Daily Technical Report
September 27, 2013
Sensex (19894) / NIFTY (5882)
Exhibit 1: Nifty Hourly Chart
For the third consecutive session, we witnessed a flat opening
in our market. Subsequently, the index remained extremely
range bound and choppy for the entire session to close with
very minor gains. The Oil & Gas, Consumer Durables and
Realty counters closed in the negative territory; whereas the
Power and Healthcare sectors managed to close in the green.
The advance to decline ratio was marginally in favor of the
advancing counters.
(A=1177 D=1136) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19337 / 5764 and 18711 / 5634 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19628 / 5803 and 19393 / 5783 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas weekly momentum oscillators are
contradictory and signaling a positive crossover.
Source: Falcon:
The current weekly candle resembles a ‘Spinning Top’
Japanese candlestick pattern.
Actionable points:
On a closing basis, the ‘Lower Top - Lower Bottom’
formation on the weekly chart is still intact (Nifty).
View
Bearish below 5843
Trading strategy:
Resistance Levels
5918 - 5940
Yesterday, despite a derivative expiry session, we witnessed a
Expected Targets
5810 - 5750
range bound and lackluster movement throughout the day. As
a result, there is no major change in the chart structure. Hence,
we reiterate our view that if Nifty struggles to cross the 5938
level then we can expect the index to retest the 5810 mark. The
negative placement in daily ‘RSI’ momentum oscillator also
supports this price action. However, in case of a sustainable
move beyond 5938, the Nifty may extend the bounce towards
5970 - 6000 levels.
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Daily Technical Report
September 27, 2013
Bank Nifty Outlook - (10098)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the opening and entire day's price movement of
Bank Nifty precisely replicates the price action seen in our
benchmark index. Hence, the daily chart structure is very
much unchanged. Going forward, we continue to mention
that the hourly' 89 EMA' (10181) remains to be a strong
resistance for Bank Nifty. Also, considering the negative
placement of momentum oscillators on the daily chart, we
reiterate our view that, if Bank Nifty sustains below 10050
then it may test 9920 - 9773 levels in coming trading
session. On the flipside, a sustainable move above 10233
may lead to a bounce towards 10350 - 10450 levels.
Actionable points:
View
Bearish below 10050
Resistance Levels
10232 - 10509
Source: Falcon:
Expected Targets
9919 - 9773
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Daily Technical Report
September 27, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,736
19,815
19,906
19,985
20,076
NIFTY
5,834
5,858
5,888
5,912
5,942
BANKNIFTY
9,975
10,037
10,113
10,175
10,251
ACC
1,063
1,079
1,098
1,115
1,134
AMBUJACEM
178
181
187
190
196
ASIANPAINT
472
476
480
484
488
AXISBANK
1,003
1,017
1,033
1,047
1,063
BAJAJ-AUTO
1,954
1,975
2,001
2,022
2,048
BANKBARODA
496
503
510
516
524
BHARTIARTL
324
330
334
340
344
BHEL
136
144
148
155
160
BPCL
301
305
308
313
316
CAIRN
315
317
320
322
324
CIPLA
429
433
437
440
444
COALINDIA
291
297
301
308
312
DLF
132
134
135
137
139
DRREDDY
2,392
2,425
2,449
2,482
2,507
GAIL
316
321
330
335
343
GRASIM
2,533
2,603
2,682
2,752
2,830
HCLTECH
1,030
1,041
1,055
1,066
1,080
HDFC
765
779
789
803
814
HDFCBANK
614
617
622
625
630
HEROMOTOCO
1,975
1,997
2,021
2,044
2,067
HINDALCO
113
115
117
119
121
HINDUNILVR
614
621
629
636
644
ICICIBANK
923
935
946
957
968
IDFC
89
90
91
92
93
INDUSINDBK
369
376
384
391
399
INFY
2,981
2,997
3,017
3,032
3,053
ITC
338
344
347
353
356
JINDALSTEL
226
231
239
243
251
JPASSOCIAT
37
38
38
39
39
KOTAKBANK
684
694
708
717
731
LT
814
822
833
840
851
LUPIN
840
848
861
869
881
M&M
834
843
854
863
874
MARUTI
1,354
1,371
1,397
1,414
1,440
NMDC
123
125
127
129
130
NTPC
145
147
149
151
152
ONGC
270
274
277
281
284
PNB
464
470
479
485
494
POWERGRID
98
98
99
100
101
RANBAXY
323
330
336
343
349
RELIANCE
826
832
841
847
856
RELINFRA
393
398
405
409
417
SBIN
1,646
1,661
1,679
1,694
1,713
SESAGOA
180
183
188
192
197
SUNPHARMA
562
572
579
589
596
TATAMOTORS
338
341
344
347
350
TATAPOWER
80
81
82
83
84
TATASTEEL
286
293
297
304
309
TCS
1,912
1,927
1,951
1,966
1,990
ULTRACEMCO
1,746
1,777
1,807
1,839
1,869
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Daily Technical Report
September 27, 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
Sacchitanand Uttekar
-
Technical Analyst
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