Daily Technical Report
January 29, 2015
Sensex (29559) / Nifty (8914)
Exhibit 1: Nifty Daily Chart
Yesterday’s session opened on a muted note owing to
muted cues from the rest of Asia. The index then gradually
moved higher and posted a new high tad below the 9000
mark. However, post the midsession; we witnessed a sharp
cut from day’s high. As a result, the index eventually closed
with very negligible gains. The Consumer Durables sector
was the highest gainer in yesterday’s session along with the
IT, Oil & Gas and Realty sectors; whereas the Metal,
Banking and Auto counters remained under pressure
throughout the session. The advance to decline ratio was
strongly in favor of the declining counters. (A=1120
D=1745) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27367 / 8219 and 23916 / 7163 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28088 / 8476 and 27439 / 8240 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Despite overnight correction in the US as well as European
View
Neutral
bourses; our market opened quietly and then resumed its
Resistance Levels
8950 - 8985
uptrend. However, the Nifty failed to reach yet another
Support Level
8874 - 8825
milestone of 9000 by a whisker as we observed a sharp cut
in some of the index heavyweights post the midsession. The
index fell by more than 100 points from the day high of
8985.05 in merely two hours. However, a modest recovery
towards the fag end pushed the index marginally in the
positive territory. Going forward, looking at the formation of
a ‘Doji’ pattern on the daily chart, yesterday’s low of
8874.05 would be seen as a crucial support level. Any
sustainable move below this level may lead to further profit
booking towards 8825 - 8780 levels. On the flipside, 8950
- 8985 are likely to act as immediate resistance levels. The
coming session is likely to trade with higher volatility on
account of January month derivatives expiry.
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Daily Technical Report
January 29, 2015
Bank Nifty Outlook - (20492)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a muted note
and then soared quite sharply during the first half to test
our mentioned level of
20800. However, post the
midsession; we witnessed massive profit booking in the
banking conglomerates, which dragged the index
substantially lower from the high of 20907.55. Eventually,
the index closed with nominal losses. On the daily chart,
we are observing a ‘Doji’ pattern in the Bank Nifty too,
which is an indication of uncertainty. Going forward, only
a sustainable move below yesterday’s low of 20435 may
lead to further correction towards 20300 - 20200 levels.
On the flipside,
20600 -
20800 are now seen as
immediate resistance levels.
Actionable points:
View
Neutral
Resistance Levels
20600 - 20800
Support Levels
20435 - 20300
Source: Falcon
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Daily Technical Report
January 29, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
29,219
29,389
29,588
29,758
29,956
NIFTY
8,813
8,864
8,924
8,975
9,035
BANKNIFTY
20,139
20,315
20,611
20,788
21,084
ACC
1,499
1,521
1,538
1,561
1,578
AMBUJACEM
244
247
249
252
254
ASIANPAINT
877
894
907
924
937
AXISBANK
575
583
591
599
608
BAJAJ-AUTO
2,368
2,383
2,399
2,414
2,430
BANKBARODA
216
220
224
227
231
BHARTIARTL
356
365
380
389
404
BHEL
269
274
278
283
288
BPCL
676
691
700
716
725
CAIRN
231
233
236
238
241
CIPLA
687
695
701
710
715
COALINDIA
376
380
384
388
393
DLF
151
157
160
167
170
DRREDDY
3,146
3,192
3,219
3,265
3,292
GAIL
408
414
418
423
428
GRASIM
3,796
3,846
3,879
3,928
3,962
HCLTECH
1,589
1,624
1,645
1,680
1,701
HDFC
1,275
1,310
1,336
1,371
1,397
HDFCBANK
1,031
1,045
1,069
1,083
1,107
HEROMOTOCO
2,812
2,839
2,867
2,894
2,922
HINDALCO
138
139
141
142
144
HINDUNILVR
922
928
934
940
947
ICICIBANK
375
379
386
391
398
IDFC
169
171
174
176
180
INDUSINDBK
847
858
869
880
891
INFY
2,119
2,132
2,143
2,156
2,168
ITC
355
359
361
365
367
JINDALSTEL
151
153
156
158
160
KOTAKBANK
1,319
1,335
1,363
1,379
1,406
LT
1,652
1,675
1,708
1,731
1,763
LUPIN
1,485
1,500
1,517
1,532
1,549
M&M
1,287
1,302
1,318
1,333
1,349
MARUTI
3,659
3,692
3,725
3,759
3,792
NMDC
137
139
140
142
143
NTPC
140
141
143
145
147
ONGC
345
349
353
357
361
PNB
199
203
207
211
215
POWERGRID
147
148
150
151
153
RELIANCE
877
892
901
916
925
SBIN
325
330
333
338
341
SSLT
194
197
202
206
211
SUNPHARMA
871
890
912
931
953
TATAMOTORS
580
584
592
597
604
TATAPOWER
86
87
89
90
91
TATASTEEL
384
388
392
396
400
TCS
2,487
2,513
2,529
2,555
2,571
TECHM
2,776
2,825
2,855
2,903
2,934
ULTRACEMCO
3,087
3,113
3,152
3,178
3,217
WIPRO
589
598
605
614
621
ZEEL
382
384
388
391
394
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Daily Technical Report
January 29, 2015
Research Team Tel: 022 - 30940000
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Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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