Daily Technical Report
December 30, 2013
Sensex (21194) / Nifty (6314)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a muted note in
line with global markets. Subsequently, we witnessed a range
bound activity throughout the session. On the sectoral front, IT
and TECH counters managed to outperformed the index;
whereas the Oil & Gas pack closed with nominal losses. The
advance to decline ratio was strongly in favor of the advancing
counters. (A=1378 D=1171)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20395 / 6068 and 19220 / 5767 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20915 / 6227 and 20403 / 6072 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
Despite the derivative expiry, we witnessed lethargic and
narrow trading range throughout the week. The bulls somehow
View
Neutral
managed to conquer the upper range of 6320 during Friday's
Support Levels
6259 - 6170
session. However this price action was not supported by even
Resistance Levels
6363 - 6415
average volumes. Hence, we would wait for a closing above
the 6320 mark on the Nifty. In this scenario, we expect the
Nifty to retest 6350 - 6415. On the flipside, the ‘Bearish
Engulfing’ pattern mentioned in our previous report is still
intact and 6129 is still a crucial support for the index. Any
sustainable move below this level would trigger significant
pessimism in the market. In this scenario, we expect the index
to slide towards the strong support zone of 6050 - 5970 levels.
It is fairly clear that the markets are awaiting triggers and
range bound and dull movement can be expected in the
coming week as well. The festive mood is likely to last till the
end of the coming week and real participation will start from 6
January’14 onwards.
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Daily Technical Report
December 30, 2013
Bank Nifty Outlook - (11460)
Exhibit 2: Bank Nifty Daily Chart
The Bank Nifty too opened on a muted note in line with
the Benchmark indices .After a range bound activity
throughout the session, the banking index closed with a
gain of around half a percent. In the process, the Bank
nifty has finally managed to cross the ‘hourly 89 EMA’
(11376). Also, during yesterday’s session, the index
managed to close a tad above previous crucial resistance
of 11454. Going forward, we may witness a rally towards
11622 - 11781 levels only if the bank nifty manages to
sustain above 11515 level. On the downside, 11409 -
11258 levels may provide a decent support for the index
in the coming trading sessions.
Actionable points:
View
Neutral
Support Levels
11409 - 11258
Source: Falcon
Resistance levels
16222 - 11781
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Daily Technical Report
December 30, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
21,059
21,126
21,181
21,248
21,303
NIFTY
6,274
6,294
6,309
6,329
6,345
BANKNIFTY
11,356
11,408
11,461
11,513
11,566
ACC
1,093
1,108
1,119
1,134
1,145
AMBUJACEM
182
184
185
186
187
ASIANPAINT
478
481
486
490
495
AXISBANK
1,276
1,285
1,300
1,309
1,324
BAJAJ-AUTO
1,908
1,921
1,943
1,957
1,978
BANKBARODA
641
647
653
659
665
BHARTIARTL
326
328
330
331
333
BHEL
170
172
173
175
176
BPCL
345
348
354
358
364
CAIRN
318
321
323
326
328
CIPLA
394
400
404
409
413
COALINDIA
279
281
283
285
286
DLF
167
169
172
174
177
DRREDDY
2,505
2,512
2,521
2,528
2,537
GAIL
336
338
340
342
344
GRASIM
2,688
2,702
2,721
2,735
2,754
HCLTECH
1,227
1,237
1,249
1,259
1,271
HDFC
769
779
785
795
801
HDFCBANK
658
664
670
675
681
HEROMOTOCO
2,064
2,076
2,093
2,104
2,122
HINDALCO
120
121
122
124
125
HINDUNILVR
557
563
568
574
579
ICICIBANK
1,097
1,104
1,109
1,115
1,120
IDFC
104
105
106
108
109
INDUSINDBK
418
420
422
425
427
INFY
3,512
3,537
3,554
3,579
3,596
ITC
318
320
322
324
326
JINDALSTEL
257
260
262
265
268
JPASSOCIAT
53
53
54
55
56
KOTAKBANK
721
730
737
746
753
LT
1,060
1,069
1,079
1,088
1,098
LUPIN
894
900
907
913
920
M&M
943
955
963
976
984
MARUTI
1,742
1,758
1,780
1,796
1,817
NMDC
136
139
141
143
145
NTPC
136
137
137
138
139
ONGC
289
290
292
293
295
PNB
622
629
634
640
645
POWERGRID
97
99
99
101
101
RANBAXY
454
459
463
468
473
RELIANCE
866
873
883
890
900
RELINFRA
424
427
431
435
438
SBIN
1,742
1,756
1,769
1,783
1,795
SESAGOA
199
200
202
203
205
SUNPHARMA
565
570
575
580
584
TATAMOTORS
366
369
372
375
377
TATAPOWER
88
89
90
91
92
TATASTEEL
420
423
425
428
430
TCS
2,080
2,120
2,145
2,185
2,210
ULTRACEMCO
1,732
1,751
1,783
1,802
1,834
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Daily Technical Report
December 30, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
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