Daily Technical Report
October 29, 2013
Sensex (20570) / Nifty (6101)
Exhibit 1: Nifty Daily Chart
The opening session of the week began on a flat note
considering quiet Asian bourses. After a range bound
movement in the first half, selling pressure led the Nifty to shed
more than half a percent and close in the negative territory.
On the sectoral front, the Consumer Durables, Capital Goods
and Oil & Gas sectors continued their optimism; whereas the
Realty, FMCG, Metal and Banking counters witnessed modest
profit booking during the session. The advance to decline ratio
was strongly in favor of the declining counters. (A=994
D=1415)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19711 / 5865 and 18900 / 5682 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20399 / 6052 and 19836 / 5904 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; but ‘RSI’ and ‘Stochastic’ oscillator are
contradictory by showing positive developments.
Source: Falcon
On the Weekly chart, we are observing a ‘Trend Line’
(please refer to exhibit 1) resistance at 6230 level.
Actionable points:
Trading strategy:
View
Neutral
The Nifty has now closed marginally above the psychological
Resistance Level
6162 - 6253
level of 6100 mark. During yesterday’s session, some of the
Support Level
6070
constituents experienced enormous selling pressure, which
resulted in daily closing below the ‘Upward Sloping Trend Line’
(please refer the exhibit). However, prices coincide with the
‘Downward Sloping Trend Line’ support in the line chart.
Hence, the coming session can be proved very crucial for the
market. A close below yesterday’s low of 6094 may trigger
strong pessimism in the market. In this scenario, we may
expect an immediate slide towards 6070 - 6000 levels. On the
flipside, an intraday resistance is seen around 6169; but the
stiff resistance of 6230 would remain to be a major hurdle for
the bulls. As mentioned in our previous reports, any closing
above this level would negate all near and intermediate term
possibilities of weakness in the market. As a result, the index
may get pushed towards 6339 - 6357 levels.
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Daily Technical Report
October 29, 2013
Bank Nifty Outlook - (10773)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened quietly in-line with
our benchmark index. Throughout the session, the Bank
Nifty underperformed the benchmark Nifty index and
closed with a loss of more than a percent. In our previous
report, we had mentioned ‘Shooting Star’ Japanese
Candle stick pattern, which has now been activated.
However, the coming session is likely to be extremely
volatile especially for the banking conglomerates on
account of RBI Monetary policy. Any unfavorable outcome
from the event may trigger immense pessimism among
market participants. Going forward, if the Bank Nifty
sustains below 10700, then the index may fall towards
10550 - 10390 levels. On the flipside, yesterday’s high
of 11003 would now act as an immediate resistance
level. A move beyond 11003 may result in a rally towards
11220 or higher levels.
Actionable points:
Source: Falcon
View
Bearish below 10700
Support Level
10550 - 10390
Resistance Level
11003
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
29/10/2013
Ambuja Cement
Futures
Sell
190 - 191
190.35
194
182
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Daily Technical Report
October 29, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,410
20,490
20,631
20,711
20,851
NIFTY
6,047
6,074
6,121
6,149
6,196
BANKNIFTY
10,593
10,683
10,843
10,933
11,093
ACC
1,081
1,097
1,126
1,142
1,171
AMBUJACEM
186
188
191
193
196
ASIANPAINT
488
495
507
514
526
AXISBANK
1,167
1,179
1,199
1,211
1,231
BAJAJ-AUTO
2,021
2,046
2,077
2,103
2,134
BANKBARODA
542
556
579
592
615
BHARTIARTL
330
335
342
346
353
BHEL
133
135
137
138
140
BPCL
341
344
348
351
355
CAIRN
301
304
310
313
318
CIPLA
406
409
414
417
422
COALINDIA
272
274
277
279
282
DLF
141
144
149
152
157
DRREDDY
2,367
2,383
2,406
2,422
2,445
GAIL
337
341
346
350
355
GRASIM
2,639
2,664
2,706
2,731
2,773
HCLTECH
1,042
1,052
1,068
1,079
1,095
HDFC
807
814
819
825
830
HDFCBANK
660
664
669
673
679
HEROMOTOCO
1,952
1,977
2,020
2,045
2,087
HINDALCO
104
105
108
110
112
HINDUNILVR
565
577
598
610
631
ICICIBANK
990
1,002
1,022
1,034
1,054
IDFC
97
98
101
103
106
INDUSINDBK
398
405
418
425
437
INFY
3,275
3,299
3,317
3,341
3,359
ITC
319
324
331
335
342
JINDALSTEL
234
236
239
241
244
JPASSOCIAT
41
42
44
45
47
KOTAKBANK
700
704
710
714
720
LT
936
951
963
978
991
LUPIN
857
867
882
891
906
M&M
842
855
870
883
897
MARUTI
1,489
1,501
1,515
1,527
1,541
NMDC
132
134
135
137
138
NTPC
142
143
145
146
148
ONGC
282
284
287
289
291
PNB
461
471
487
496
512
POWERGRID
97
98
99
100
102
RANBAXY
378
383
391
396
404
RELIANCE
877
884
894
901
911
RELINFRA
405
409
417
421
429
SBIN
1,628
1,652
1,695
1,719
1,763
SESAGOA
189
192
198
202
207
SUNPHARMA
591
597
605
611
619
TATAMOTORS
370
374
378
382
386
TATAPOWER
77
78
80
81
83
TATASTEEL
301
307
317
323
333
TCS
2,032
2,048
2,069
2,085
2,106
ULTRACEMCO
1,922
1,933
1,948
1,959
1,974
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Daily Technical Report
October 29, 2013
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
Sacchitanand Uttekar
-
Technical Analyst
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