Daily Technical Report
December 30, 2014
Sensex (27396) / Nifty (8246)
Exhibit 1: Nifty Daily Chart
The opening session of the week started marginally higher
amid quiet global cues. The index then spurted in the initial
trades to cross the 8250 mark. However, we witnessed a
consolidation during the remaining part of the session,
which led the Nifty to close with nearly half a percent gains.
Barring Banking, all other sectors ended in the positive
territory amongst which Auto, Consumer Durables and
Metal were among the major gainers. The advance to
decline ratio was marginally in favor of the advancing
counters. (A=1617 D=1307) (Source-www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27055 / 8101 and 23512 / 7036 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 27559 / 8276 and 27040 / 8098 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
If we exclude first five minutes of trading, the index has
View
Neutral
done nothing in yesterday’s session as we observed a range
Resistance Level
8300
bound movement after an early morning spike. Although,
Support Level
8210
the Nifty gained more than half a percent yesterday; we
wouldn’t give much weightage to this price action. The main
reason being lack of participation from the market
participants as the overall turnover was well below its
average daily turnover. Looking at the current chart
structure along with low volumes, we expect the index to
remain within a range of 8365 to 8145 for next few trading
sessions. As long as the Nifty doesn’t surpass the higher end
of 8365, we would maintain our mildly negative stance on
the market. Meanwhile, traders can focus on stock specific
approach; but, the aggressive trading is not advisable on
either side. The intraday support for the coming trading
session is seen at 8210 and the resistance is at 8300.
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Daily Technical Report
December 30, 2014
Bank Nifty Outlook - (18528)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, similar to the benchmark index, the Bank Nifty
too opened slightly higher and extended its gains in the
initial hour. But, the price action in the remaining session
was slightly different from the Nifty as the banking index
pared down all gains and went on to close marginally in
the negative territory. Due to such underperformance
from most of the banking conglomerates; the Bank Nifty
slipped towards the hourly ’89-EMA’ support level of
18400. As mentioned in our previous report, we reiterate
that a sustainable move below the 18400 mark may
trigger pessimism in the index. In this scenario, the index
may correct towards 18250 - 18150 levels. On the
flipside, 18700 would act as an immediate resistance
level.
Actionable points:
View
Neutral
Resistance Level
18700
Support Levels
18400 - 18250
Source: Falcon
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Daily Technical Report
December 30, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
27,149
27,273
27,390
27,513
27,631
NIFTY
8,182
8,214
8,247
8,279
8,311
BANKNIFTY
18,377
18,453
18,577
18,652
18,776
ACC
1,388
1,394
1,402
1,407
1,416
AMBUJACEM
224
227
229
233
235
ASIANPAINT
718
738
749
768
779
AXISBANK
487
490
495
499
503
BAJAJ-AUTO
2,464
2,475
2,490
2,500
2,515
BANKBARODA
1,058
1,063
1,071
1,076
1,084
BHARTIARTL
344
348
354
357
363
BHEL
250
252
255
257
259
BPCL
631
639
650
658
670
CAIRN
235
237
241
243
247
CIPLA
611
617
625
631
638
COALINDIA
375
381
385
391
395
DLF
132
134
137
139
142
DRREDDY
3,118
3,129
3,147
3,158
3,176
GAIL
433
437
442
446
450
GRASIM
3,360
3,390
3,415
3,445
3,470
HCLTECH
1,562
1,571
1,579
1,588
1,597
HDFC
1,110
1,117
1,123
1,131
1,137
HDFCBANK
944
948
952
956
960
HEROMOTOCO
3,077
3,113
3,134
3,170
3,190
HINDALCO
150
154
156
159
161
HINDUNILVR
747
753
758
764
769
ICICIBANK
344
347
351
353
357
IDFC
154
156
157
158
160
INDUSINDBK
776
780
786
790
796
INFY
1,941
1,949
1,961
1,970
1,981
ITC
365
367
369
372
374
JINDALSTEL
148
151
154
157
160
KOTAKBANK
1,230
1,237
1,248
1,255
1,267
LT
1,474
1,482
1,494
1,502
1,514
LUPIN
1,406
1,419
1,428
1,441
1,450
M&M
1,231
1,242
1,256
1,267
1,281
MARUTI
3,309
3,328
3,354
3,373
3,399
NMDC
140
142
144
146
148
NTPC
139
139
140
141
142
ONGC
342
344
348
350
354
PNB
216
218
221
223
226
POWERGRID
135
136
138
139
140
RELIANCE
882
890
894
902
906
SBIN
305
306
308
310
311
SSLT
206
211
214
219
222
SUNPHARMA
806
813
818
825
830
TATAMOTORS
480
487
493
500
506
TATAPOWER
80
81
82
82
83
TATASTEEL
393
399
405
410
416
TCS
2,492
2,508
2,522
2,538
2,552
TECHM
2,550
2,570
2,582
2,602
2,614
ULTRACEMCO
2,588
2,617
2,637
2,666
2,686
WIPRO
545
548
550
553
555
ZEEL
375
377
379
381
383
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Daily Technical Report
December 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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