Daily Technical Report
January 27, 2014
Sensex (21134) / Nifty (6267)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a week note in
line with the global cues. Excluding initial trades, the index
faced significant selling pressure throughout the session, which
led to a close in the red with a loss of more than a percent. All
the sectors closed in the negative territory and the Realty,
Capital Goods and Consumer Durables counters were among
the major losers. The advance to decline ratio was in strongly
favor of the declining counters. (A=880 D=1794)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20637 / 6138 and 19370 / 5807 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21092 / 6270 and 20589 / 6124 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
The daily ‘RSI’ and the Stochastic momentum oscillators
are now signaling a negative crossover.
Actionable points:
Trading strategy:
View
Bearish below 6234
The bulls have made several attempts to traverse the stiff
Expected Targets
6129 - 6100
resistance of 6360 on the Nifty, but eventually failed and the
Resistance Levels
6331 - 6360
index has closed below the 6300 mark. The current daily and
weekly chart structure and the negatively poised daily
momentum oscillators do not bode well for the bulls. Sideways
consolidation of the last 7 to 10 sessions indicates that we
should take 6234 on the Nifty as an important support level on
a closing basis. A sustainable move below this level would
augment pessimism in our market. In this scenario, 6129 -
6050 levels may be re-tested.
www.angelbroking.com
1
Daily Technical Report
January 27, 2014
Bank Nifty Outlook - (10982)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Banking index too opened lower in-line
with the negative trading mood seen across the globe.
Selling pressure intensified as the day progressed and
eventually the index lost nearly two percent. At this
juncture, we are observing that the index is moving within
a 'Channel' pattern (please refer the exhibit). Considering
Friday's weakness, the overall global sell off and the
mentioned “Channel pattern”, we can conclude that the
index may trade with immense pessimism if it fails to hold
the crucial support level of 10780. In this scenario, we
expect the Bank Nifty to slide towards 10550 - 10500
levels. On the flipside, 11132 - 11220 levels would act
as an immediate resistance levels.
Actionable points:
View
Bearish below 10780
Expected targets
10550 - 10500
Resistance levels
11063 - 11132
Source: Falcon
www.angelbroking.com
2
Daily Technical Report
January 27, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,987
21,060
21,197
21,270
21,407
NIFTY
6,220
6,243
6,287
6,311
6,355
BANKNIFTY
10,868
10,925
11,029
11,086
11,190
ACC
978
989
1,006
1,017
1,035
AMBUJACEM
156
160
166
169
175
ASIANPAINT
460
469
474
483
489
AXISBANK
1,176
1,190
1,209
1,224
1,243
BAJAJ-AUTO
1,901
1,916
1,927
1,943
1,953
BANKBARODA
581
592
611
621
640
BHARTIARTL
305
309
312
316
319
BHEL
160
162
166
169
173
BPCL
335
339
344
348
353
CAIRN
318
321
325
328
331
CIPLA
407
411
417
420
427
COALINDIA
254
256
259
260
263
DLF
149
151
154
157
160
DRREDDY
2,621
2,641
2,666
2,686
2,712
GAIL
346
348
351
353
356
GRASIM
2,555
2,575
2,596
2,616
2,637
HCLTECH
1,384
1,398
1,414
1,428
1,445
HDFC
838
841
847
850
855
HDFCBANK
659
666
671
678
682
HEROMOTOCO
2,001
2,019
2,040
2,058
2,080
HINDALCO
112
113
114
115
116
HINDUNILVR
552
559
564
571
576
ICICIBANK
1,040
1,049
1,062
1,071
1,083
IDFC
96
97
99
100
102
INDUSINDBK
403
409
420
426
438
INFY
3,728
3,743
3,770
3,785
3,812
ITC
319
322
326
329
333
JINDALSTEL
257
259
264
266
271
JPASSOCIAT
45
46
47
48
49
KOTAKBANK
666
676
690
699
714
LT
988
997
1,013
1,022
1,039
LUPIN
897
905
917
925
936
M&M
865
875
884
894
902
MARUTI
1,747
1,761
1,783
1,796
1,818
NMDC
142
144
145
147
148
NTPC
130
131
131
132
133
ONGC
279
281
283
285
288
PNB
562
572
590
600
619
POWERGRID
97
98
98
99
99
RANBAXY
307
322
349
363
390
RELIANCE
854
861
868
875
881
RELINFRA
390
394
401
405
411
SBIN
1,588
1,605
1,635
1,651
1,682
SESAGOA
195
199
203
207
212
SUNPHARMA
590
597
606
613
621
TATAMOTORS
361
365
374
379
387
TATAPOWER
74
75
76
77
78
TATASTEEL
367
372
379
383
390
TCS
2,207
2,228
2,256
2,276
2,304
ULTRACEMCO
1,667
1,684
1,708
1,724
1,748
www.angelbroking.com
3
Daily Technical Report
January 27, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4