Daily Technical Report
October 27, 2014
Sensex (26787) / Nifty (7996)
Exhibit 1: Nifty Daily Chart
The Concluding session of the week started on a cheerful
note in line with the global cues. During the remaining part
of the session, the benchmark index traded in a narrow
range to end the week on a positive note by adding another
percent gain. All sectors on Wednesday managed to close
in the positive territory. The Auto, Capital Goods and
Consumer Durable counters were among the major
gainers. The advance to decline ratio was strongly in favor
of the advancing counters. (A=1756 D=1059) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25856 / 7732 and 22523 / 6738 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26478 / 7918 and 25835 / 7726 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
It’s been a dream run for our equity bourses over the past
View
Neutral
few months. Our benchmark index (Nifty) has appreciated
Support Level
7900
by 30% since last Diwali, which is a great achievement for
Resistance Levels
8050 - 8080
our market. The concluded week was truncated on the back
of Diwali festival; but despite this, we witnessed a strong up
move across the broader market. In our earlier report, we
had mentioned about 7700 being a strong support zone for
the Nifty. As expected, the daily ’89 EMA’ placed around
7700 played a sheet anchor role for the bulls. We had also
mentioned about the ‘Falling Wedge’ pattern along with the
positive crossover in daily momentum oscillators. All these
technical evidences proved their significance during the
week as the Nifty precisely met with our target of 7980.
Going forward, looking at the ongoing momentum and the
positive placement of the daily ‘RSI-Smoothened’
momentum oscillator, the Nifty may extend its gains
towards 8050 - 8080. But since we are observing a cluster
of resistances around 8050 - 8080, we would advise short
term traders to lighten up their existing long positions in the
Nifty around above mentioned levels and stay on the
sidelines until the next technical development happens.
However, it’s advisable to continue with a stock specific
approach. On the flipside, 7900 - 7860 levels would act as
a strong supports for the Nifty in the coming week.
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Daily Technical Report
October 27, 2014
Bank Nifty Outlook - (16445)
Exhibit 2: Bank Nifty Daily Chart
On Wednesday, the Banking index too opened with an
upside gap in line with the benchmark index. However,
unlike the Nifty, the banking index immediately slipped in
to a correction mode, leading to a flat close of the
session. The Bank Nifty has managed to maintain its
position well above the 'Horizontal Line' resistance of
16310 on a closing basis. Hence, we expect this upward
momentum to continue to test 16600 - 16650 levels. On
the flipside, 16310 - 16150 levels would now be seen as
a strong support zone for the index.
Actionable points:
View
Neutral
Resistance Levels
16600 - 16650
Support Levels
16310 - 16150
Source: Falcon
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Daily Technical Report
October 27, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,666
26,727
26,773
26,833
26,879
NIFTY
7,961
7,979
7,992
8,009
8,022
BANKNIFTY
16,254
16,349
16,461
16,556
16,668
ACC
1,430
1,452
1,466
1,488
1,503
AMBUJACEM
213
215
216
218
220
ASIANPAINT
621
632
645
657
670
AXISBANK
416
420
424
428
432
BAJAJ-AUTO
2,396
2,445
2,477
2,527
2,558
BANKBARODA
873
881
889
896
904
BHARTIARTL
403
406
411
414
418
BHEL
235
238
241
244
247
BPCL
677
683
689
695
702
CAIRN
269
279
284
294
300
CIPLA
600
614
624
638
648
COALINDIA
348
350
354
356
360
DLF
112
116
120
124
127
DRREDDY
2,973
3,005
3,028
3,060
3,082
GAIL
472
478
483
489
494
GRASIM
3,310
3,352
3,385
3,427
3,460
HCLTECH
1,491
1,502
1,513
1,524
1,535
HDFC
1,010
1,020
1,028
1,038
1,046
HDFCBANK
882
888
897
903
912
HEROMOTOCO
2,993
3,054
3,087
3,148
3,181
HINDALCO
143
146
148
151
154
HINDUNILVR
743
750
755
762
767
ICICIBANK
1,544
1,558
1,576
1,589
1,607
IDFC
144
145
146
147
148
INDUSINDBK
672
678
682
688
693
INFY
3,759
3,778
3,795
3,813
3,830
ITC
346
347
350
352
355
JINDALSTEL
138
149
157
169
177
KOTAKBANK
1,002
1,033
1,050
1,081
1,098
LT
1,512
1,533
1,546
1,567
1,581
LUPIN
1,352
1,370
1,380
1,399
1,409
M&M
1,217
1,239
1,252
1,274
1,287
MARUTI
3,047
3,112
3,151
3,216
3,254
NMDC
158
159
162
164
166
NTPC
144
145
147
148
150
ONGC
387
393
403
409
418
PNB
910
921
932
943
954
POWERGRID
138
139
140
141
143
RELIANCE
926
936
943
953
961
SBIN
2,536
2,556
2,585
2,604
2,633
SSLT
243
247
250
253
256
SUNPHARMA
789
797
806
815
824
TATAMOTORS
504
512
516
524
528
TATAPOWER
86
87
88
89
90
TATASTEEL
450
453
458
462
467
TCS
2,418
2,435
2,462
2,479
2,506
TECHM
2,297
2,316
2,342
2,360
2,386
ULTRACEMCO
2,378
2,390
2,409
2,421
2,441
WIPRO
571
578
582
588
593
ZEEL
328
334
340
346
352
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Daily Technical Report
October 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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