Daily Technical Report
October 31, 2014
Sensex (27346) / Nifty (8169)
Exhibit 1: Nifty Daily Chart
Yesterday, our market opened on a subdued note amid
quiet global cues. Post the initial hour, the Nifty started
moving higher gradually and then picked up a strong
momentum during throughout the second half to close
almost at the highest point of the day. On the sectoral front,
all the sectors managed to close in the green. The Realty, IT
and Oil & Gas counters were the major gainers in
yesterdays up move. The advance to decline ratio was in
favor of the advancing counters. (A=1569 D=1355)
(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
Trading strategy:
Actionable points:
Our market has seen a v-shape recovery from the recent
View
Neutral
lows over the past few sessions. Couple of weeks back, who
Support Levels
8120 - 8050
would have thought we will witness a new high. Yesterday,
Resistance Levels
8181 - 8220
a sharp up move towards the end pushed the index
marginally higher to confirm a high of 8181.55. Honestly
speaking, despite having a positive view we did not expect it
to happen so soon. In our previous report, we had
mentioned about a cluster of Fibonacci retracement levels
around 8080 - 8120 levels. The Nifty surpassed these
levels with an ease during the second half and eventually
managed to close tad below yesterday's high. Going
forward, today's session could be very important for the
market as it will confirm a weekly as well as monthly close.
If the Nifty manages to give a convincing close above the
8180 mark then we may see immediate up move towards
8300 - 8350 in next few days. However, if it fails to do so
then we could see some range bound action within 8180 -
8050 levels. Meanwhile, traders can continue to focus on
the stock specific movements.
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Daily Technical Report
October 31, 2014
Bank Nifty Outlook - (16760)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty's opening as well as entire day's
movement was quite similar to the benchmark index.
During the session, the banking index drifted slightly
lower in the initial hour; but we witnessed a smart up
move from morning lows to end the session with half a
percent gains. The up move was mainly propelled by the
index heavyweight ICICI Bank who posted its Q2FY2015
numbers. We maintain our view that despite having a
positive trend, the Bank Nifty does not offer any trade set
up at this juncture. Hence, it’s advisable to concentrate on
the index constituents. On the upside, the immediate
resistance zone is seen around 16800 - 16850. On the
flipside, 16540 level would now be seen as an intraday
support for the index.
Actionable points:
View
Neutral
Resistance Levels
16800 - 16850
Source: Falcon
Support Level
16540
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Daily Technical Report
October 31, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,973
27,160
27,275
27,462
27,577
NIFTY
8,049
8,109
8,145
8,205
8,242
BANKNIFTY
16,484
16,622
16,699
16,837
16,914
ACC
1,460
1,479
1,494
1,512
1,527
AMBUJACEM
219
221
225
227
231
ASIANPAINT
638
641
644
648
651
AXISBANK
419
424
428
434
437
BAJAJ-AUTO
2,516
2,547
2,566
2,597
2,616
BANKBARODA
888
900
909
920
929
BHARTIARTL
398
403
406
411
415
BHEL
249
252
254
257
260
BPCL
685
694
701
709
716
CAIRN
275
279
283
287
292
CIPLA
637
644
654
661
671
COALINDIA
354
357
360
363
366
DLF
115
120
123
128
131
DRREDDY
3,055
3,075
3,096
3,116
3,137
GAIL
489
500
507
518
526
GRASIM
3,385
3,413
3,450
3,478
3,514
HCLTECH
1,491
1,534
1,561
1,604
1,630
HDFC
1,034
1,049
1,060
1,075
1,085
HDFCBANK
882
889
895
902
907
HEROMOTOCO
2,989
3,010
3,032
3,054
3,076
HINDALCO
152
156
159
163
166
HINDUNILVR
711
721
728
738
745
ICICIBANK
1,566
1,590
1,608
1,632
1,650
IDFC
141
145
147
151
153
INDUSINDBK
673
692
705
724
737
INFY
3,856
3,901
3,941
3,987
4,027
ITC
348
352
355
358
361
JINDALSTEL
151
155
157
161
164
KOTAKBANK
1,064
1,079
1,090
1,105
1,115
LT
1,561
1,580
1,590
1,608
1,619
LUPIN
1,324
1,335
1,352
1,362
1,380
M&M
1,256
1,272
1,287
1,303
1,318
MARUTI
3,109
3,175
3,237
3,303
3,365
NMDC
163
166
168
170
172
NTPC
144
146
147
148
149
ONGC
390
393
395
398
401
PNB
887
901
910
924
933
POWERGRID
140
142
144
146
147
RELIANCE
935
957
969
992
1,004
SBIN
2,607
2,622
2,638
2,653
2,669
SSLT
249
251
254
256
259
SUNPHARMA
815
822
830
837
846
TATAMOTORS
515
521
526
532
537
TATAPOWER
89
90
90
91
92
TATASTEEL
464
469
473
479
483
TCS
2,481
2,520
2,547
2,586
2,613
TECHM
2,422
2,451
2,481
2,510
2,541
ULTRACEMCO
2,459
2,486
2,506
2,533
2,553
WIPRO
555
558
560
563
566
ZEEL
329
338
346
355
363
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Daily Technical Report
October 31, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Technical Analyst
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