Daily Technical Report
March 27, 2014
Sensex (22095) / Nifty (6601)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened higher on the back of
positive global cues. The index then traded within a narrow
range throughout the first half; but post midsession pared
down major portion of its gains to close marginally in the
positive territory. On the sectoral front, the Metal and Capital
Goods counters closed in the green; whereas the Healthcare
and IT sectors remained under pressure. The advance to
decline ratio was in favor of the declining counters. (A=1272
D=1610)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20988 / 6246 and 19708 / 5901 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21646 / 6454 and 21038 / 6263 levels, respectively.
The weekly chart now clearly exhibits a breakout from the
‘Bullish Flag’ pattern.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday despite a positive opening, our markets could not
take this momentum ahead; but somehow managed to post a
View
Bullish
closing above the 6600 mark for the first time ever. This didn’t
Expected Targets
6630 - 6680
affect the overall chart structure and hence, we reiterate our
Support Levels
6574 - 6544
view that sooner or later Nifty is likely to rally towards 6750 -
6800 levels, which is the theoretical target of the ‘Bullish Flag’
pattern mentioned in our previous reports. On the lower side,
intraday support levels are seen around 6574 - 6544; whereas
6470 - 6440 has now become a strong base in the near term.
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Daily Technical Report
March 27, 2014
Bank Nifty Outlook - (12518)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher in-line with
the benchmark index. Subsequently, index continued its
upward movement gradually and one point of the day
managed to gain a percent as compared to the previous
close. However, a slight profit booking near day’s high
led to small dip and as a result, the banking index ended
the session with half a percent gains. The daily chart of
Bank Nifty still indicates that the upward momentum is
likely to continue and the index may eventually achieve
12800 - 12900 levels which is the target computed from
the ‘Bullish Pennant’ pattern seen on the daily chart. On
the flipside, immediate support levels are seen around
12350 - 12250.
Actionable points:
View
Bullish
Expected Targets
12800 - 12900
Source: Falcon
Support Levels
12350 - 12250
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Daily Technical Report
March 27, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,944
22,020
22,096
22,171
22,248
NIFTY
6,556
6,579
6,603
6,626
6,650
BANKNIFTY
12,418
12,468
12,519
12,570
12,621
ACC
1,268
1,281
1,292
1,305
1,316
AMBUJACEM
181
184
186
189
192
ASIANPAINT
519
524
529
534
538
1,393
1,411
1,425
1,443
1,456
AXISBANK
BAJAJ-AUTO
2,002
2,021
2,040
2,059
2,077
BANKBARODA
660
670
676
685
691
BHARTIARTL
293
296
298
300
302
BHEL
191
193
196
199
202
BPCL
437
441
447
450
456
CAIRN
330
331
333
334
336
CIPLA
381
384
389
392
397
COALINDIA
270
275
279
284
288
DLF
169
172
177
180
185
DRREDDY
2,563
2,598
2,661
2,696
2,759
GAIL
361
367
373
379
384
GRASIM
2,785
2,798
2,814
2,827
2,843
HCLTECH
1,374
1,385
1,397
1,408
1,420
HDFC
854
860
867
874
881
HDFCBANK
737
741
749
754
761
HEROMOTOCO
2,113
2,147
2,176
2,209
2,238
HINDALCO
119
122
124
127
129
HINDUNILVR
582
587
593
598
604
ICICIBANK
1,242
1,249
1,259
1,266
1,276
IDFC
109
112
114
117
120
INDUSINDBK
479
485
491
497
503
INFY
3,211
3,230
3,249
3,268
3,288
ITC
349
354
359
364
369
JINDALSTEL
270
274
277
282
285
JPASSOCIAT
47
47
48
49
50
755
763
772
780
788
KOTAKBANK
LT
1,241
1,259
1,269
1,286
1,296
LUPIN
904
921
945
961
986
M&M
934
946
965
977
996
MARUTI
1,894
1,916
1,932
1,954
1,970
NMDC
133
134
135
137
138
NTPC
113
114
115
116
117
ONGC
317
321
324
329
332
PNB
665
672
677
684
689
POWERGRID
102
103
105
106
108
RANBAXY
347
351
355
359
364
RELIANCE
870
881
892
902
914
RELINFRA
416
419
425
428
433
SBIN
1,729
1,748
1,761
1,780
1,793
SESAGOA
173
178
181
186
190
SUNPHARMA
551
559
571
579
592
TATAMOTORS
391
397
400
405
408
TATAPOWER
80
81
82
83
84
TATASTEEL
368
371
374
377
379
TCS
2,042
2,068
2,113
2,139
2,184
ULTRACEMCO
1,976
1,983
1,988
1,995
2,000
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Daily Technical Report
March 27, 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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