Daily Technical Report
May 29, 2014
Sensex (24556) / Nifty (7330)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened on a flat note as
indicated by the SGX Nifty. During the entire session, index
remained within a small trading range and eventually
closed with negligible gains. On the sectoral front, the
Metal and Consumer durables counters remained under
pressure; whereas the IT and TECK sectors outperformed
the Benchmark indices. The advance to decline ratio was in
favor of the advancing counters. (A=1894 D=1067)
(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22296 / 6650 and 20366 / 6095 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23776 / 7094 and 22472 / 6705 levels, respectively.
Trading strategy:
Source: Falcon
We witnessed a very quiet session just one day ahead of
May month derivative expiry. The difference between days
Actionable points:
high and low is merely 42 points. This clearly indicates how
narrow was the range and hence, the daily chart structure
View
Neutral
does not display any major change. We reiterate our view
that if the profit booking extends in the market then lower
Support Levels
7269 - 7200
levels of 7230 - 7200 may get tested. On the upside, 7375
Resistance Levels
7375- 7420
- 7420 are seen as immediate resistance levels for the
index. We advise traders to avoid intraday trading as we
may witness enhanced volatility on account of May month
derivative expiry.
www.angelbroking.com
1
Daily Technical Report
May 29, 2014
Bank Nifty Outlook - (15173)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a muted
note and remained range bound throughout the session.
As mentioned in our previous report, the trading range of
15570 to 14850 remains intact. This range is slightly
wider as the index is experiencing a higher volatility.
Going forward, 15378 - 15570 would act as immediate
resistance levels; whereas the supports are seen around
14930 - 14850.
Actionable points:
View
Neutral
Support Levels
14930 - 14850
Resistance Levels
15378 - 15570
Source: Falcon
www.angelbroking.com
2
Daily Technical Report
May 29, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,408
24,482
24,563
24,637
24,717
NIFTY
7,284
7,307
7,326
7,349
7,368
BANKNIFTY
14,969
15,071
15,135
15,237
15,301
ACC
1,303
1,342
1,370
1,409
1,437
AMBUJACEM
204
212
216
224
228
ASIANPAINT
496
503
514
521
532
AXISBANK
1,804
1,832
1,853
1,882
1,903
BAJAJ-AUTO
1,896
1,922
1,956
1,982
2,016
BANKBARODA
852
863
882
893
912
BHARTIARTL
330
336
340
346
350
BHEL
239
244
250
255
262
BPCL
525
534
545
554
566
CAIRN
337
344
350
357
363
CIPLA
374
377
380
383
385
COALINDIA
369
375
384
390
400
DLF
194
200
204
210
215
DRREDDY
2,302
2,327
2,343
2,368
2,384
GAIL
358
365
374
381
390
GRASIM
3,019
3,105
3,158
3,244
3,297
HCLTECH
1,349
1,395
1,424
1,469
1,498
HDFC
878
890
904
916
930
HDFCBANK
789
806
817
834
844
HEROMOTOCO
2,261
2,304
2,344
2,387
2,427
HINDALCO
143
145
148
150
154
HINDUNILVR
555
558
561
565
568
ICICIBANK
1,428
1,442
1,455
1,470
1,483
IDFC
128
130
132
134
136
INDUSINDBK
542
548
556
562
570
INFY
3,090
3,132
3,160
3,202
3,230
ITC
339
341
343
345
346
JINDALSTEL
297
302
311
316
324
KOTAKBANK
843
851
860
869
878
LT
1,549
1,563
1,583
1,597
1,617
LUPIN
915
922
929
936
943
M&M
1,124
1,143
1,175
1,194
1,226
MARUTI
2,243
2,277
2,319
2,352
2,394
MCDOWELL-N
2,785
2,812
2,831
2,858
2,878
NMDC
171
173
177
180
183
NTPC
147
149
153
155
159
ONGC
373
379
387
393
401
PNB
950
961
980
991
1,011
POWERGRID
123
124
125
126
128
RELIANCE
1,072
1,080
1,093
1,102
1,115
RELINFRA
679
690
699
709
718
SBIN
2,560
2,585
2,615
2,641
2,671
SSLT
266
271
275
280
284
SUNPHARMA
572
578
588
594
604
TATAMOTORS
417
423
429
435
442
TATAPOWER
94
98
101
105
108
TATASTEEL
457
463
473
480
490
TCS
2,108
2,129
2,144
2,165
2,180
TECHM
1,827
1,857
1,877
1,907
1,927
ULTRACEMCO
2,212
2,294
2,347
2,429
2,482
www.angelbroking.com
3
Daily Technical Report
May 29, 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
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