Daily Technical Report
October 30, 2013
Sensex (20929) / Nifty (6221)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a flat note as indicated by
the SGX Nifty. Subsequently, the index traded with neutral bias
just ahead of the RBI Monetary policy. However, post the
announcement, we witnessed sudden spurt in the index and the
positive momentum lasted till the end of the session. During the
session, all the sectors ended in the positive territory amongst
which the Banking, Realty, Auto and Metal counters dominated
the rally. The advance to decline ratio was in favor of the
advancing
counters.
(A=1291
D=1100)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19738 / 5873 and 18908 / 5684 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20449 / 6068 and 19871 / 5915 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; but ‘RSI’ and ‘Stochastic’ oscillator are
contradictory by showing positive developments.
On the Weekly chart, we are observing a ‘Trend Line’
Source: Falcon
(please refer to exhibit 1) resistance at 6230 level.
Actionable points:
Trading strategy:
Yesterday, post the announcement of the monetary policy the
View
Neutral
index soared higher to close convincingly above the
6200
Resistance Level
6253 - 6338
mark. In our previous report we had mentioned that the index
Support Level
6079
is hovering around its strong as well as crucial support level of
6100 on the line chart. Despite the early morning corrective
move, the index found decent support around the hourly ’89
EMA’ and surged higher. Going forward, considering the
current price structure we are of the view that if the index
manages to close above 6253 mark, then a further rally
towards the 6338 - 6357 levels may be seen in quick time. On
the flipside, yesterday’s low of 6079 would act as a key support
in the coming trading sessions.
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Daily Technical Report
October 30, 2013
Bank Nifty Outlook - (11242)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened quietly in-line with
our benchmark index. However the markets cheered the
policy changes and ignored inflation warnings. As a result
the Bank Nifty took a giant leap of nearly five percent.
This price action has resulted in a breakout from the
Trendline resistance at the 11003 mark. Considering
ongoing strong optimism, we expect the index to continue
its upward direction in the coming session as well. In this
scenario, the index may march towards 11460 - 11622
levels. On the flipside, the support levels are seen at
11129 - 10930 levels.
Actionable points:
View
Neutral
Support Level
11129 - 10930
Resistance Level
11460 - 11622
Source: Falcon
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
30/10/2013
Century Textiles
Cash
Buy
278- 274
281.45
267
298
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Daily Technical Report
October 30, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,333
20,631
20,792
21,090
21,251
NIFTY
6,027
6,124
6,176
6,273
6,325
BANKNIFTY
10,460
10,851
11,060
11,450
11,659
ACC
1,094
1,122
1,140
1,168
1,186
AMBUJACEM
187
191
193
198
200
ASIANPAINT
486
503
512
528
537
AXISBANK
1,144
1,197
1,229
1,282
1,315
BAJAJ-AUTO
2,030
2,062
2,087
2,119
2,144
BANKBARODA
548
571
585
607
621
BHARTIARTL
332
337
341
345
349
BHEL
128
132
135
139
142
BPCL
343
347
352
356
361
CAIRN
305
310
314
319
323
CIPLA
404
411
415
422
426
COALINDIA
271
276
280
285
288
DLF
139
145
148
153
157
DRREDDY
2,389
2,409
2,424
2,444
2,459
GAIL
339
342
345
348
351
GRASIM
2,624
2,711
2,764
2,851
2,904
HCLTECH
1,057
1,069
1,077
1,089
1,097
HDFC
802
821
831
850
861
HDFCBANK
644
665
677
698
710
HEROMOTOCO
1,954
2,008
2,045
2,099
2,136
HINDALCO
104
107
109
112
114
HINDUNILVR
583
594
600
611
618
ICICIBANK
976
1,025
1,052
1,102
1,129
IDFC
95
99
101
105
108
INDUSINDBK
390
413
425
448
461
INFY
3,278
3,307
3,336
3,365
3,394
ITC
319
323
328
332
337
JINDALSTEL
235
238
240
243
245
JPASSOCIAT
41
43
45
48
50
KOTAKBANK
693
713
724
744
755
LT
927
952
966
991
1,005
LUPIN
857
873
884
900
911
M&M
846
874
888
915
930
MARUTI
1,535
1,585
1,616
1,666
1,697
NMDC
133
134
136
137
138
NTPC
142
144
145
147
149
ONGC
282
287
289
293
296
PNB
462
482
494
514
526
POWERGRID
97
99
100
102
103
RANBAXY
376
381
387
391
397
RELIANCE
875
886
895
906
915
RELINFRA
401
415
423
437
444
SBIN
1,611
1,676
1,710
1,775
1,810
SESAGOA
192
196
200
204
208
SUNPHARMA
595
606
613
625
632
TATAMOTORS
371
376
380
386
389
TATAPOWER
78
80
81
82
83
TATASTEEL
302
314
321
333
339
TCS
2,030
2,050
2,068
2,088
2,106
ULTRACEMCO
1,906
1,946
1,971
2,011
2,035
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Daily Technical Report
October 30, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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