Daily Technical Report
January 07, 2014
Sensex (20787) / Nifty (6191)
Exhibit 1: Nifty Daily Chart
The opening session of the week started quietly as indicated by
the SGX Nifty. Subsequently, the index remained under
pressure during the first half but, a modest recovbery in last
hour of trade led the index to close on a flat note. On the
sectoral front, the Healthcare and FMCG counters somehow
managed to close in the green; whereas the Banking stocks
along with the Realty and IT counters put pressure on our
benchmark index. The advance to decline ratio was strongly in
favor of the advancing counters. (A=1454 D=1058)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20470 / 6091 and 19291 / 5786 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20941 / 6236 and 20479 / 6095 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
Source: Falcon
placed around 6170.
Actionable points:
Trading strategy:
View
Bearish below 6170
Yesterday, despite strong negative cues from other Asian
bourses, our market showed tremendous resilience by holding
Expected targets
6129 - 6091
the 6170 level. The intraday price range precisely resembles
Resistance Levels
6225 - 6290
with Friday’s session. Going forward, we reiterate our view that
a closing below 6170 would result in a trendline breakdown
and would indicate weakness in the market. In this scenario,
the Nifty may slide towards the strong support zone of 6091
(daily ’89 EMA’) or may even test the 5970 (crucial swing low
of November 13, 2013) level. On the flipside, 6225 - 6290
levels are likely to act as immediate resistance in the coming
trading sessions.
www.angelbroking.com
1
Daily Technical Report
January 07, 2014
Bank Nifty Outlook - (11049)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty began on a subdued note. But,
yet again underperformed the benchmark indices. In our
previous reports, we have been mentioning about a
crucial support level of the daily '89 EMA' placed around
11000 level. This support level has now been precisely
tested. Going forward, the bears are likely to have an
upper hand if the index manages to close below the
11000 mark. The price Action would also then confirmed
a bearish ‘Head and Shoulder’ pattern breakdown. In this
scenario, lower levels of 10800 - 10630 may be tested.
On the flip side, 11208 - 11300 are now likely to act as
a strong resistance for the index.
Actionable points:
View
Bearish below 11000
Source: Falcon
Expected targets
10800 - 10630
Resistance levels
11208 - 11300
www.angelbroking.com
2
Daily Technical Report
January 07, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,616
20,702
20,808
20,893
21,000
NIFTY
6,141
6,166
6,195
6,221
6,250
BANKNIFTY
10,896
10,973
11,073
11,150
11,251
ACC
1,060
1,073
1,084
1,096
1,107
AMBUJACEM
173
175
177
178
180
ASIANPAINT
479
485
489
495
498
AXISBANK
1,233
1,245
1,253
1,265
1,274
BAJAJ-AUTO
1,863
1,876
1,888
1,900
1,913
BANKBARODA
625
631
640
647
656
BHARTIARTL
324
327
329
331
333
BHEL
161
163
165
167
170
BPCL
323
326
332
335
340
CAIRN
317
318
320
322
324
CIPLA
383
388
392
396
400
COALINDIA
271
273
277
280
283
DLF
163
165
167
169
172
DRREDDY
2,427
2,449
2,482
2,504
2,537
GAIL
332
334
338
340
344
GRASIM
2,561
2,596
2,624
2,659
2,687
HCLTECH
1,232
1,241
1,254
1,263
1,275
HDFC
779
787
793
801
807
HDFCBANK
655
658
661
664
667
HEROMOTOCO
2,037
2,053
2,077
2,093
2,117
HINDALCO
116
117
118
120
121
HINDUNILVR
556
560
564
567
571
ICICIBANK
1,014
1,028
1,048
1,062
1,082
IDFC
103
103
104
105
106
INDUSINDBK
407
410
412
416
418
INFY
3,410
3,464
3,522
3,576
3,634
ITC
312
314
315
317
318
JINDALSTEL
251
255
259
263
266
JPASSOCIAT
50
51
52
53
53
KOTAKBANK
701
707
712
719
724
LT
986
998
1,012
1,024
1,038
LUPIN
924
931
941
948
958
M&M
878
887
896
904
913
MARUTI
1,780
1,794
1,807
1,821
1,833
NMDC
134
135
137
139
140
NTPC
129
131
132
133
134
ONGC
273
277
281
285
289
PNB
597
604
611
618
625
POWERGRID
98
99
100
101
102
RANBAXY
474
479
484
489
494
RELIANCE
843
849
856
862
869
RELINFRA
403
407
411
415
419
SBIN
1,656
1,672
1,698
1,714
1,740
SESAGOA
195
197
198
200
202
SUNPHARMA
575
582
586
593
598
TATAMOTORS
361
364
367
370
374
TATAPOWER
80
81
82
84
85
TATASTEEL
398
403
410
414
421
TCS
2,180
2,210
2,227
2,257
2,274
ULTRACEMCO
1,695
1,710
1,721
1,736
1,747
www.angelbroking.com
3
Daily Technical Report
January 07, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
www.angelbroking.com
4