Daily Technical Report
January 08, 2014
Sensex (20693) / Nifty (6162)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened tad higher in-line with
positive cues from other Asian bourses. Subsequently, markets
failed to sustain at higher levels and immediately entered a
negative territory. Attempts to pull back into the green failed
and selling pressure eventually led the index to close with a
loss of half a percent. On the sectoral front, the Capital Goods
and Auto counters somehow managed to close in the green;
whereas the Realty, Metal and Oil & Gas sectors were under
pressure. The advance to decline ratio was marginally in favor
of the advancing counters. (A=1289 D=1256)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20475 / 6093 and 19289 / 5786 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20917 / 6229 and 20470 / 6092 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday, the selling pressure intensified once the 6170 level
was breached and the Nifty went on to post a low of 6144. At
View
Bearish below 6130
this juncture, the momentum oscillator stochastic is in the
Expected targets
6091 - 6030
oversold territory and thus some attempts to pull back above
Resistance Levels
6225 - 6290
6200 may be seen in the next few sessions. On the downside,
a sustainable move below 6130 would mean that the bulls
have completely given up and the ensuing selling pressure may
drag the index towards 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 an
immediate resistance in the coming trading sessions.
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Daily Technical Report
January 08, 2014
Bank Nifty Outlook - (11037)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher and
immediately trimmed all its early gains. Selling pressure
during the first half was significant and the index fell
nearly three percent lower from the morning highs. In the
process, the index sneaked well below the crucial support
level of 11000. However, a strong pullback in the last
hour of trade has led to a close above the support of daily
‘89 EMA' level of 11023. Yesterday's price action has
resulted in a formation of 'Bullish Hammer' Japanese
candlestick pattern. A sustainable move above yesterday's
high of 11155 may result in near term rally towards
11208 - 11300 levels. On the flipside, yesterday's low of
10892 would now hold a key support for the index.
Actionable points:
View
Neutral
Support Levels
10892 - 10630
Resistance levels
11155 - 11300
Source: Falcon
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Daily Technical Report
January 08, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,471
20,582
20,748
20,859
21,025
NIFTY
6,097
6,130
6,177
6,210
6,257
BANKNIFTY
10,766
10,901
11,028
11,163
11,290
ACC
1,061
1,073
1,084
1,096
1,107
AMBUJACEM
173
174
176
177
179
ASIANPAINT
480
485
489
494
499
AXISBANK
1,188
1,211
1,239
1,262
1,289
BAJAJ-AUTO
1,870
1,880
1,890
1,900
1,910
BANKBARODA
595
606
625
636
655
BHARTIARTL
323
327
331
335
339
BHEL
160
162
166
169
173
BPCL
316
320
326
330
336
CAIRN
316
318
320
322
324
CIPLA
386
388
392
394
397
COALINDIA
271
273
276
278
281
DLF
158
161
165
168
172
DRREDDY
2,445
2,468
2,488
2,511
2,531
GAIL
328
333
337
342
346
GRASIM
2,575
2,594
2,620
2,639
2,665
HCLTECH
1,230
1,243
1,255
1,269
1,281
HDFC
783
791
796
803
808
HDFCBANK
645
655
663
672
681
HEROMOTOCO
2,034
2,051
2,073
2,091
2,113
HINDALCO
113
114
117
118
121
HINDUNILVR
550
555
560
565
570
ICICIBANK
1,009
1,030
1,044
1,065
1,080
IDFC
102
103
104
105
106
INDUSINDBK
407
413
417
423
428
INFY
3,397
3,427
3,477
3,506
3,556
ITC
311
314
316
318
320
JINDALSTEL
251
254
258
261
265
JPASSOCIAT
49
50
51
52
53
KOTAKBANK
693
700
708
715
723
LT
998
1,009
1,019
1,029
1,039
LUPIN
914
923
937
946
959
M&M
882
893
900
911
918
MARUTI
1,806
1,826
1,840
1,860
1,874
NMDC
133
134
137
139
141
NTPC
127
129
131
132
134
ONGC
270
273
278
281
286
PNB
581
592
604
615
627
POWERGRID
98
98
99
100
101
RANBAXY
462
471
480
490
499
RELIANCE
827
835
847
855
867
RELINFRA
394
399
408
413
421
SBIN
1,626
1,644
1,673
1,691
1,720
SESAGOA
189
192
196
199
204
SUNPHARMA
584
589
594
599
604
TATAMOTORS
360
363
366
369
373
TATAPOWER
77
78
81
82
84
TATASTEEL
380
388
400
407
419
TCS
2,163
2,185
2,221
2,242
2,278
ULTRACEMCO
1,650
1,670
1,702
1,723
1,755
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Daily Technical Report
January 08, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
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