Daily Technical Report
November 25, 2014
Sensex (28500) / Nifty (8530)
Exhibit 1: Nifty Daily Chart
The opening session of the week started with a marginal
upside gap amid firm global cues. Subsequently, we
witnessed a fair amount of buying interest in some of the
heavyweights, which pushed the index well above the 8500
mark. Barring Oil & Gas, FMCG and Healthcare, all other
sectors closed in the positive territory. The Banking, IT,
Capital Goods and Metal counters were among the major
gainers. The advance to decline ratio was in favor of the
declining
counters.
(A=1332 D=1732) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 26310 / 7933 and 22879 / 6880 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27371 / 8290 and 26389 / 7946 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Yet another session ended in favor of the bulls as the Nifty
View
Neutral
added half a percent to their kitty. In the process, the index
Support Levels
8490 - 8450
reached yet another milestone and surpassed our initial
Resistance Levels
8550 - 8600
target of the 8500 mark. In our earlier reports, we have
been advising against getting carried away by intra-day
dips in the market and against going short in the market.
Looking at the ongoing momentum, the possibility of
extending this move beyond 8550 cannot be ruled out. But,
we maintain our cautious stance on the market considering
the important resistance level of 127% ‘Price Extension’
coupled with the possibility of confirming a negative
divergence in the weekly ‘RSI’ momentum oscillator.
However, this doesn’t mean we are expecting a complete
reversal of the trend. After reaching these important levels,
we would wait for further technical development to happen
on the chart. It’s advisable to stay light on positions and
trade with a proper exit strategy. On the flipside, 8490 -
8450 would act as an important support zone for the Nifty.
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Daily Technical Report
November 25, 2014
Bank Nifty Outlook - (18282)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty too kicked off the week on an optimistic
note by adding more than a percent to the previous close.
In the process, the banking index precisely met with our
target of 18300, which is the 161% ‘Price Extension’ of
the previous up move. Going forward, if the Bank Nifty
manages to maintain its position above the 18300 mark,
then we may witness further extension of this up move
towards 18450 - 18500 levels. However, this time, we
would advise traders to start booking profits in the rally
and remain light on positions. As of now, we are not
observing any sign of reversal; but, considering the
extreme overbought positions of the momentum
oscillators, it’s advisable to adopt a cautious approach.
We opt to stay neutral on the Bank Nifty until the next
development happens on the chart. On the flipside,
18100 - 17900 would now act as immediate support
levels for the banking index.
Actionable points:
View
Neutral
Resistance Levels
18300 - 18450
Support Levels
18100 - 17900
Source: Falcon
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Daily Technical Report
November 25, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
28,331
28,415
28,479
28,563
28,626
NIFTY
8,475
8,502
8,519
8,546
8,562
BANKNIFTY
18,045
18,163
18,238
18,357
18,432
ACC
1,429
1,440
1,458
1,469
1,487
AMBUJACEM
223
227
229
232
234
ASIANPAINT
675
683
689
697
703
AXISBANK
471
475
479
482
486
BAJAJ-AUTO
2,627
2,651
2,673
2,697
2,719
BANKBARODA
1,022
1,031
1,044
1,053
1,065
BHARTIARTL
392
396
400
404
408
BHEL
249
253
256
261
263
BPCL
709
714
723
728
737
CAIRN
267
271
274
278
282
CIPLA
606
612
622
628
638
COALINDIA
342
345
347
350
353
DLF
137
142
145
151
154
DRREDDY
3,478
3,500
3,527
3,549
3,576
GAIL
463
469
475
481
487
GRASIM
3,458
3,492
3,536
3,570
3,615
HCLTECH
1,616
1,645
1,667
1,696
1,718
HDFC
1,106
1,122
1,134
1,149
1,161
HDFCBANK
919
932
941
954
963
HEROMOTOCO
3,005
3,042
3,065
3,101
3,124
HINDALCO
159
162
165
168
171
HINDUNILVR
740
745
751
756
761
ICICIBANK
1,725
1,749
1,764
1,788
1,803
IDFC
156
157
159
161
162
INDUSINDBK
709
715
722
727
734
INFY
4,160
4,217
4,250
4,307
4,339
ITC
370
373
374
377
378
JINDALSTEL
141
145
148
152
155
KOTAKBANK
1,159
1,179
1,197
1,217
1,235
LT
1,634
1,652
1,667
1,685
1,700
LUPIN
1,439
1,456
1,476
1,493
1,512
M&M
1,218
1,234
1,246
1,262
1,273
MARUTI
3,321
3,337
3,350
3,366
3,379
NMDC
142
144
147
149
152
NTPC
141
142
143
144
145
ONGC
374
377
382
386
390
PNB
966
976
985
995
1,004
POWERGRID
139
141
143
145
147
RELIANCE
968
977
990
999
1,013
SBIN
304
307
308
310
312
SSLT
228
232
239
243
249
SUNPHARMA
821
828
841
849
861
TATAMOTORS
516
521
530
535
544
TATAPOWER
87
89
91
93
94
TATASTEEL
466
471
476
481
485
TCS
2,605
2,631
2,648
2,674
2,691
TECHM
2,622
2,642
2,667
2,687
2,713
ULTRACEMCO
2,445
2,484
2,514
2,552
2,583
WIPRO
568
573
578
584
589
ZEEL
371
378
382
390
394
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Daily Technical Report
November 25, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Technical Analyst
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