Daily Technical Report
December 26, 2013
Sensex (21033) / Nifty (6268)
Exhibit 1: Nifty Daily Chart
On Tuesday, our Benchmark indices opened on a muted noted
considering positive cues across the globe. The session is the
replica of Monday’s session as the index traded within narrow
range to finally close with nominal losses. On the sectoral
front, the Capital Goods and Consumer Durables counters
managed to close in the positive territory; whereas the Metal
and Banking sectors remained under pressure throughout the
session. The advance to decline ratio was strongly in favor of
the advancing counters.
(A=1424 D=1043)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20362 / 6052 and 19218 / 5767 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20873 / 6206 and 20395 / 6069 levels, respectively.
The daily momentum oscillators are now witnessing a
positive crossover.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
Source: Falcon
the weekly chart is still intact.
Trading strategy:
Actionable points:
The previous session was the replica of Monday's session where
our benchmark index remained range bound and corrected
View
Neutral
slightly towards the end of the day. Thus, there is no major
Support Levels
6266 - 6129
change in the chart structure. We maintain our view that the
Resistance Levels
6318 - 6363
index may witness a slight corrective move if the Nifty sustains
below Monday's low of 6266. In this scenario, the index may
slide towards the immediate support level of 6129. On the flip
side, if the index manages to sustain above yesterday's high of
6318, then it is likely to re test
6363
-
6415 levels.
Considering December month derivative expiry, the coming
trading session is expected to trade with enhanced volatility.
Hence, traders are advised to stay light on positions and avoid
taking undue risks.
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Daily Technical Report
December 26, 2013
Bank Nifty Outlook - (11331)
Exhibit 2: Bank Nifty Daily Chart
On Tuesday, the banking index too opened on a flat note
in line with our benchmark indices. However, as the day
progressed Bank Nifty trimmed slightly more as
compared to the Nifty. The overall chart structure remains
intact and hence, we reiterate our view that the hourly 89
EMA (11363) is acting as a stiff resistance for the index.
Any sustainable move beyond 11454 may result in a rally
towards 11572 - 11622 levels. On the downside, 11258
- 11074 may provide a decent support for the index.
Actionable points:
View
Neutral
Support Levels
11258 - 11074
Resistance levels
11454 - 11572
Source: Falcon
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Daily Technical Report
December 26, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,920
20,977
21,067
21,123
21,213
NIFTY
6,238
6,253
6,277
6,293
6,317
BANKNIFTY
11,223
11,277
11,341
11,395
11,459
ACC
1,089
1,099
1,116
1,126
1,143
AMBUJACEM
175
178
181
184
187
ASIANPAINT
483
485
488
491
494
AXISBANK
1,267
1,275
1,286
1,294
1,306
BAJAJ-AUTO
1,927
1,959
1,977
2,008
2,026
BANKBARODA
633
640
651
657
668
BHARTIARTL
320
323
327
330
335
BHEL
168
170
172
174
176
BPCL
341
344
350
354
360
CAIRN
320
322
325
327
330
CIPLA
391
396
403
407
414
COALINDIA
279
281
284
286
289
DLF
166
168
170
173
175
DRREDDY
2,507
2,523
2,536
2,552
2,565
GAIL
332
335
340
343
348
GRASIM
2,665
2,688
2,719
2,742
2,772
HCLTECH
1,222
1,230
1,242
1,250
1,261
HDFC
767
774
784
791
801
HDFCBANK
648
653
660
664
671
HEROMOTOCO
2,103
2,117
2,140
2,153
2,176
HINDALCO
120
121
123
124
125
HINDUNILVR
560
563
566
569
572
ICICIBANK
1,077
1,088
1,099
1,110
1,121
IDFC
105
106
107
107
108
INDUSINDBK
416
420
426
430
437
INFY
3,448
3,467
3,485
3,504
3,522
ITC
316
318
319
320
321
JINDALSTEL
254
258
262
266
270
JPASSOCIAT
53
54
54
55
56
KOTAKBANK
717
723
729
735
741
LT
1,064
1,070
1,078
1,084
1,092
LUPIN
898
908
919
930
940
M&M
952
958
966
972
981
MARUTI
1,762
1,775
1,789
1,802
1,816
NMDC
135
137
138
139
141
NTPC
136
137
138
139
140
ONGC
280
283
287
290
294
PNB
606
621
630
644
653
POWERGRID
98
98
99
99
100
RANBAXY
448
458
466
475
483
RELIANCE
889
894
899
904
909
RELINFRA
423
429
434
440
444
SBIN
1,741
1,750
1,761
1,770
1,781
SESAGOA
195
197
199
201
202
SUNPHARMA
555
561
571
578
588
TATAMOTORS
369
371
373
375
378
TATAPOWER
84
85
87
88
90
TATASTEEL
411
415
420
424
429
TCS
2,090
2,100
2,115
2,125
2,139
ULTRACEMCO
1,763
1,780
1,792
1,808
1,820
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Daily Technical Report
December 26, 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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