors
outperformed our benchmark index. The advance to decline
ratio was marginally in favor of the declining counters.
(A=1112 D=1203) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19312 / 5758 and 18712 / 5634 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19573 / 5787 and 19396 / 5784 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas weekly momentum oscillators are
contradictory and signaling a positive crossover.
The current weekly candle resembles a ‘Spinning Top’
Source: Falcon:
Japanese candlestick pattern.
On a closing basis, the ‘Lower Top - Lower Bottom’
formation on the weekly chart is still intact (Nifty).
Actionable points:
Trading strategy:
View
Bearish below 5850
In our earlier report, we had mentioned about an 'Upward
Expected targets
5798 - 5750
Sloping Channel' formed in the hourly chart. During yesterday's
Resistance Levels
5939 - 5990
session, the lower range of this pattern (5850) acted as a
strong support as the Nifty posted a low of 5854 to recover
smartly just ahead of midsession. However, the rest of the
session remained lackluster and traded within the narrow
range. Going forward, yesterday's low of 5854 now becomes a
crucial support for the bulls. Any sustainable move below this
level would confirm a breakdown from the 'Channel' pattern
and also would open up the possibility of breaking the weekly
low of 5798. The negative placement of daily ‘RSI’ momentum
oscillator is still intact, indicating weakness. On the flipside, a
sustainable move beyond yesterday's high of 5939 may extend
the bounce towards 5970 - 5990.
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Daily Technical Report
September 25, 2013
Bank Nifty Outlook - (10176)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened lower on the back of
weakness in some of the heavyweight constituents.
However, in-line with our benchmark index, the Bank Nifty
too recovered sharply from the early morning low and
lingered around the hourly '89 EMA' level of 10214. Going
forward, yesterday's low of 10046 would act as a key
support for the index. A sustainable move below this
support may drag the index towards 9980 - 9800 levels.
The negative crossover in daily 'RSI' momentum oscillator
may also support this price movement. On the other hand,
the index may put the brakes on current pessimism and
bounce towards 10350 - 10450 if the Bank Nifty sustains
above yesterday's high of 10290.
Actionable points:
View
Neutral
Resistance Levels
10290 - 10350 - 10450
Support Levels
10046 - 9980
Source: Falcon:
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Daily Technical Report
September 25, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,650
19,785
19,918
20,053
20,185
NIFTY
5,811
5,852
5,895
5,936
5,979
BANKNIFTY
9,928
10,052
10,171
10,295
10,414
ACC
1,064
1,081
1,103
1,120
1,142
AMBUJACEM
185
187
191
193
196
ASIANPAINT
469
477
491
499
513
AXISBANK
991
1,008
1,031
1,048
1,070
BAJAJ-AUTO
1,947
1,989
2,015
2,057
2,083
BANKBARODA
481
492
505
516
529
BHARTIARTL
324
327
332
335
339
BHEL
124
128
131
135
138
BPCL
307
311
317
321
327
CAIRN
314
316
320
322
325
CIPLA
417
424
430
437
443
COALINDIA
290
294
300
303
309
DLF
134
137
141
144
148
DRREDDY
2,349
2,372
2,396
2,419
2,442
GAIL
325
331
337
343
349
GRASIM
2,691
2,724
2,769
2,802
2,847
HCLTECH
1,046
1,059
1,082
1,095
1,117
HDFC
752
770
783
802
815
HDFCBANK
623
631
638
645
652
HEROMOTOCO
1,945
1,974
1,995
2,023
2,044
HINDALCO
108
110
113
115
119
HINDUNILVR
625
634
645
654
665
ICICIBANK
919
932
945
958
972
IDFC
89
91
93
94
96
INDUSINDBK
372
380
388
396
404
INFY
2,980
2,998
3,014
3,032
3,048
ITC
341
345
349
353
358
JINDALSTEL
239
243
248
252
256
JPASSOCIAT
36
37
38
38
39
KOTAKBANK
694
707
720
733
745
LT
792
810
821
838
850
LUPIN
842
848
859
865
875
M&M
838
855
868
885
899
MARUTI
1,358
1,385
1,413
1,440
1,468
NMDC
120
122
123
125
126
NTPC
139
142
144
147
149
ONGC
269
272
277
279
284
PNB
456
470
479
493
502
POWERGRID
97
98
99
100
101
RANBAXY
323
328
335
340
346
RELIANCE
859
867
876
883
892
RELINFRA
396
403
410
417
424
SBIN
1,574
1,609
1,632
1,667
1,690
SESAGOA
178
180
183
184
187
SUNPHARMA
535
545
555
566
575
TATAMOTORS
330
333
338
342
346
TATAPOWER
77
79
80
82
83
TATASTEEL
286
289
293
296
300
TCS
1,896
1,918
1,948
1,970
2,000
ULTRACEMCO
1,775
1,797
1,814
1,836
1,853
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Daily Technical Report
September 25, 2013
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
Sacchitanand Uttekar
-
Technical Analyst
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