Daily Technical Report
March 28, 2014
Sensex (22214) / Nifty (6642)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened marginally higher as indicated
by the SGX Nifty. Right from the initial trade, Nifty maintained
its positive bias and gradually marched towards the
6670
mark. However, we witnessed a sharp decline of nearly half a
percent towards the fag end to end the session well inside the
positive territory. On the sectoral front, the Consumer
Durables, Oil & Gas and Realty counters closed in the green;
whereas the Healthcare and IT sectors remained under
pressure. The advance to decline ratio was in favor of the
advancing
counters.
(A=1669
D=1137)(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
Source: Falcon
‘Bullish Flag’ pattern.
Actionable points:
Trading strategy:
View
Bullish
The derivative expiry session was clearly dominated by the
Expected Targets
6720 - 6750
bulls. Barring last half an hour, the remaining session traded
Support Levels
6580 - 6544
with immense positive bias. Our benchmark index gradually
moved beyond 6650 mark and made a high of 6674 which is
tad lower than our expected target of 6680. Going forward,
the undertone still remains bullish and we reiterate our 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 6580 - 6544. We
advise traders to adopt a stock centric approach and avoid
taking undue risks.
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1
Daily Technical Report
March 28, 2014
Bank Nifty Outlook - (12605)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher in-line with
the benchmark index. Despite a derivative expiry session,
we witnessed a genuine movement till the last half an
hour of the session. Index maintained its optimistic
approach and at one point of the day managed to gain
nearly two percent as compared to the previous close.
However, a decent profit booking near day’s high led to a
close marginally above the 12600 mark. The daily chart
now exhibits a ‘Shooting Star’ Japanese candlestick
pattern, which is placed marginally below the
127%
Fibonacci retracement level of the fall from
12225.95
(high on December 09, 2013) to 9944 (low on February
04, 2014). Although the larger degree trend remains
positive, a close below yesterday’s low of 12513 may
result in a decline towards 12400 - 12300 levels. On the
flipside, a move beyond
12767 would negate the
negative implication of the pattern and then the index
may continue its upward journey to test 12850 - 13000
Source: Falcon
levels.
Actionable points:
View
Neutral
Support Levels
12513 - 12400
Resistance Levels
12767 - 12850
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Daily Technical Report
March 28, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,992
22,103
22,205
22,317
22,419
NIFTY
6,564
6,603
6,638
6,677
6,713
BANKNIFTY
12,374
12,490
12,629
12,744
12,883
ACC
1,265
1,289
1,306
1,330
1,346
AMBUJACEM
181
187
190
196
199
ASIANPAINT
520
530
537
546
553
1,385
1,408
1,438
1,461
1,491
AXISBANK
BAJAJ-AUTO
2,005
2,038
2,062
2,095
2,119
BANKBARODA
668
682
694
708
720
BHARTIARTL
293
302
309
318
325
BHEL
189
193
198
202
207
BPCL
430
442
453
466
477
CAIRN
330
332
334
336
337
CIPLA
378
382
387
391
396
COALINDIA
272
276
280
284
289
DLF
168
172
176
179
183
DRREDDY
2,529
2,559
2,605
2,635
2,681
GAIL
368
374
379
385
391
GRASIM
2,725
2,750
2,788
2,813
2,851
HCLTECH
1,370
1,380
1,392
1,402
1,415
HDFC
853
864
872
883
891
HDFCBANK
731
739
750
758
769
HEROMOTOCO
2,117
2,184
2,229
2,295
2,341
HINDALCO
123
124
125
127
128
HINDUNILVR
585
592
598
605
611
ICICIBANK
1,230
1,245
1,260
1,275
1,290
IDFC
113
117
120
124
127
INDUSINDBK
484
488
491
495
498
INFY
3,190
3,210
3,237
3,257
3,284
ITC
353
356
360
363
366
JINDALSTEL
272
277
280
285
288
JPASSOCIAT
46
48
49
51
53
752
762
771
781
790
KOTAKBANK
LT
1,255
1,269
1,283
1,297
1,310
LUPIN
911
923
934
946
957
M&M
950
957
966
974
983
MARUTI
1,893
1,914
1,941
1,963
1,990
NMDC
134
135
135
136
137
NTPC
114
115
117
118
119
ONGC
312
321
328
337
344
PNB
664
685
698
719
732
POWERGRID
103
104
105
107
108
RANBAXY
335
341
350
356
365
RELIANCE
886
894
899
906
912
RELINFRA
412
417
422
427
432
SBIN
1,750
1,793
1,824
1,867
1,897
SESAGOA
177
179
181
183
185
SUNPHARMA
546
553
563
571
581
TATAMOTORS
387
392
398
403
410
TATAPOWER
80
81
82
84
85
TATASTEEL
370
373
376
379
382
TCS
2,041
2,068
2,091
2,118
2,141
ULTRACEMCO
1,913
1,986
2,035
2,108
2,158
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Daily Technical Report
March 28, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Sameet Chavan
-
Technical Analyst
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