Daily Technical Report
April 30, 2014
Sensex (22466) / Nifty (6715)
Exhibit 1: Nifty Daily Chart
Yesterday, our markets opened marginally higher as indicated
by the pre-opening session. However, index immediately
slipped in the negative territory during the initial 15 minutes of
the trade and remained under pressure for most part of the
session. Eventually index managed to end the session with
more than half a percent loss. Barring Consumer Durables, all
other sectors closed inside the negative territory. The Metal,
Banking and Auto counters were among the major losers. The
advance to decline ratio was in favor of the declining counters.
(A=1253 D=1528)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
21534 / 6422 and 20200 / 5994 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
22464 / 6719 and 21666 / 6465 levels, respectively.
The daily momentum oscillators are negatively poised.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, our benchmark index opened tad higher; but
View
Bearish
that up move was very short lived as the index fell nearly a
Expected Targets
6665 - 6600
percent lower in merely 10 minutes. Index managed to
Resistance Levels
6761 - 6806
recover major portion of these losses; but the hourly ’89
EMA’ acted as a strong hurdle for the bulls. As a result, the
Nifty resumed its early morning downtrend and closed
almost at the lowest point of the day. Yesterday’s fall was
very much in-line with our expectations as the index
managed to meet with our initial target of 6719 mentioned
in our previous report. This price action resulted in a
breakdown from the ‘Upward Sloping Trend Line’ (please
refer the exhibit). Considering the ongoing momentum and
negative placement of momentum oscillators, we expect the
Nifty continue it’s down move to test 6665 and may even
test the 6600 mark. On the flipside, 6761 - 6806 levels
would act as immediate resistances for the index. We advise
traders to remain light on positions and avoid taking undue
risk.
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Daily Technical Report
April 30, 2014
Bank Nifty Outlook - (12911)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty opened slightly higher and
eventually went on to become the major culprit in
dragging our benchmark index lower. Looking at the
hourly chart, it is clearly seen that the index is now
aaproaching hourly ’89 EMA’ placed at 12850. Hence,
going forward, only a sustainable move below 12850
would trigger immense pessimism in Bank Nifty. In this
scenario, lower levels of 12780 - 12700 can be tested.
On the flipside, 13020 would act as an immediate
resistance level for the banking index.
Actionable points:
View
Neutral
Resistance Level
13020
Source: Falcon
Support Levels
12850 - 12780
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Daily Technical Report
April 30, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
22,292
22,379
22,531
22,618
22,769
NIFTY
6,663
6,689
6,735
6,760
6,806
BANKNIFTY
12,750
12,831
12,977
13,057
13,204
ACC
1,263
1,282
1,296
1,315
1,329
AMBUJACEM
195
199
202
206
209
ASIANPAINT
489
493
499
503
509
AXISBANK
1,490
1,509
1,527
1,546
1,564
BAJAJ-AUTO
1,895
1,917
1,953
1,976
2,012
BANKBARODA
801
809
818
827
836
BHARTIARTL
325
330
336
341
347
BHEL
182
184
187
189
191
BPCL
446
453
458
466
471
CAIRN
332
334
335
337
338
CIPLA
392
396
403
407
414
COALINDIA
289
293
296
300
303
DLF
150
152
154
156
159
DRREDDY
2,615
2,640
2,665
2,689
2,714
GAIL
362
365
369
372
376
GRASIM
2,596
2,633
2,672
2,709
2,748
HCLTECH
1,393
1,404
1,419
1,429
1,444
HDFC
870
878
886
895
902
HDFCBANK
704
710
719
725
734
HEROMOTOCO
2,119
2,132
2,153
2,166
2,187
HINDALCO
132
135
139
141
146
HINDUNILVR
547
555
568
576
590
ICICIBANK
1,235
1,249
1,264
1,278
1,293
IDFC
112
113
115
116
117
INDUSINDBK
474
480
489
495
505
INFY
3,157
3,168
3,181
3,192
3,205
ITC
336
338
341
343
345
JINDALSTEL
231
242
259
270
287
KOTAKBANK
792
799
812
820
832
LT
1,289
1,305
1,324
1,340
1,358
LUPIN
967
979
993
1,006
1,020
M&M
1,049
1,059
1,071
1,080
1,092
MARUTI
1,879
1,898
1,929
1,948
1,980
MCDOWELL-N
2,740
2,762
2,781
2,803
2,822
NMDC
146
148
150
152
154
NTPC
117
117
118
119
119
ONGC
316
318
321
323
326
PNB
766
775
789
798
811
POWERGRID
104
105
106
107
108
RELIANCE
930
935
943
949
957
RELINFRA
505
518
531
544
556
SBIN
2,019
2,042
2,084
2,107
2,148
SSLT
184
188
192
195
199
SUNPHARMA
627
633
639
645
650
TATAMOTORS
401
405
412
416
423
TATAPOWER
78
80
82
83
85
TATASTEEL
390
398
412
420
434
TCS
2,163
2,179
2,193
2,208
2,222
TECHM
1,786
1,816
1,838
1,868
1,889
ULTRACEMCO
1,974
2,020
2,067
2,113
2,160
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Daily Technical Report
April 30, 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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