Daily Technical Report
September 29, 2014
Sensex (26626) / Nifty (7969)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a negative
note as indicated by the SGX nifty. However, post the
midsession; we witnessed a sudden spurt in the market
which led the index to close with half a percent gain. On the
sectoral front, IT and TECK counters remained under
pressure; whereas the Banking, Metal and Realty sectors
managed to close in the green. The advance to decline
ratio was in favor of the advancing counters. (A=1513
D=1463) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25678 / 7675 and 22160 / 6629 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26770 / 8011 and 25564 / 7642 levels, respectively.
Trading strategy:
Source: Falcon
It’s been a horrendous week for most of the traders,
especially the bulls. Monday’s vertical recovery in the Nifty
Actionable points:
from the low of 8064.80 kept the optimistic mood intact in
the market. In fact, at one point on Tuesday, it looked like
View
Neutral
the index would break out on the higher side. But
Support Levels
7880 - 7840
eventually, the various attempts made by the bulls turned
Resistance Levels
8030 - 8050
unsuccessful and post the initial hour of trade, we witnessed
a complete nosedive in most of the counters (especially in
the Metal and Banking space). In the process, the Nifty
It’s advisable to trade with a slightly negative bias as long
sneaked below the important support level of 8050. We
as the Nifty does not overcome the8040 mark. Only a
had mentioned in our previous report that a move below
sustainable move above this level may again bring back
8050 on the Nifty would trigger weakness in the market.
the optimistic mood in our market. Since the 7840 level
The intense selling pressure resulted in a sharp correction in
on the Nifty is a crucial support in the near term and the
the Nifty and led it to test the lower end (7840) of the
current corrective phase is part of a strong bull run, it’s
weekly ‘Upward Sloping Channel’. The trigger for the sell
advisable to short aggressively only after the confirmation
off was the Supreme Court’s verdict cancelling 214 coal-
of a breakdown below 7840.
block allocations, on Wednesday. Although, the Nifty
We have been maintaining a cautious stance on the
managed to recover sharply on Friday after the
market and have been advising traders to stay light on
announcement of Standard & Poor’s (S&P) raising the
outlook for India, the near term chart structure however
positions since the last few weeks. The recent market
looks weak as the Thursday’s close below 7925 resulted in
correction has validated our view. Further, we would like
a formation of a ‘Lower Top Lower Bottom’ formation on
to inform you that such corrections are essential for a
the daily chart. In addition, the weekly momentum
longer term bull run. We maintain our view that traders
oscillators are now signaling a negative crossover from the
can use all such meaningful dips to accumulate value
overbought territory.
buying propositions.
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1
Daily Technical Report
September 29, 2014
Bank Nifty Outlook - (15607)
Exhibit 2: Bank Nifty Daily Chart
Om Friday, the Bank Nifty too opened on a negative note
in line with the benchmark index. The selling pressure
intensified as the day progressed and in the process, the
Bank Nifty went on to test the daily ’89-EMA’ level placed
around
15150 level (Bank Nifty made a low of
15168.40). However, this level acted as a strong support
for the index and hence, we witnessed a vertical recovery
from day’s low to close with more than two percent gains.
Going forward, 15780 - 15850 levels are seen as an
immediate resistance zone for the stock. Any sustainable
move above 15850 would again resume the uptrend. On
the flipside, 15150 would now act as a crucial support for
the Bank Nifty.
Actionable points:
View
Neutral
Resistance Levels
1
15780 - 15850
Support Level
15150
Source: Falcon
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Daily Technical Report
September 29, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,022
26,324
26,523
26,825
27,023
NIFTY
7,783
7,876
7,935
8,028
8,086
BANKNIFTY
14,983
15,295
15,481
15,793
15,979
ACC
1,364
1,399
1,421
1,457
1,479
AMBUJACEM
202
207
210
215
218
ASIANPAINT
605
616
623
635
642
AXISBANK
362
376
384
397
405
BAJAJ-AUTO
2,254
2,297
2,343
2,387
2,433
BANKBARODA
845
871
888
914
931
BHARTIARTL
398
401
405
409
412
BHEL
198
202
204
208
210
BPCL
580
610
627
657
674
CAIRN
299
305
309
315
319
CIPLA
576
594
605
623
634
COALINDIA
329
339
345
354
361
DLF
153
158
160
165
168
DRREDDY
3,131
3,177
3,247
3,292
3,362
GAIL
425
434
444
453
463
GRASIM
3,429
3,513
3,564
3,648
3,699
HCLTECH
1,676
1,695
1,710
1,729
1,744
HDFC
1,005
1,022
1,040
1,056
1,074
HDFCBANK
831
851
865
885
899
HEROMOTOCO
2,801
2,849
2,892
2,940
2,982
HINDALCO
141
149
154
162
167
HINDUNILVR
738
745
752
759
767
ICICIBANK
1,418
1,448
1,465
1,495
1,512
IDFC
134
138
140
144
147
INDUSINDBK
603
614
621
632
639
INFY
3,627
3,654
3,687
3,713
3,747
ITC
364
368
372
376
380
JINDALSTEL
160
172
179
191
198
KOTAKBANK
999
1,012
1,024
1,036
1,048
LT
1,417
1,446
1,463
1,493
1,510
LUPIN
1,340
1,360
1,375
1,395
1,410
M&M
1,323
1,358
1,379
1,414
1,435
MARUTI
2,904
2,971
3,029
3,096
3,154
NMDC
155
161
165
170
174
NTPC
134
137
138
141
143
ONGC
393
403
408
418
423
PNB
809
852
880
924
952
POWERGRID
134
136
136
138
139
RELIANCE
906
920
931
944
955
SBIN
2,308
2,377
2,418
2,487
2,529
SSLT
264
269
273
278
282
SUNPHARMA
719
763
792
836
865
TATAMOTORS
485
498
506
519
526
TATAPOWER
81
83
84
85
86
TATASTEEL
451
463
470
481
488
TCS
2,638
2,661
2,693
2,716
2,748
TECHM
2,428
2,451
2,490
2,513
2,552
ULTRACEMCO
2,513
2,580
2,622
2,689
2,731
WIPRO
572
580
586
594
600
ZEEL
291
297
301
307
312
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Daily Technical Report
September 29, 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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