Daily Technical Report
January 09, 2014
Sensex (20729) / Nifty (6175)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark index opened marginally higher
considering positive cues across the globe. The index then
oscillated within a narrow trading range throughout the session
and eventually closed with very nominal gains. On the sectoral
front, Capital Goods and Consumer Durable counters were
under pressure; whereas the Healthcare and Oil & Gas stocks
closed in the green. The advance to decline ratio was in favor
of the advancing counters. (A=1503 D=1072)(Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20481 / 6094 and 19289 / 5786 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20899 / 6223 and 20473 / 6093 levels, respectively.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
the weekly chart is still intact.
Source: Falcon
Trading strategy:
Actionable points:
Yesterday's positive opening followed by a range bound activity
View
Neutral
throughout the remaining part of the session. This price action
Support Levels
6144 - 6094
resulted in a Narrow Range body formation, which resembles a
‘Bullish Homing Pigeon’ Japanese candlestick pattern. An
Resistance Levels
6222 - 6290
occurrence of such a pattern near the support zone indicates
that the current downtrend may get arrested if the index
manages to close above 6222 level. In this scenario, the
possibility of testing 6290 - 6360 levels cannot be ruled out.
On the flipside, the above mentioned pattern will get negated
if the index violates Tuesday’s low of 6144 and closes below it.
This may result in a decline towards the next support level of
6094 (daily ’89 EMA’) or the index may even test the 5970
(crucial swing low of November 13, 2013) mark.
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Daily Technical Report
January 09, 2014
Bank Nifty Outlook - (11054)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher in line with
our benchmark indices. Similar to the Nifty, the banking
index too traded in a narrow range and finally closed on
a flat note.The strong support zone of 11000 - 11024 as
well as the ‘Bullish Hammer’ Japanese candlestick pattern
mentioned in our previous report are still intact. We
reiterate our view that, any sustainable move above
Tuesday's high of 11155 may result in a near term rally
towards 11208 - 11300 levels. On the flipside, Tuesday's
low of 10892 would now act as 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 09, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,636
20,683
20,735
20,781
20,833
NIFTY
6,144
6,159
6,176
6,191
6,207
BANKNIFTY
10,921
10,987
11,055
11,121
11,189
ACC
1,065
1,074
1,086
1,095
1,107
AMBUJACEM
173
174
175
176
178
ASIANPAINT
485
488
490
493
496
AXISBANK
1,183
1,198
1,221
1,235
1,259
BAJAJ-AUTO
1,884
1,901
1,912
1,929
1,940
BANKBARODA
602
616
625
639
649
BHARTIARTL
325
329
331
335
338
BHEL
160
162
164
165
167
BPCL
310
314
320
324
331
CAIRN
318
323
326
331
334
CIPLA
384
394
399
410
415
COALINDIA
271
280
286
295
301
DLF
158
160
163
165
168
DRREDDY
2,445
2,489
2,514
2,558
2,584
GAIL
332
339
343
350
355
GRASIM
2,566
2,583
2,600
2,617
2,634
HCLTECH
1,221
1,234
1,255
1,268
1,289
HDFC
792
798
802
808
812
HDFCBANK
657
661
664
668
671
HEROMOTOCO
2,038
2,051
2,070
2,084
2,103
HINDALCO
112
114
116
118
120
HINDUNILVR
554
557
559
562
565
ICICIBANK
1,033
1,044
1,054
1,064
1,074
IDFC
100
101
103
104
106
INDUSINDBK
417
419
423
426
429
INFY
3,387
3,408
3,441
3,462
3,495
ITC
312
314
316
319
320
JINDALSTEL
254
256
258
261
263
JPASSOCIAT
50
51
51
52
52
KOTAKBANK
698
705
711
719
725
LT
978
988
1,007
1,017
1,036
LUPIN
923
931
939
947
955
M&M
892
900
908
916
923
MARUTI
1,809
1,823
1,842
1,856
1,874
NMDC
132
135
141
144
149
NTPC
127
128
131
132
134
ONGC
268
271
275
277
281
PNB
592
601
608
618
625
POWERGRID
98
98
99
99
100
RANBAXY
464
469
477
482
491
RELIANCE
837
843
850
856
863
RELINFRA
403
406
410
413
416
SBIN
1,635
1,646
1,662
1,673
1,689
SESAGOA
186
189
192
195
198
SUNPHARMA
591
596
603
608
615
TATAMOTORS
362
366
369
373
376
TATAPOWER
79
80
81
82
83
TATASTEEL
385
389
393
397
401
TCS
2,195
2,214
2,229
2,248
2,263
ULTRACEMCO
1,668
1,684
1,698
1,715
1,729
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Daily Technical Report
January 09, 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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