Daily Technical Report
September 26, 2014
Sensex (26468) / Nifty (7912)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a flat opening in our market amid
mixed global cues. Index remained quiet during the initial
hour; but once again strong selling pressure triggered
across the broader market and as a result, the Nifty
corrected more than a percent. Barring the defensive sectors
like the IT and Healthcare, all other sectors managed to
close inside the negative territory. The Oil & Gas, Metal,
Banking and Capital Goods were among the major losers.
The advance to decline ratio was strongly in favor of the
declining
counters.
(A=681 D=2280) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25513 / 7635 and 22059 / 6599 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26761 / 8018 and 25454 / 7607 levels, respectively.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, despite being a derivative expiry session, we
didn’t witness much volatility in the market. In fact, post the
View
Neutral
initial hour, the index maintained its negative bias and
Support Levels
7900 - 7850
gradually managed to extend Tuesday’s losses. Last hour
volatility enforced Nifty to sneak below the 7900 mark; but,
Resistance Levels
7950 - 7980
eventually managed to recover a bit and closed tad above
it. A close below 7925.15 (low on September 16, 2014) has
resulted in a formation of a ‘Lower top Lower Bottom’ on
the daily chart, indicating near term weakness in the
market. Going forward, a sustainable move below the 7900
mark may result into further correction towards 7850 -
7835 levels. On the flipside, 7950 - 7980 would now act
as a strong resistance for the Nifty.
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Daily Technical Report
September 26, 2014
Bank Nifty Outlook - (15299)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, unlike our benchmark index, the Bank Nifty
opened slightly lower and remained under tremendous
pressure right from the word go. In fact, it was among the
major culprits who initiated this correction since last few
days. In our previous report, we had mentioned a crucial
support 15700. The moment index confirmed an hourly
closing below it; it gave us an indication of reaching
15450 levels. However, the momentum was so strong
that the index could not give any kind of respect to this
important support of 15450. As a result, the index went
on to close around the 15300 mark. Going forward, if
the selling pressure persists in the banking counters then
the index may test 15150 - 15000 levels. On the upside,
15450
-
15550 would now be seen as a strong
resistance zone.
Actionable points:
View
Neutral
Resistance Levels
1
15450 - 15550
Support Levels
15150 - 15100
Source: Falcon
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Daily Technical Report
September 26, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,079
26,274
26,544
26,739
27,009
NIFTY
7,794
7,853
7,936
7,995
8,078
BANKNIFTY
14,895
15,097
15,416
15,618
15,936
ACC
1,357
1,378
1,411
1,432
1,466
AMBUJACEM
200
204
208
212
217
ASIANPAINT
602
612
627
636
652
AXISBANK
363
370
383
390
403
BAJAJ-AUTO
2,311
2,331
2,360
2,380
2,409
BANKBARODA
851
869
888
906
924
BHARTIARTL
389
398
408
416
427
BHEL
193
198
206
211
219
BPCL
586
603
627
644
668
CAIRN
294
299
307
312
320
CIPLA
588
598
608
618
628
COALINDIA
333
340
350
357
367
DLF
150
153
157
160
164
DRREDDY
3,186
3,248
3,302
3,365
3,419
GAIL
436
444
451
459
466
GRASIM
3,443
3,493
3,572
3,622
3,701
HCLTECH
1,676
1,692
1,711
1,727
1,746
HDFC
1,036
1,047
1,057
1,067
1,077
HDFCBANK
829
840
853
863
876
HEROMOTOCO
2,872
2,902
2,931
2,962
2,990
HINDALCO
123
136
146
159
169
HINDUNILVR
747
753
762
769
778
ICICIBANK
1,412
1,439
1,479
1,506
1,546
IDFC
132
135
139
142
146
INDUSINDBK
589
600
615
627
642
INFY
3,612
3,652
3,685
3,725
3,758
ITC
369
373
376
380
384
JINDALSTEL
160
168
177
184
194
KOTAKBANK
1,005
1,017
1,037
1,049
1,069
LT
1,407
1,427
1,452
1,472
1,497
LUPIN
1,327
1,344
1,368
1,385
1,409
M&M
1,309
1,331
1,350
1,372
1,391
MARUTI
3,010
3,034
3,067
3,091
3,124
NMDC
148
154
162
168
177
NTPC
134
135
137
138
140
ONGC
385
393
403
411
421
PNB
829
849
887
907
945
POWERGRID
134
135
136
137
138
RELIANCE
895
912
940
958
985
SBIN
2,276
2,327
2,413
2,464
2,551
SSLT
262
268
276
281
289
SUNPHARMA
757
766
778
786
798
TATAMOTORS
492
498
506
513
521
TATAPOWER
81
82
84
85
87
TATASTEEL
438
449
463
475
489
TCS
2,633
2,671
2,698
2,736
2,763
TECHM
2,469
2,485
2,505
2,522
2,542
ULTRACEMCO
2,510
2,542
2,585
2,617
2,659
WIPRO
564
573
586
595
607
ZEEL
289
297
303
311
317
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Daily Technical Report
September 26, 2014
Research Team Tel: 022 - 30940000
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Website: www.angelbroking.com
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Technical Analyst
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