Daily Technical Report
January 29, 2014
Sensex (20684) / Nifty (6126)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened on a flat note
considering quiet global cues. Subsequently, index managed to
trade with positive bias just ahead of the RBI policy. Post the
announcement; we witnessed sharp correction to break the
6100 mark. However, during the second half, the index
recovered from day’s low and closed with very nominal loss.
On the sectoral front, the Realty and Metal counters closed in
the green; whereas the Tech and IT sectors underperformed
the benchmark indices. The advance to decline ratio was in
favor of the declining counters. (A=1263 D=1273)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20639 / 6138 and 19399 / 5814 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
21020 / 6244 and 20598 / 6124 levels, respectively.
Source: Falcon
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Actionable points:
The daily ‘RSI’ and the Stochastic momentum oscillators
are now signaling a negative crossover.
View
Neutral
Support Levels
6085 - 6030
Trading strategy:
Resistance Levels
6164 - 6210
Monday's weak trading session was followed by quiet opening
in our market. The rate hike announcement initially led to a
significant decline. However, the index managed to recover in
the second half and has now closed below the daily '89 EMA'.
The daily chart depicts a 'Spinning Top' Japanese candlestick
pattern. This indicates uncertainty at current levels. Going
forward, any sustainable move beyond yesterday's high of
6164 may lead to an extended bounce towards 6210 - 6250
levels. This would be then construed as a pull back towards the
'Upward Sloping Trend Line' (please refer the exhibit). On the
other hand, the index may test 6030 - 5970 levels if selling
pressure persists and the index trades below 6085 level in
today's session.
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Daily Technical Report
January 29, 2014
Bank Nifty Outlook - (10540)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Banking index too opened quietly in-line
with the benchmark index. We witnessed reasonably
higher volatility on account of RBI monetary policy.
However, the bulls made a came back in the second half
and recovered major part of the losses. Similar to Nifty,
the daily chart of the banking index too exhibits a
'Spinning Top' pattern. Hence, a sustainable move above
10708 may push the index towards breakdown point of
10780 - 10860 levels. On the flipside, weakness would
be seen if the index slips below 10333 level. In this
scenario,
10150
-
10100 levels can be tested.
Considering the larger picture on the weekly chart we
continue to have a negative bias in the banking counters.
Actionable points:
View
Neutral
Source: Falcon
Support Levels
10333 - 10150
Resistance levels
10708 - 10780
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Daily Technical Report
January 29, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,437
20,560
20,678
20,801
20,919
NIFTY
6,048
6,087
6,125
6,165
6,203
BANKNIFTY
10,142
10,325
10,516
10,699
10,891
ACC
972
984
992
1,004
1,012
AMBUJACEM
154
156
158
160
162
ASIANPAINT
466
472
476
481
486
AXISBANK
1,075
1,098
1,139
1,162
1,202
BAJAJ-AUTO
1,892
1,918
1,933
1,960
1,974
BANKBARODA
539
553
571
585
602
BHARTIARTL
299
302
306
310
313
BHEL
158
161
163
167
169
BPCL
330
336
340
346
350
CAIRN
318
320
322
324
326
CIPLA
398
404
412
418
426
COALINDIA
244
247
250
253
256
DLF
135
138
141
144
147
DRREDDY
2,612
2,632
2,646
2,666
2,681
GAIL
337
341
344
349
352
GRASIM
2,558
2,575
2,588
2,605
2,617
HCLTECH
1,384
1,398
1,412
1,426
1,440
HDFC
816
824
834
842
853
HDFCBANK
629
637
646
654
664
HEROMOTOCO
1,966
1,990
2,010
2,034
2,054
HINDALCO
108
111
113
116
118
HINDUNILVR
541
556
569
583
596
ICICIBANK
959
989
1,009
1,039
1,059
IDFC
90
92
93
95
97
INDUSINDBK
367
378
389
401
412
INFY
3,642
3,658
3,684
3,700
3,725
ITC
315
321
325
330
334
JINDALSTEL
246
252
257
263
268
JPASSOCIAT
37
39
40
42
43
KOTAKBANK
633
647
658
672
683
LT
962
973
985
995
1,007
LUPIN
854
865
883
894
912
M&M
856
865
873
882
890
MARUTI
1,408
1,487
1,619
1,698
1,830
NMDC
138
140
142
144
146
NTPC
126
127
130
131
133
ONGC
271
273
277
279
283
PNB
513
531
547
564
580
POWERGRID
96
96
97
97
97
RANBAXY
305
312
316
322
326
RELIANCE
835
840
848
853
861
RELINFRA
367
371
377
381
387
SBIN
1,551
1,574
1,601
1,623
1,651
SESAGOA
191
195
198
203
205
SUNPHARMA
565
573
589
597
613
TATAMOTORS
340
348
354
362
368
TATAPOWER
70
72
73
74
76
TATASTEEL
346
356
363
373
379
TCS
2,167
2,190
2,219
2,241
2,271
ULTRACEMCO
1,652
1,673
1,691
1,713
1,731
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Daily Technical Report
January 29, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
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