Daily Technical Report
October 31, 2013
Sensex (21034) / Nifty (6252)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a flat note as indicated by
the SGX Nifty. The benchmark index maintained its positive
bias despite narrow trading range throughout the session. On
the sectoral front the Healthcare and FMCG pack closed in
positive territory; whereas the Auto and PSU sector closed with
nominal losses. The advance to decline ratio was in favor of
the advancing counters.
(A=1259 D=1185)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19766 / 5881 and 18911 / 5685 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20505 / 6086 and 19880 / 5918 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’
(please refer to exhibit 1) resistance at 6230 level.
Source: Falcon
Trading strategy:
Tuesday's strong rally was followed by a quiet but positive
Actionable points:
session. Yesterday, the index has closed at the 6250 mark,
which is the multi-year high for the index, on a closing basis.
View
Neutral
The index is now trading at the threshold of a new all time
Resistance Level
6270 - 6338
high. In the past, we had experienced that the index has
deceived the market participants by failing to cross the high of
Support Level
6222
6357. Although, liquidity and bullish indications are quite
strong, we would still advise traders to adopt a cautious
approach and maintain a strict stop loss of 6078 for all long
positions. The intraday resistance levels are seen at 6270 and
then 6338 - 6357. On the flipside, 6222 - 6169 levels may
provide decent support for the index. The coming trading
session is expected to trade with enhanced volatility on account
of the October month derivative expiry.
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Daily Technical Report
October 31, 2013
Bank Nifty Outlook - (11249)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened quietly in-line with
our benchmark index. However, unlike the benchmark
index, Bank Nifty failed to hold its early morning gains
and eventually ended the session with a neutral bias.
During Tuesday's session, the index managed to surpass
its stiff resistance of 11219 and confirmed a breakout
from the 'Horizontal Line' resistance. Despite yesterdays
narrow range candle, we continue to mention that the
index may march towards 11460 - 11622 levels on the
back of strong ongoing optimism. On the flipside, the
intra-day support levels are seen at 11129 - 10930
levels. Only a fall below the 10800 mark would imply a
failure of the mentioned breakout and positional traders
should use this level as a stop loss for all long positions.
Actionable points:
Source: Falcon
View
Neutral
Support Level
11129 - 10930
Resistance Level
11460 - 11622
Technical Calls
Date
Stocks
Segment
Action
Price Range
CMP
SL
Target
31/10/2013
Bharti Airtel
Cash
Buy
Above 364.5
360
354
380
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Daily Technical Report
October 31, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,870
20,952
21,019
21,101
21,169
NIFTY
6,201
6,226
6,248
6,273
6,294
BANKNIFTY
11,121
11,185
11,276
11,340
11,431
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 31, 2013
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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