Daily Technical Report
August 26, 2014
Sensex (26437) / Nifty (7906)
Exhibit 1: Nifty Daily Chart
The opening session of the week kicked off on a positive
note as indicated by the SGX Nifty. The index managed to
extend early morning gains; but eventually closed
marginally in the red due to sharp sell off towards the fag
end of the session. On the sectoral front, the Metal counters
were the major culprits in yesterday’s selloff along with
Realty and Power; whereas the FMCG and IT sector
managed to outperform the benchmark index. The advance
to decline ratio was in favor of the declining counters.
(A=1358 D=1659) (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:
Actionable points:
Our benchmark index made a decent start and kept on
extending early morning gains as the day progressed. In the
View
Neutral
process, the Nifty registered a new all time high. However,
Support Levels
7840 - 7800
we witnessed a sharp selloff in all the metal counters when
Resistance Levels
7940 - 7980
the Supreme Court ruled that coal-block allocations made
between 1993 and 2010 were done in an illegal manner.
This had a rub off effect on our broader market and as a
result, the index came off sharply to close with minor losses.
Despite yesterday's movement, we cannot immediately
conclude it as a trend reversal signal. Going forward, we
maintain our positive bias so long as Nifty trades above
7840 - 7800 levels. On the flipside, 7940 - 7980 would be
seen as immediate resistance levels.
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Daily Technical Report
August 26, 2014
Bank Nifty Outlook - (15669)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened higher and
moved northwards until the last hour of the session. The
negative development in the metal counters dampened
the intraday sentiments. As a result, the banking index
pared down all gains and closed inside the positive
territory. However, we consider this as a pull back of the
breakout and hence, maintain our positive bias on the
index. Traders can buy with a strict stop loss of 15500 for
a target of 16100 - 16200.
Actionable points:
View
Bullish
Expected Targets
16100 - 16200
Support Level
15500
Source: Falcon
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Daily Technical Report
August 26, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,261
26,349
26,490
26,578
26,719
NIFTY
7,854
7,880
7,924
7,950
7,994
BANKNIFTY
15,408
15,539
15,756
15,886
16,104
ACC
1,496
1,514
1,531
1,549
1,566
AMBUJACEM
208
210
213
215
217
ASIANPAINT
593
599
608
614
623
AXISBANK
392
395
401
405
411
BAJAJ-AUTO
2,219
2,235
2,256
2,272
2,293
BANKBARODA
865
880
906
921
947
BHARTIARTL
363
366
368
371
374
BHEL
224
228
232
236
240
BPCL
652
658
669
676
687
CAIRN
318
320
323
325
328
CIPLA
490
498
504
513
518
COALINDIA
353
356
359
362
365
DLF
186
188
192
195
199
DRREDDY
2,800
2,840
2,867
2,907
2,933
GAIL
419
423
428
432
437
GRASIM
3,399
3,422
3,449
3,472
3,498
HCLTECH
1,567
1,582
1,600
1,616
1,634
HDFC
1,037
1,047
1,056
1,065
1,074
HDFCBANK
829
836
844
852
860
HEROMOTOCO
2,492
2,531
2,554
2,593
2,616
HINDALCO
145
155
170
180
194
HINDUNILVR
697
707
714
724
731
ICICIBANK
1,481
1,498
1,525
1,541
1,569
IDFC
144
145
148
150
152
INDUSINDBK
554
561
572
578
590
INFY
3,535
3,581
3,609
3,655
3,682
ITC
341
345
348
352
354
JINDALSTEL
204
228
263
288
323
KOTAKBANK
1,013
1,029
1,042
1,058
1,070
LT
1,502
1,515
1,532
1,545
1,562
LUPIN
1,237
1,250
1,259
1,272
1,280
M&M
1,355
1,383
1,408
1,436
1,462
MARUTI
2,758
2,782
2,803
2,827
2,849
MCDOWELL-N
2,341
2,361
2,391
2,411
2,441
NMDC
168
170
173
174
177
NTPC
139
140
142
143
144
ONGC
423
426
430
433
438
PNB
939
951
974
986
1,009
POWERGRID
130
131
133
134
135
RELIANCE
984
990
999
1,005
1,014
SBIN
2,439
2,473
2,525
2,558
2,611
SSLT
269
275
284
289
299
SUNPHARMA
838
846
858
866
878
TATAMOTORS
498
503
511
516
523
TATAPOWER
87
89
92
93
96
TATASTEEL
490
501
521
531
551
TCS
2,444
2,483
2,506
2,545
2,567
TECHM
2,301
2,307
2,313
2,320
2,326
ULTRACEMCO
2,576
2,603
2,635
2,662
2,695
WIPRO
550
553
557
560
564
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Daily Technical Report
August 26, 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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