Daily Technical Report
June 30, 2014
Sensex (25100) / Nifty (7509)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a positive
note as indicated by the SGX nifty. However, the index
failed to sustain at higher levels and immediately corrected
a bit during the initial hour. The index then remained within
a narrow range throughout the session to close on a flat
note. On the sectoral front, the IT and Healthcare counters
managed to outperform the index; whereas the Metal, Auto
and Banking sectors remained under pressure. The advance
to decline ratio was in favor of the advancing counters.
(A=1675 D=1325) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
23440/ 6998 and 20775/ 6217 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
25046 / 7488 and 23349 / 6972 levels, respectively.
Trading strategy:
Source: Falcon
The entire week’s price action was almost a replica of the
previous week as the Nifty vacillated within a small band
and continued to show dual sentiments. During the early
Actionable points:
part of the week, the index had sneaked below its recent
low of 7487.55, but failed to sustain at the lower levels as a
View
Bearish
speedy recovery took place after it posting a low of
Expected Targets
7440 - 7400
7441.60. On Tuesday, the Nifty witnessed a decent up
Resistance Levels
7540 - 7590
move, which we had not expected. But looking at the
placement of the daily ‘RSI’ momentum oscillator, we
maintain our slightly negative stance on the market. On
However, at present, we are not seeing any major signal on
June 18, 2014, we had observed a break down (in ‘RSI’
the higher degree chart of the Nifty breaking the crucial
oscillator) from the ‘Horizontal Line’ level of 64.50. Due to
support zone of
7400 - 7380. In case of any major
Tuesday’s rally, this indicator took a u-turn after making a
development in the coming week, and if the Nifty sustains
low of 57.52 on June 23, 2014. But we construed this
below the 7400 mark, then the possibility of testing 7280 -
development as a pull back towards the break down point
7220 levels cannot be ruled out. On the upside, 7589 is
and as expected, the Nifty corrected on Thursday. In the
seen as an immediate resistance level for the Nifty.
concluded week, the last three candles have a small body.
This is a sign of uncertainty and the market is unable to find
We reiterate that the correction which we are expecting is
its near term direction. We expect this ‘Time-Wise’
purely for the near term. The higher degree trend remains
correction to continue in the coming week as well. At this
strongly bullish and hence, it’s advisable to use every
juncture, the daily ’20 EMA’ level of 7480 on the Nifty is
meaningful correction to accumulate stocks from a value
playing a sheet anchor role as many attempts to close
buying proposition.
below it have been unsuccessful. But sticking to the ‘RSI’
placement, we expect it to move towards the 50 mark in the
coming days (the current level is 56). Hence, the possibility of
the Nifty breaking the ’20 EMA’ and correcting towards 7400 -
7380 cannot be ruled out. This support zone coincides with the
lower end of the small ‘Downward Sloping Channel’ (please
refer the exhibit 2).
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Daily Technical Report
June 30, 2014
Bank Nifty Outlook - (14992)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the banking index too opened on a positive
note in line with the benchmark index and remained
slightly under pressure for rest of the session. Due to
relatively quiet session, the index took a support at the
‘Upward Sloping Trend line’ (please refer the exhibit),
which we expect to get penetrated in coming sessions. In
this scenario, the lower levels of 14850 - 14700 may get
tested. On the flipside, 15120 - 15200 is seen as an
immediate resistance zone for the index.
Actionable points:
View
Bearish
Expected Targets
14850 - 14700
Resistance Levels
15120 - 15200
Source: Falcon
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Daily Technical Report
June 30, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
24,937
25,019
25,114
25,195
25,291
NIFTY
7,454
7,481
7,510
7,538
7,566
BANKNIFTY
14,848
14,920
15,019
15,091
15,189
ACC
1,394
1,412
1,442
1,460
1,490
AMBUJACEM
212
214
218
220
224
ASIANPAINT
574
580
587
592
599
AXISBANK
1,879
1,894
1,915
1,931
1,952
BAJAJ-AUTO
2,254
2,282
2,300
2,327
2,346
BANKBARODA
828
837
849
858
870
BHARTIARTL
323
327
334
338
344
BHEL
237
241
247
251
257
BPCL
556
563
570
577
584
CAIRN
355
358
363
366
371
CIPLA
414
426
434
445
454
COALINDIA
372
376
384
389
397
DLF
202
207
209
214
217
DRREDDY
2,481
2,517
2,546
2,582
2,612
GAIL
446
451
456
462
467
GRASIM
3,326
3,370
3,416
3,460
3,506
HCLTECH
1,404
1,443
1,464
1,503
1,524
HDFC
954
965
982
993
1,010
HDFCBANK
809
813
817
821
825
HEROMOTOCO
2,586
2,605
2,628
2,647
2,670
HINDALCO
157
159
162
164
167
HINDUNILVR
607
612
617
621
626
ICICIBANK
1,357
1,371
1,390
1,404
1,424
IDFC
125
127
128
130
131
INDUSINDBK
560
566
570
576
579
INFY
3,147
3,185
3,210
3,249
3,274
ITC
314
317
319
322
324
JINDALSTEL
311
316
322
326
332
KOTAKBANK
847
856
865
874
883
LT
1,647
1,657
1,672
1,683
1,698
LUPIN
1,019
1,034
1,044
1,058
1,069
M&M
1,134
1,144
1,160
1,170
1,186
MARUTI
2,418
2,436
2,458
2,477
2,498
MCDOWELL-N
2,432
2,461
2,504
2,533
2,576
NMDC
174
177
180
182
185
NTPC
149
151
153
154
156
ONGC
401
406
412
417
423
PNB
935
943
954
962
973
POWERGRID
129
133
135
139
141
RELIANCE
998
1,005
1,014
1,021
1,031
RELINFRA
713
724
731
742
749
SBIN
2,604
2,621
2,646
2,663
2,688
SSLT
284
287
291
294
298
SUNPHARMA
638
649
662
674
686
TATAMOTORS
424
428
434
439
445
TATAPOWER
101
103
104
105
106
TATASTEEL
508
514
522
528
536
TCS
2,282
2,341
2,374
2,433
2,466
TECHM
2,018
2,072
2,104
2,157
2,189
ULTRACEMCO
2,472
2,534
2,617
2,679
2,762
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Daily Technical Report
June 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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