Daily Technical Report
January 03, 2014
Sensex (20888) / Nifty (6221)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a subdued note considering
mixed global cues. However, the missing volatility came back
into the market, which resulted in massive intraday movement.
The Bulls dominated the first half but it was the Bears who had
the last laugh as the Nifty closed at the lowest point of the day
by posting more than a percent loss as compared to the
previous close. On the sectoral front, excluding IT, all the
sectors closed in negative territory. Realty, Banking, Power and
Capital goods counters were the major losers. The advance to
decline ratio was strongly in favor of the declining counters.
(A=1021 D=1572)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20454 / 6086 and 19257 / 5777 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20968 / 6244 and 20450 / 6086 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
Source: Falcon
the weekly chart is still intact.
Actionable points:
Trading strategy:
Finally, we witnessed some serious action in our market after
View
Bearish below 6190
few consecutive dull sessions. However, unfortunately it turned
Expected targets
6150 - 6129
out to be a nightmare for the traders as the index showed dual
Resistance Levels
6270 - 6300
sentiments during the session and we witnessed a steep fall of
nearly two percent from early morning highs. It is now clear
that the Nifty has come out of a congestion zone and nearing
an ‘Upward Sloping Trendline' (please refer the exhibit) placed
around 6190. A sustainable move below this level may trigger
immense selling pressure in the market. As a result, the index
may slide towards 6100 - 6080 levels. On the flipside, 6270 -
6300 would now act as intraday resistance levels in coming
trading sessions.
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Daily Technical Report
January 03, 2014
Bank Nifty Outlook - (11183)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty too opened on a flat note in line with the
benchmark index. Subsequently, we witnessed a sudden
spurt in all heavyweight banking conglomerates during
the initial hour of the session. In the process, the banking
index surged nearly one and half a percent in quick time.
However, immense selling pressure in the second half led
to a significant fall of nearly 3 % from the morning highs.
The Bank Nifty now has a major and crucial support at
11000, which is the daily '89 EMA' level. A breach of this
level on closing basis would allow bears to take charge of
the market trend. A close below 11000 would mean that
the Bank Nifty would also confirm a strong bearish “Head
and Shoulder“ pattern. In this scenario, lower levels of
10800 - 10630 can be retested. On the flipside, 11380
would now act as a strong resistance for the index.
Actionable points:
View
Bearish below 11000
Source: Falcon
Expected targets
10800 - 10630
Resistance levels
11380
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Daily Technical Report
January 03, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,537
20,713
21,022
21,198
21,507
NIFTY
6,117
6,169
6,264
6,316
6,411
BANKNIFTY
10,875
11,029
11,304
11,458
11,733
ACC
1,075
1,086
1,104
1,116
1,133
AMBUJACEM
174
177
181
183
188
ASIANPAINT
469
477
491
499
513
AXISBANK
1,225
1,249
1,287
1,310
1,349
BAJAJ-AUTO
1,875
1,887
1,908
1,921
1,941
BANKBARODA
623
636
659
673
695
BHARTIARTL
319
324
331
336
344
BHEL
162
166
172
176
181
BPCL
328
334
344
350
360
CAIRN
318
320
323
324
327
CIPLA
382
387
397
402
412
COALINDIA
275
279
286
290
296
DLF
159
163
169
172
178
DRREDDY
2,494
2,511
2,531
2,548
2,567
GAIL
330
334
342
346
353
GRASIM
2,556
2,600
2,670
2,714
2,784
HCLTECH
1,227
1,239
1,252
1,264
1,277
HDFC
769
780
795
806
820
HDFCBANK
641
649
662
670
683
HEROMOTOCO
2,053
2,067
2,085
2,099
2,118
HINDALCO
116
119
122
124
128
HINDUNILVR
548
555
566
573
583
ICICIBANK
1,040
1,058
1,088
1,106
1,136
IDFC
99
102
107
109
114
INDUSINDBK
397
405
419
427
441
INFY
3,439
3,460
3,484
3,505
3,529
ITC
307
311
318
322
329
JINDALSTEL
250
254
262
267
274
JPASSOCIAT
50
52
54
55
58
KOTAKBANK
686
696
714
725
742
LT
996
1,016
1,048
1,068
1,100
LUPIN
889
897
910
918
930
M&M
913
924
942
953
971
MARUTI
1,725
1,747
1,781
1,802
1,837
NMDC
135
138
141
144
147
NTPC
132
133
136
138
140
ONGC
272
277
285
290
298
PNB
576
594
624
642
672
POWERGRID
99
100
101
103
104
RANBAXY
448
455
467
474
486
RELIANCE
854
865
880
891
906
RELINFRA
399
408
423
433
448
SBIN
1,686
1,715
1,760
1,788
1,834
SESAGOA
191
195
201
206
212
SUNPHARMA
561
568
576
583
591
TATAMOTORS
366
369
373
376
380
TATAPOWER
84
86
89
90
93
TATASTEEL
405
412
424
431
442
TCS
2,138
2,152
2,171
2,185
2,204
ULTRACEMCO
1,693
1,712
1,745
1,764
1,797
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Daily Technical Report
January 03, 2014
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
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