Daily Technical Report
October 25, 2013
Sensex (20725) / Nifty (6164)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a flat opening in our markets
considering mixed global cues. The index then surged
significantly during the initial hour of trade but immense selling
pressure near day's high led to a sharp correction in the
second half. During the session, despite a decent profit
booking, Banking, Capital Goods, Auto and Consumer
Durable stocks managed to close in the green; whereas the IT,
Realty, Power and Metal sectors were among the major
draggers. The advance to decline ratio was marginally in favor
of the declining counters. (A=1191 D=1298) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19644 / 5846 and 18864 / 5673 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20309 / 6023 and 19767 / 5886 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
Source: Falcon
poised.
On the Weekly chart, we are observing a ‘Horizontal Line’
(please refer the exhibit) resistance at 6230 level.
Actionable points:
Trading strategy:
View
Neutral
Resistance Level
6162 - 6253
The index opened quietly but surged upwards to cross the stiff
Support Levels
6116 - 6070
resistance of 6230 mark. However, the bulls were completely
deceived as the index nosedived after posting a high of 6253.
Despite early optimism, eventually the session was dominated
by the bears. The index has failed to close above 6230 and
hence, the importance of this level on closing basis has
increased. We reiterate that the bulls should wait for a closing
above 6230 mark to consider building longs positions. In this
case, the index may immediately rally towards 6339 - 6357
levels. On the flipside, yesterday's price action has resulted in
yet another 'Narrow Range' body formation. Going forward,
we continue to mention that a sustainable move below
Wednesday's low of 6116 may lead to a correction towards
6070 - 6032 levels.
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Daily Technical Report
October 25, 2013
Bank Nifty Outlook - (10902)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on muted note and
moved higher during the first half. However, the index
trimmed major part of its intraday gains on the back of
modest profit booking in some of the heavyweight
constituents. As a result, eventually, the index closed with
very minor gains. The daily chart now depicts kind of
'Shooting Star' pattern. The occurrence of such a pattern
indicates uncertainty amongst market participants. Going
forward, a sustainable move below yesterday's low of
10839 may result in further correction towards 10700 -
10550 levels. On the flipside,
11100 may act as
immediate resistance for the index. A move beyond this
level may push the Bank Nifty towards 11200 - 11300
levels.
Actionable points:
View
Neutral
Support Levels
10700 - 10550
Resistance Levels
10913
Source: Falcon
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Daily Technical Report
October 25, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,424
20,575
20,807
20,958
21,190
NIFTY
6,077
6,121
6,187
6,230
6,296
BANKNIFTY
10,692
10,797
10,945
11,050
11,197
ACC
1,126
1,140
1,150
1,164
1,174
AMBUJACEM
191
192
194
196
197
ASIANPAINT
509
515
524
531
540
AXISBANK
1,183
1,195
1,210
1,222
1,237
BAJAJ-AUTO
2,024
2,053
2,087
2,116
2,150
BANKBARODA
579
588
600
610
622
BHARTIARTL
342
346
351
355
360
BHEL
136
138
141
144
147
BPCL
347
352
358
363
369
CAIRN
318
321
323
327
329
CIPLA
413
417
421
425
429
COALINDIA
270
275
282
287
294
DLF
154
157
160
163
167
DRREDDY
2,323
2,357
2,388
2,422
2,453
GAIL
344
348
351
355
357
GRASIM
2,643
2,672
2,709
2,738
2,775
HCLTECH
1,010
1,032
1,071
1,093
1,132
HDFC
795
804
812
820
828
HDFCBANK
648
658
667
678
687
HEROMOTOCO
2,034
2,058
2,094
2,118
2,154
HINDALCO
111
113
116
117
120
HINDUNILVR
598
604
613
618
627
ICICIBANK
992
1,006
1,027
1,042
1,062
IDFC
100
103
104
107
108
INDUSINDBK
415
421
427
433
440
INFY
3,240
3,274
3,325
3,359
3,410
ITC
336
339
344
347
352
JINDALSTEL
234
238
244
248
254
JPASSOCIAT
45
46
47
48
49
KOTAKBANK
687
697
714
724
741
LT
931
948
961
978
991
LUPIN
894
900
908
914
923
M&M
852
871
882
901
913
MARUTI
1,471
1,493
1,521
1,542
1,571
NMDC
134
137
139
142
144
NTPC
139
141
144
146
150
ONGC
277
280
285
288
292
PNB
481
488
499
506
517
POWERGRID
96
98
100
101
103
RANBAXY
378
388
395
405
412
RELIANCE
863
874
892
903
922
RELINFRA
417
422
429
434
441
SBIN
1,686
1,702
1,724
1,740
1,761
SESAGOA
194
196
200
202
205
SUNPHARMA
612
617
623
627
633
TATAMOTORS
369
374
379
385
390
TATAPOWER
79
80
82
83
84
TATASTEEL
323
328
334
339
345
TCS
1,950
1,980
2,031
2,060
2,111
ULTRACEMCO
1,899
1,925
1,950
1,976
2,001
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Daily Technical Report
October 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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