Daily Technical Report
November 25, 2013
Sensex (20217) / Nifty (5995)
Exhibit 1: Nifty Daily Chart
On Friday, the index opened half a percent higher on the back
of positive cues from other Asian bourses. The index then
remained range bound for most part of the session. However,
we witnessed sharp cut of nearly a percent towards the fag end
of the session. As a result, the index shaved off all its early
gains and eventually closed with minor losses. On the sectoral
front, the Capital goods, Oil & Gas and Consumer Durables
counters traded with optimism throughout the session; whereas
the Auto, Realty and FMCG sectors led to a down fall. The
advance to decline ratio was marginally in favor of the
declining
counters.
(A=1146
D=1288)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20039 / 5959 and 19014 / 5711 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
Source: Falcon
20572 / 6108 and 20033 / 5959 levels, respectively.
The monthly momentum oscillators are now positively
Actionable points:
poised; whereas the weekly momentum oscillators are
contradictory.
View
Neutral
Support Levels
5970 - 5900
Resistance Level
6050 - 6107
Trading strategy:
Despite a strong rally seen in the first half of the week, the bulls
Going forward, 6213 remains a strong resistance for the
failed to stamp their authority and eventually, the markets
market. The coming week is expected to trade with enhanced
posted a weekly closing in the red for the third consecutive
volatility on the back of November series derivative expiry.
week. In our previous report, we had mentioned that the Nifty
Hence, we advise traders to stay light on positions and follow
has a strong support band (near the daily ’89 EMA’) placed
strict stop losses.
around 5950 - 5900 levels. This support zone is still intact and
may prove to be a major and crucial hurdle for the bears. At
present, the weekly momentum oscillators are negatively
poised. Hence, any sustainable move below the 5900 mark
would augment pessimism in our market. In this scenario, the
Nifty may slide towards 5825 - 5700 levels. This would also
pose a significant bearish threat to the higher degree weekly
and monthly chart structure. However, in the bullish scenario,
we must not forget that the current down move from 6300 odd
levels can also be construed as a pullback of a higher degree
up move and such a possibility cannot be ruled out as of now.
In the near term, if the Nifty fails to close below 5940 for the
week then the possibility of re - testing 6100 - 6213 cannot be
ruled out.
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Daily Technical Report
November 25, 2013
Bank Nifty Outlook - (10677)
Exhibit 2: Bank Nifty Daily Chart
On Friday, in-line with our benchmark index, the Bank
Nifty too opened with an upside gap and traded with
positive bias throughout the first half. However, post mid-
session, the Bank Nifty faced tremendous selling pressure
near the day’s high. As a result, we witnessed a sharp cut
during the second half and the index eventually closed
marginally in the negative territory. Due to a flat closing,
there is no major change in the price structure. The
‘Island Reversal’ Japanese Candlestick pattern mentioned
in our previous report is still intact and the impact of the
same will possibly be seen if the Bank Nifty sustains below
Friday’s low of 10630. In this scenario, we may test
10500 - 10412 levels. On the flipside 10820 - 10906
levels would act as an immediate resistance zone in the
coming trading sessions.
Actionable points:
Source: Falcon
View
Bearish below 10630
Support Levels
10500 - 10412
Resistance Level
10820 - 10906
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Daily Technical Report
November 25, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,997
20,107
20,248
20,358
20,498
NIFTY
5,929
5,962
6,006
6,039
6,083
BANKNIFTY
10,520
10,599
10,709
10,788
10,899
ACC
1,020
1,035
1,047
1,063
1,075
AMBUJACEM
169
172
174
177
179
ASIANPAINT
500
504
509
514
519
AXISBANK
1,060
1,071
1,089
1,100
1,118
BAJAJ-AUTO
1,842
1,866
1,908
1,932
1,974
BANKBARODA
597
603
611
617
625
BHARTIARTL
327
332
339
344
351
BHEL
134
136
137
139
140
BPCL
324
328
332
336
340
CAIRN
321
324
328
332
336
CIPLA
380
383
386
389
392
COALINDIA
264
266
269
271
274
DLF
140
142
145
147
150
DRREDDY
2,374
2,404
2,428
2,458
2,483
GAIL
317
322
326
332
335
GRASIM
2,490
2,516
2,557
2,583
2,624
HCLTECH
1,036
1,043
1,055
1,062
1,074
HDFC
770
782
792
804
814
HDFCBANK
630
636
641
648
653
HEROMOTOCO
1,940
1,958
1,985
2,002
2,029
HINDALCO
114
116
119
121
124
HINDUNILVR
562
567
573
578
585
ICICIBANK
994
1,007
1,025
1,039
1,057
IDFC
98
100
102
104
106
INDUSINDBK
401
404
409
412
416
INFY
3,314
3,331
3,353
3,370
3,392
ITC
303
306
311
314
319
JINDALSTEL
242
246
248
251
254
JPASSOCIAT
44
45
47
48
49
KOTAKBANK
705
711
719
725
734
LT
939
951
961
974
984
LUPIN
839
845
851
857
863
M&M
920
928
937
946
955
MARUTI
1,611
1,625
1,651
1,666
1,692
NMDC
125
127
129
131
133
NTPC
148
150
151
152
153
ONGC
268
273
276
282
285
PNB
507
512
519
524
531
POWERGRID
93
93
94
94
95
RANBAXY
411
415
419
423
426
RELIANCE
829
836
846
854
864
RELINFRA
388
395
404
411
420
SBIN
1,705
1,722
1,751
1,768
1,797
SESAGOA
167
171
177
180
186
SUNPHARMA
560
567
576
584
592
TATAMOTORS
364
369
377
382
390
TATAPOWER
76
76
77
78
79
TATASTEEL
379
386
391
397
402
TCS
1,973
1,987
1,999
2,013
2,025
ULTRACEMCO
1,767
1,791
1,824
1,849
1,882
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Daily Technical Report
November 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
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