Daily Technical Report
May 30, 2014
Sensex (24234) / Nifty (7236)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a flat note; but
immediately slipped well inside the negative territory. As the
day progressed, selling pressure aggravated in most of the
index heavyweights, which led to a close with more than a
percent loss. Barring Healthcare, all other sectors ended in
the negative territory. The IT, Oil & Gas and Capital Goods
were among the major losers. The advance to decline ratio
was marginally in favor of the declining counters. (A=1407
D=1551) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
22296 / 6650 and 20366 / 6095 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
23776 / 7094 and 22472 / 6705 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
This was the second consecutive month where we witnessed
View
Neutral
a genuine movement on the derivative expiry session.
Support Levels
7220 - 7150
Yesterday, our market maintained a single direction
Resistance Levels
7270- 7300
(downward) throughout the session along with lesser
volatility. The session opened quietly; but immediately
started falling mainly on the back of gap down opening of
the IT giant, Infosys by more than
5%. As the day
progressed, other index heavyweight too joined Infosys and
the impact was clearly seen during the second half as the
Nifty trimmed nearly
100 points. The index has now
reached our mentioned target of 7230, which coincides
with the strong support of hourly ’89 EMA’. Going forward,
this technical tool can play an important role. Only a
sustainable move below 7220 would extend current down
move towards 7150 - 7130 levels. On the other hand, if
the index manages to find a decent support then the
possibility of an intraday bounce cannot be ruled out. In this
scenario, the Nifty may test 7270 - 7300 levels.
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Daily Technical Report
May 30, 2014
Bank Nifty Outlook - (15030)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened on a muted
note and remained range bound for the major part of the
day. In fact, the banking conglomerates were clearly
outperforming our benchmark index. In the final hour of
the trade, the Bank Nifty failed to hold against the strong
selling pressure, which resulted in a sharp cut of nearly a
percent. Going forward, Tuesday’s low of 14934 holds a
key support for the index. Any sustainable move below
this level may trigger some selling pressure. In this
scenario, we may expect lower levels of 14850 - 14780.
On the flipside, 15255 would act as a strong resistance
for the banking index.
Actionable points:
View
Neutral
Support Levels
14850 - 14780
Resistance Level
15255
Source: Falcon
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Daily Technical Report
May 30, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,001
24,118
24,323
24,439
24,645
NIFTY
7,161
7,198
7,262
7,299
7,363
BANKNIFTY
14,850
14,940
15,097
15,187
15,344
ACC
1,319
1,340
1,374
1,396
1,429
AMBUJACEM
204
209
215
220
226
ASIANPAINT
498
502
508
513
519
AXISBANK
1,827
1,846
1,870
1,889
1,913
BAJAJ-AUTO
1,913
1,927
1,945
1,959
1,977
BANKBARODA
852
865
882
895
912
BHARTIARTL
327
332
341
346
354
BHEL
235
239
245
250
256
BPCL
519
527
541
550
563
CAIRN
331
336
345
351
360
CIPLA
364
368
375
379
386
COALINDIA
363
368
376
381
389
DLF
198
201
205
208
212
DRREDDY
2,307
2,346
2,375
2,413
2,442
GAIL
365
368
372
376
380
GRASIM
3,087
3,127
3,190
3,231
3,294
HCLTECH
1,343
1,372
1,413
1,441
1,483
HDFC
877
887
901
911
925
HDFCBANK
793
802
816
825
839
HEROMOTOCO
2,225
2,285
2,320
2,380
2,416
HINDALCO
138
144
149
154
159
HINDUNILVR
549
553
559
562
568
ICICIBANK
1,402
1,419
1,444
1,462
1,487
IDFC
124
126
129
131
134
INDUSINDBK
529
536
548
555
567
INFY
2,845
2,885
2,955
2,995
3,065
ITC
336
339
344
347
351
JINDALSTEL
285
291
301
307
317
KOTAKBANK
843
852
862
871
881
LT
1,499
1,524
1,557
1,582
1,615
LUPIN
901
911
925
935
950
M&M
1,155
1,166
1,175
1,186
1,195
MARUTI
2,217
2,261
2,300
2,344
2,382
MCDOWELL-N
2,782
2,804
2,839
2,861
2,896
NMDC
166
169
173
176
181
NTPC
147
150
152
155
157
ONGC
357
365
377
386
398
PNB
922
941
974
993
1,026
POWERGRID
123
124
125
127
128
RELIANCE
1,053
1,063
1,078
1,089
1,103
RELINFRA
660
671
688
698
715
SBIN
2,545
2,573
2,608
2,636
2,671
SSLT
261
268
274
281
287
SUNPHARMA
577
582
587
591
596
TATAMOTORS
415
420
426
431
437
TATAPOWER
97
99
102
104
107
TATASTEEL
457
461
468
473
479
TCS
2,114
2,137
2,158
2,182
2,203
TECHM
1,834
1,856
1,880
1,902
1,926
ULTRACEMCO
2,316
2,354
2,413
2,451
2,511
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Daily Technical Report
May 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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