Daily Technical Report
January 06, 2014
Sensex (20851) / Nifty (6211)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a negative note
in line with the negative global cues. However, modest
recovery towards the end of the session led indices to close on
a flat note. On the sectoral front, the IT and Tech counters
outperformed the benchmark indices; whereas the Power,
Capital goods and Oil & Gas sectors remained under
pressure. The advance to decline ratio was marginally in favor
of the advancing counters. (A=1247 D=1206)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20463 / 6089 and 19257 / 5777 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20957 / 6240 and 20446 / 6085 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
The daily momentum oscillators are now showing a
negative crossover.
On the daily chart, the ‘Upward Sloping Trendline’ is
placed around 6170.
Source: Falcon
Trading strategy:
Actionable points:
The first week of the new calendar year 2014 ended in favor of
View
Bearish below 6170
the bears, courtesy, a single trading session. At the current
juncture, the daily momentum oscillators do not bode well for
Expected targets
6129 - 6089
the bulls. A sustainable move below 6170 would result in a
Resistance Levels
6221 - 6270
trendline breakdown and would indicate further weakness in
the market. In this scenario, the Nifty may slide towards the
strong support zone of 6089 (daily ’89 EMA’) or may even test
the 5970 (crucial swing low of November 13, 2013) level. On
the flipside, this week’s high of 6358 would now act as a
strong resistance for the index. Only a sustainable move
beyond this level would open up the possibilities of re-testing
the new all time high of 6415. We advise traders to trade with
strict stop losses and avoid taking undue risks. We recommend
traders to consider long positions within the IT and
Pharmaceutical pack and exit long positions in Banking, Auto
and Capital Goods counters.
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Daily Technical Report
January 06, 2014
Bank Nifty Outlook - (11182)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty opened with a downward gap
but eventually recovered by the end of the day to close on
a flat note. As mentioned in our previous report, the daily
'89 EMA' level of 11000 acted as a strong support and
hence, index managed to recover from the same. A
breach of this level on closing basis would allow bears to
take a charge of the trend. A close below 11000 would
mean that the Bank Nifty would also confirm a strong
bearish “Head and Shoulder “pattern. In this scenario,
lower levels of 10800 - 10630 can be retested. On the
flip side, 11380 is now likely to act as a strong resistance
for the index.
Actionable points:
View
Bearish below 11000
Expected targets
10800 - 10630
Resistance levels
11380
Source: Falcon
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Daily Technical Report
January 06, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,669
20,760
20,823
20,914
20,976
NIFTY
6,151
6,181
6,201
6,231
6,252
BANKNIFTY
10,992
11,087
11,147
11,242
11,303
ACC
1,075
1,082
1,088
1,095
1,102
AMBUJACEM
175
176
178
179
181
ASIANPAINT
476
483
487
494
499
AXISBANK
1,235
1,248
1,259
1,272
1,283
BAJAJ-AUTO
1,853
1,874
1,892
1,913
1,931
BANKBARODA
630
640
646
656
662
BHARTIARTL
321
325
328
333
336
BHEL
161
163
166
168
170
BPCL
320
325
333
338
346
CAIRN
316
318
321
322
325
CIPLA
383
387
391
395
399
COALINDIA
271
274
279
283
288
DLF
161
165
167
171
174
DRREDDY
2,463
2,479
2,501
2,517
2,539
GAIL
331
334
336
339
341
GRASIM
2,585
2,608
2,625
2,648
2,666
HCLTECH
1,234
1,247
1,256
1,269
1,279
HDFC
774
782
789
797
804
HDFCBANK
644
653
660
669
676
HEROMOTOCO
2,028
2,064
2,092
2,128
2,156
HINDALCO
115
117
119
121
122
HINDUNILVR
554
560
563
569
573
ICICIBANK
1,032
1,050
1,062
1,080
1,092
IDFC
103
104
105
106
107
INDUSINDBK
403
409
412
417
421
INFY
3,411
3,488
3,531
3,609
3,652
ITC
308
311
314
317
319
JINDALSTEL
249
252
257
260
265
JPASSOCIAT
51
52
53
53
54
KOTAKBANK
689
701
708
720
728
LT
993
1,002
1,018
1,027
1,043
LUPIN
879
906
923
950
968
M&M
874
887
911
924
947
MARUTI
1,730
1,764
1,787
1,821
1,843
NMDC
134
136
139
141
143
NTPC
129
130
133
134
137
ONGC
268
272
279
283
290
PNB
592
605
613
626
635
POWERGRID
99
100
101
102
104
RANBAXY
448
463
472
488
497
RELIANCE
846
855
864
873
883
RELINFRA
401
407
412
418
423
SBIN
1,697
1,708
1,722
1,733
1,747
SESAGOA
195
197
198
201
202
SUNPHARMA
566
573
577
584
588
TATAMOTORS
356
359
364
367
372
TATAPOWER
79
81
84
87
90
TATASTEEL
403
408
414
418
424
TCS
2,118
2,170
2,200
2,252
2,281
ULTRACEMCO
1,680
1,704
1,729
1,752
1,777
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Daily Technical Report
January 06, 2014
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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