Daily Technical Report
October 30, 2014
Sensex (27098) / Nifty (8090)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened higher on the back
of a strong overnight rally seen in the US as well as
European bourses. The index then consolidated in a narrow
range for most part of the session. A sharp up move in the
concluding hour led to a close at the highest point of the
day. On the sectoral front, the Metal, Oil & Gas, Realty, IT
and Auto sectors managed to post decent gains; whereas
the Healthcare and Banking counters closed with very
nominal losses. The advance to decline ratio was in favor of
the advancing counters. (A=1603 D=1362) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25856 / 7732 and 22523 / 6738 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26478 / 7918 and 25835 / 7726 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
Our benchmark index started yesterday’s session on a
View
Neutral
cheerful note amid firm global cues. The Nifty then
Support Levels
8050 - 8030
consolidated for the major part of the session; but, a strong
Resistance Levels
8100 - 8120
up move towards the latter part added another half a
percent to the morning gains. In our previous report, we
had mentioned about the positive trend and expected Nifty
to test 8080 level. The Nifty has now closed slightly above
the 8080 mark; but, we reiterate that we are observing a
cluster of Fibonacci retracement levels around 8080 -
8120. Hence, with a broader perspective, we maintain our
view that we’ll avoid taking any fresh call in the Nifty until
the next technical development happens. It’s advisable to
stick to a stock centric approach. On the downside, 8050 -
8030 would act as an immediate support zone for the
index.
The coming session may trade with an enhanced volatility
on the back of October month derivative expiry. Hence, we
advise traders to follow strict stop losses and avoid taking
undue risks.
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Daily Technical Report
October 30, 2014
Bank Nifty Outlook - (16634)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Banking index too opened higher; but,
immediately pared down all its gains on the back of a
modest profit booking in some of the index constituents.
As a result, the Bank Nifty underperformed our
benchmark index by maintaining its position slightly in the
negative territory for the most part of the session.
However, the Bank Nifty almost met with our mentioned
level of 16800 (yesterday’s high was 16770.20) during
the initial hour. Looking at the daily chart, it can be seen
that the banking index has a strong resistance zone
around 16800 - 16850. However, at this juncture, we are
not observing any signs of trend reversal as well. Hence, it
would be a prudent strategy to wait for the next technical
development to happen in the index. On the flipside,
16600 - 16540 levels would now be seen as a strong
support zone for the index.
Actionable points:
View
Neutral
Resistance Levels
16800 - 16850
Support Levels
16600 - 16540
Source: Falcon
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Daily Technical Report
October 30, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,910
27,004
27,065
27,159
27,220
NIFTY
8,035
8,062
8,080
8,108
8,126
BANKNIFTY
16,493
16,563
16,667
16,737
16,841
ACC
1,460
1,472
1,481
1,493
1,502
AMBUJACEM
221
224
226
228
230
ASIANPAINT
636
641
647
653
659
AXISBANK
419
422
426
429
432
BAJAJ-AUTO
2,472
2,512
2,536
2,575
2,599
BANKBARODA
888
897
911
920
934
BHARTIARTL
398
402
407
410
415
BHEL
247
251
255
259
262
BPCL
689
697
707
715
726
CAIRN
278
282
285
289
292
CIPLA
645
651
655
661
665
COALINDIA
352
355
358
361
363
DLF
106
112
116
122
125
DRREDDY
2,931
2,989
3,054
3,111
3,177
GAIL
483
493
498
508
513
GRASIM
3,299
3,374
3,415
3,490
3,531
HCLTECH
1,485
1,499
1,509
1,522
1,532
HDFC
1,029
1,039
1,048
1,058
1,067
HDFCBANK
882
887
895
899
907
HEROMOTOCO
2,976
3,007
3,058
3,089
3,139
HINDALCO
144
151
154
161
165
HINDUNILVR
707
716
721
730
735
ICICIBANK
1,588
1,597
1,605
1,614
1,622
IDFC
142
143
145
147
149
INDUSINDBK
681
687
695
701
709
INFY
3,783
3,832
3,862
3,912
3,942
ITC
349
352
353
356
358
JINDALSTEL
147
152
155
160
163
KOTAKBANK
1,063
1,071
1,079
1,088
1,096
LT
1,555
1,566
1,578
1,589
1,601
LUPIN
1,331
1,344
1,359
1,372
1,388
M&M
1,268
1,283
1,299
1,314
1,329
MARUTI
3,116
3,161
3,190
3,234
3,264
NMDC
162
164
165
167
168
NTPC
144
145
147
148
150
ONGC
389
391
394
396
399
PNB
882
893
911
922
940
POWERGRID
138
140
142
144
146
RELIANCE
927
939
946
959
966
SBIN
2,603
2,624
2,651
2,672
2,699
SSLT
244
250
253
259
263
SUNPHARMA
812
821
835
845
859
TATAMOTORS
511
519
523
531
535
TATAPOWER
89
90
91
92
93
TATASTEEL
447
459
466
478
485
TCS
2,457
2,481
2,498
2,522
2,539
TECHM
2,332
2,365
2,386
2,418
2,439
ULTRACEMCO
2,438
2,458
2,473
2,494
2,509
WIPRO
552
554
557
560
563
ZEEL
328
334
338
344
348
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Daily Technical Report
October 30, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Technical Analyst
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